Tax Computation?

Originally posted by : vinoth TAX PRACTIONER
	DEAR ALL FRIENDS,   OUR CLINET , 1 JCB AND 1 LORRY CONTRACT HIRE BASIS , HE NOT MAINTAIN BOOK OF ACCOUNTS BUT NOW HE APPLY LOAN TO BANK,   BANK ASKED HIM  LAST 3 YEARS INCOME TAX RETURNS.   BUT (HE HAVE ONLY BANK STATEMENT ) GIVEN BELOW:                                     RECEIPT              PAYMENT 2008 -09                   1112                               200  2009 - 10                 144748                     139159 2010 -11                   2771420                  2722498 ( check service tax returns, for exact amount of turnover for last years) RECEPTS ONLY (BANK CHEQUE FROM  FEW COSTOMERS)      BUT  HE RECD. MORE CASH FROM COSTOMERS  . ( NOT DEPOSIT TO BANK) EXPENDITURE : ALL THERE YEARS :  2008 - 09                RENT 2700 EB  1100 ( what is EB?) STAFF SALARY 13500 + 11500 + 5000 ( check Profession Tax returns for correct data)     2009 - 10                RENT 2900 EB  1300 STAFF SALARY 14000 + 11800 + 5500     2010 - 11                RENT 300 ( rent reduced in the year?) EB  1500 STAFF SALARY 15000 + 12000 + 5000   LOAN AMT. 15,00,000/- PLS.  TAX COMPUTATION CALCULATION URGENT?

For a 15 L Loan the networth must be exceeding the loan amount and net profit must be above interest amount ...............

Capital structure is not provided, neither the fact of ownership and value of JCB and Lorry is provided.

what is purpose of loan? bank will need CMA data for processing of business loans.

EB  1100 ( what is EB?)    electricity bill

STAFF SALARY 13500 + 11500 + 5000 ( check Profession Tax returns for correct data)

(yet not pay any tax ) to govt.

RENT 300 ( rent reduced in the year?)     sorry sir, rent 3000 p.m 

(above mentioned all three three years expenditures per month )

ASSET VALUE : JCB 23,00,.000/-

                             LORRY 12,500,000/-

what is purpose of loan? bank will need CMA data for processing of business loans.?

PURCHASE ONE MORE JCB.  PLS WHAT IS CMA DATA? 

NO BILL, VOUCHER, LEDGER AND RECORD

Credit Monetary Agregate is the elaboration for CMA data in Banking, on the basis of which generally Bank Loans are passed.

/forum/details.asp?mod_id=13783&offset=2

check the turnover with service tax records and TDS portion with 26AS, mere telling that they dont maintain any record will drag them in big trouble.

funny thing that you have calculated electricity bills also on fixed rate, seems that electricity department ask you to make the bills as per your selected amount? atleast check the statuary exepenses, without making fun of profession./

non compliance of statuary liabilies will bar the financial iknstitutions to assit any monetary help.

Well explanation sharma jii.....

1. bank will need CMA data for processing of business loans

1) to offer a loan how bank will ascertain the repayment option, whether the loan amount would get repaid or not, CMA data ascertain such funds flow to establish the confirmation of availability of funds for repayment of interest and principal.

2) if he is not interested to pay any tax and statuary liabilties which are compulsary to pay and maintain, how anybody can help him? 

regarding TDS, his service receipents has deducted TDS from their payment, as yourself a tax practicener, i dont expect such part of negligence in queries, 

"his  receipts has suffered TDS, and check whether he has been liable to deduct and pay tds or not"

aa bank receipts are 27L + so he has cash receipts also, and gross turnover if comes under audit u/s 44AB, then TDS is mandatory to be deducted from his business payments.

thanks a lot your useful answer 

Women as Air hostess 
Basic Salary- 4200 pm 
HRA- 2000 pm 
Flying Allowance- 10000 pm 
Modeling Allowance-5000pm 
effeciency Allowances-2000pm 
what will be her tax and how can she save maximum tax 
conditions are applied till now no 80G,C,D,E and no home loan

Except HRA everything is taxable

thanks if one shows 50k 80c investment can all the tax be exempted

21200*12=254400 -190000 (threshold limit)=64400 is to be invested in 80C instruments to get trax as NIL