How much tax i have to pay?

I am self employed professional, My gross receipts are Rs 9,98000.

and these are my details...


Expenses - 150000

Home loan - 150000

80 C - 100000

My Mediclaim - 8000

Parents mediclaim - 20000

 

So, how much will be my Gross Net Income and how much tax to pay?

Replies (2)

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?

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details