sir, kindly guide on income tax rate for calculation on amt. rcvd. on a/c of the carriage of goods / passenger/live stock ?
as per my view
tax @ 7.50% of amt. receivable
than 41% of 7.50%
than 2% of 41% or any other rate?
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it return u/s 172(3)
Replies (1)
T is the total amount receiveable by the shipping bisiness.
7.5% of T is Income.
40% of 7.5% of T is Tax.
Add education cess/ surcharge as applicable. Apply rate of non resident individual, if shipping business is done by individual.
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