How much tax i have to pay?

Hi Ashish,

Computation will be:

Net Profit as per P/L Account 9,98,000-1,50,000                                             8,48,000

Income under the head PGBP OR GROSS TOTAL INCOME                        8,48,000

Less: Deduction under Chapter VI A

           Section 80C (max. of Rs. 1 Lac) (1,50,000+1,00,000)                        1,00,000

           Section 80D: (8,000+20,000)                                                                       28,000

Total Income/ Taxable Income                                                                             7,20,000

Tax on above Income                                                                                             1,20,000

Add: Education Cess @ 3%                                                                                       3,600

Total Tax Liability                                                                                                     1,33,600

Assumptions:

1) Case is of AY 2010-11.

2) Home Loan Rs. 1,50,000 means home loan principal repayment.

3) Being a professional, if you are covered under Service Tax then you are required to get registered under Service Tax because you gross receipts exceed Rs. 9 Lacs.

Thanks Sunil for explaining. Please tell me what is Rs 1,50,000 in this (max. of Rs. 1 Lac) (1,50,000+1,00,000)

Secondly i will not deduct my expenses to calculate the taxable income.

I am freelancer and give design services to overseas client.. so i came under Service Tax registration?