Tax query - private limited company

You have an billing income of 7 lacs for the financial year 2010-2011.

What about the expenses incurred during the year ?

I would say your Auditor will be able to tell you more about the tax payable part after the audit is over.

As this is the first year of your business you need to be very cautious for filing the statutory returns i.e. Income Tax Return, Annual Return, etc.  Maintain proper books of accounts and supportings (Bill copy, Invoices, Receipts, etc.) for all the expenses incurred by you for the business. You can claim many other dedcutions as a company like, Depreciation, Preliminary expenses, Petrol expenses, Telephone expenses, Electricity expenses, etc. Kindly find any1 whom you can trust and has some knowledge about Income Tax to file your return. He/She can do tax planning for you.

Thanks Ravi, Truly thanks for your reply...

Rds,

Nkr