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
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Income tax liability 2020-21
Replies (6)
Quick Summary
Yes Provision for income tax should be provided
If you have only above mentioned income and net income is less than 5L the no need
Yes, agree with Ankit. Taxable income is less than ₹5 lacs, so no tax would be payable.
Thank you Ankit Neema
Your Welcome Naveen Ji
Thank you Poornima madam
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