im had opened a new business textiles and it is running good can i no the details for business person how to file tax's and is it depends on turnovers or earning's if it is turnover's if it is my turnover more than 3 crore's how much tax i need to pay and if it is earning yearly two lakhs how much i need to pay can i no the details for textiles business, can i pls no proper details about the tax's from my earning 3lkhs to 15lkhs in 1yr ?
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Income tax details for textiles business person's
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Hello ,
There is no specific rule for calculation of income tax for textile business.Income tax depends on the INCOME you have made in a financial year irrespective of the turnover .But ,if your turnover exceeds 60 lac then you are liable for Tax Audit (u/s 44AB) even if your income is NIL . For computation of Income tax ,you have to follow the income tax slab for the respective year . For income tax slab refer below :
| TAX STRUCTURE | Assessment Year ---> | 2010-11 | 2011-12 | 2012-13 | 2013-14 | |||
| IND/HUF/AOP/BOI | Basic Exemption ---> | 160000 | 160000 | 180000 | 200000 | |||
| upto | 300000 | 10+0.3% | 10+0.3% | 10+0.3% | 10+0.3% | |||
| Next 200000 | upto | 500000 | 20+0.6% | 10+0.3% | 10+0.3% | 10+0.3% | ||
| Next 300000 | upto | 800000 | 30+0.9% | 20+0.6% | 20+0.6% | 20+0.6% | ||
| Next 200000 | upto | 1000000 | 30+0.9% | 30+0.9% | 30+0.9% | 20+0.6% | ||
| Rest | - | - | 30+0.9% | 30+0.9% | 30+0.9% | 30+0.9% | ||
| Basic Exemption: | Super Senior Citizen 80 yrs or above | 500000 | 500000 | |||||
| Senior Citizen 60 yrs or more [65 yrs till 31.03.2011] | 240000 | 240000 | 250000 | 250000 | ||||
| Resident Woman below 60 yrs [65yrs till 31.03.2011] | 190000 | 190000 | 190000 | 200000 | ||||
Furthe calculation of Income of any year needs to be computed as per the provision of Income Tax Act 1961.
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