Keerthan (articleship) (161 Points)
09 December 2015Please Find Income from other sources taxable?
Director Fess- 5000
Income fron Agricultural land in Pakistan-15000
Rent from outlet of land in Jaipur - 20000
Interest on Deposits with HDFC - 1000
SAFVAN MK
(ARTICLE )
(40 Points)
Replied 09 December 2015
dir fee;taxable
agric income from other than india ;taxable
rent so;taxable
interest; taxable but u will have 80 tta deduction within the conditions.
PRIYA RAJAK
(Article assistent)
(23 Points)
Replied 09 December 2015
PRIYA RAJAK
(Article assistent)
(23 Points)
Replied 09 December 2015
Keerthan
(articleship)
(161 Points)
Replied 10 December 2015
Hi PriyaRajak! Can you please tell me what section tells that?
Z
( )
(2960 Points)
Replied 10 December 2015
Its not that rent is taxable only if total rental exceeds 180,000 but its that if the limit is exceeded then there shall be deduction of tax at source u/s 194-I
As for interest on deposits, the deduction is available only in respect of saving accounts interest on non term deposits.
Keerthan
(articleship)
(161 Points)
Replied 10 December 2015
Thanks for the answer! Please Answer this,
Z
( )
(2960 Points)
Replied 10 December 2015
Input Tax credit is = 3,500 [73,500 X5% / 105%]
Cost of material excluding = 70,000
Let selling price be x, so profit = 0.3x
70,000 + .03x = x
x= 100,000
This is the selling price excluding VAT
Apply appropriate VAT rate to this , presuming it to be 5% only since you said sold the SAME (means raw material was sold)
so output tax 5000
Payable after adjusting credit = 1500
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