Hello ,
| Particulars | No. of Months | Amount per month | Income | Total Income | Income Tax |
| INCOME FROM SALARIES | 0 | ||||
| INCOME FROM HOUSE PROPERTY | 0 | ||||
| INCOME FROM BUSINESS & PROFESSION | |||||
| Revenues | 1218174.71 | ||||
| (Less)Expenses | |||||
| Advertising Expense | 306000 | ||||
| Internet Charges | 9 | 1000 | 9000 | ||
| Telephone Bills | 9 | 800 | 7200 | ||
| Notional Rent | 9 | 2500 | 22500 | ||
| Petrol Expense | 9 | 1500 | 13500 | ||
| Electricity Expense | 9 | 500 | 4500 | ||
| Stationary Expense | 9 | 100 | 900 | ||
| Misc Office Expense | 9 | 3000 | 27000 | ||
| INCOME FROM BUSINESS & PROFESSION | 827574.71 | ||||
| INCOME FROM CAPITAL GAINS | 0 | ||||
| INCOME FROM OTHER SOURCES | 0 | ||||
| GROSS TAXABLE INCOME | 827574.71 | ||||
| (Less) Deduction u/c VI-A | |||||
| Deduction u/s 80C | 0 | ||||
| Deduction u/s 80CCF | 0 | ||||
| NET TAXABLE INCOME | 827574.71 | ||||
| Computation of Income Tax | |||||
| From 0 to 1.8 Lakhs - Nil | |||||
| From 1.8 Lakhs to 5 Lakhs @ 10% | 32000 | ||||
| From 5 Lakhs to 8.27 Lakhs @ 10% | Rs. 32,757 | ||||
| Total Tax Payable | Rs. 64,757 | ||||
| (Add) Education Cess @ 2% | Rs. 1,295 | ||||
| (Add) Higher Education Cess @ 1% | Rs. 648 | ||||
| Total Amount Due | Rs. 66,700 |
I want to know the above income tax calculation is right or worng? I have doubt in lower part of the calculation where for slab between Rs 5 lac to Rs 8 has been calculated , I guess it should be 20 % , what would you say? Kindly clarify , thanks !
CAclubindia
