Tax exemptions for women entrepreneur
Shiva Prakash (Promoter) (30 Points)
20 November 2016Shiva Prakash (Promoter) (30 Points)
20 November 2016
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 21 November 2016
Shiva Prakash
(Promoter)
(30 Points)
Replied 21 November 2016
Is it not Gross income less expenses less savings under Sec 80 C contribute to net income of 2.5 that will be exempted
Suppose our Gross Income from class fees is Rs 3,60,000/-
Less incurrred for running the classes
Rent, Telephone, Travel,Art Books and Materials etc : 1,20,000/-
Net Income is Rs 2,40,000/-
Less Savings under SEC 80 C 50,000/-
Taxable income Rs 1,90,000/-*
*This is less than 2.5 lacs so exempt.
Pls clarify
-
Shivangi Garg
(Practicing Chartered Accountant)
(110 Points)
Replied 21 November 2016
An income tax return is required to be filed if the gross total income earned by you exceeds Rs 2.5 lakh. Gross total income is the total income before allowing any deductions under Section 80C-80U of the Income Tax Act.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India