Income declaration

222 views
User Avatar

student
210 Points Posted on 22 December 2020
my client wants to pay Rs. 1000 as income tax , how much income i need to show??

individual
ITR 3.
0 Reply Share Follow
On 22 December 2020 at 12:01 Report
Replies (4)
Quick Summary
This discussion clarifies how much income needs to be declared to achieve a specific income tax payment. It explains that paying only Rs. 1000 in tax might not be possible due to minimum tax liabilities, which could be around Rs. 12,500. The advice suggests declaring income up to Rs. 500,000 to avoid tax, incurring only a late fee of Rs. 1000.

User Avatar

article
734 Points Posted on 27 December 2020
Not possible u client to pay atleast 12600 unless u don't have any special tax rate income.
Reply
On 27 December 2020 at 20:47
User Avatar

student
210 Points Posted on 27 December 2020
Okay sir
Reply
On 27 December 2020 at 20:56
User Avatar

Accountant
4533 Points Posted on 09 January 2021
In current assessment year you have to pay minimum 12500 tax even if you want to pay only 1000 tax so it's better either do not be tax are be ready to pay tax exceeding 12500
Reply
On 09 January 2021 at 01:19
User Avatar

Chartered Accountant
86505 Points Posted on 23 January 2021
Now you declare income UPTO Rs. 500000, the no tax will be levied only late fee of Rs 1000 levied.
Reply
On 23 January 2021 at 23:45

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. TDS on under construction property not deducted
  2. GST on Fixed Assets
  3. GST ITC april 22
  4. GST PAYMENT REGARDING
  5. GST Consultation Required – June–Augus
  6. TDS Code for Salary Payment to Non-Resident Intern
  7. TDS on property
  8. Company data for software
  9. Car purchase to be eligible for ITC
  10. GST Refund on payment to builder

More recent discussions | Post

Related Topics :

Loading