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No Tax upto Income of 7 lacs.

Kk Nair (154 Points)

01 February 2023

Is No Tax upto income of 7 lakhs applicable to both Old as well as New Regime?

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160484 Points)
Replied 01 February 2023

Only New Tax regime..

MPR Sanjay Kumar (2987 Points)
Replied 01 February 2023

@ honourable Dhirajlal Lal rambhia sir , I made a title of " statement of profit and loss account for the year ended 31.3.2020 " and for balance sheet " statement of balance sheet for the year ended 31.3.2020" ....

one of my senior tells no this wrong ,you should have to put " As on"

so which is correct title giving p l and bs

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160484 Points)
Replied 01 February 2023

AS ON 31.03.2020.

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MPR Sanjay Kumar (2987 Points)
Replied 01 February 2023

Oh! so As on is the correct professional format for P& l and BS ..iam I correct Dhirajlal sir??

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160484 Points)
Replied 01 February 2023

YES

CORRECT.

Komal Khemchandani (49 Points)
Replied 01 February 2023

P n l is for the year but bal sheet is as on the date

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