I am a Web Master and so I want to show my income as "Income through Proffession". I am 35 and a "Individual". I am going to pay tax for the first time for AY 2014-15 and I want to do all this by myself (through online) without any agent/middle-man.
So before tax submission, I would like to ask for your help. Please suggest how shall I arrange my below given income & expenses in order and how much the exact amount I need to pay as tax.
My Total Income (April,2013 to March,2014): Rs.387583.24
My Expenses are as follows-
- Purchase of New Domain/Website : Rs.600
- Renewal of Domain name: Rs.1233.71
- Purchase of Script: Rs. 4693.41
- Hosting bill payment: Rs.10000
- Internet Bill: Rs.18000
- Electricity Bill: Rs.4800
- Office Rent: Rs.18000
- Staff Salary: Rs.60000
Other Expenses (Under 80C)
- Child School fee: Rs.2760
- School Admission fee: Rs.3455
- LIC Premium paid: Rs.12717
Thus Total Expenses: Rs.136259.12
So as per my calculation, payable tax amount is thus -
Total Income: 387583.24
Exempted : - 200000.00
Expenses: - 136259.12
thus taxable income: Rs.51324.12 /- @ 10% = Rs.5132.
Please suggest, is the income tax amount Rs.5132 is correct or not? Also suggest me how should I write down the above income and expenses on plain paper in respective order.
Thanks.
CAclubindia
