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Naveen Kumar   05 August 2021

Income tax liability 2020-21

Dear Sir

In books of account Net Profit is Rs.632463/- apart we have deposit Rs.90000/- in PPF account and 55000/- Paid LIC so can I need to make provision for income tax, please suggest


 6 Replies

Sourav

Sourav (Student)     05 August 2021

Yes Provision for income tax should be provided
Ankit Neema

Ankit Neema   05 August 2021

If you have only above mentioned income and net income is less than 5L the no need
1 Like
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     05 August 2021

Yes, agree with Ankit. Taxable income is less than ₹5 lacs, so no tax would be payable.

1 Like
Naveen Kumar

Naveen Kumar   05 August 2021

Thank you Ankit Neema
Ankit Neema

Ankit Neema   05 August 2021

Your Welcome Naveen Ji
Naveen Kumar

Naveen Kumar   05 August 2021

Thank you Poornima madam

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