Income tax ay 2016-17

ur last date was 30th sept 2016.

tax wil be -  

250000 = 0

250001 - 500000 = 10% i.e 250000*10% =25000

500001-100000 = 20% i.e 500000*20% = 100000

100001 and upto 7400000 = 6400000*30% = 1920000

add - 3%of (1920000+100000+25000) =  2045000+3% = 2106350

penalties and late fle penalty and advance tax penalty -

penalty for paying tax and advance tax = 1% p.m. of 2106350  .ie. 1/100*2106350*2.5

penalty for late filing  may be 5000 rs.

thnks

Hi,

Thanks for your valuable reply,

In this case his  business turnover of Rs. 74,00,000/- what about deductions of exenses.

We have to calculate? hole income Rs.74,00,000/-