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
Naveen Kumar (629 Points)
05 August 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 05 August 2021
Ankit Neema
(2742 Points)
Replied 05 August 2021
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 05 August 2021
Yes, agree with Ankit. Taxable income is less than ₹5 lacs, so no tax would be payable.
CAclubindia
