Vijay Kr. Mishra (prop.) (576 Points)
17 March 2011What is the Gross Total Income and Net Income (Taxable) :-
If Business Income is Rs. 2,00,000/-
Income from Bank Saving Interest is Rs. 150/-
Income from Cross Word Puzzle is Rs. 5,000/-
Deduction as per 80C is Rs. 35,000/-
Athmaram
(Articled Assistant)
(170 Points)
Replied 17 March 2011
Dear Mr Vijay
Computation will be as follows:
Business Income - 200000
Interest Income - 150
Winnings: Games - 5000
Gross Total Income - 2,05,150
Less Deduction u/s 80C - 35000
Net Taxable Income - 1,70,150
Hence Winnings From Cross word will be included in the Gross Total Income.
Thanks & Regards
Ram.
lokesh maheshwari
(partner)
(62 Points)
Replied 17 March 2011
GTI 205150
- 80 C 35000
NI 170150
TAX 1046
The computation is as follows:-
BUSINESS INCOME:-
Profit computed 200000
-------------
Taxable business income 200000
OTHER SOURCES:
Interest from Savings Bank 150
Income from crossword puzzle 5000
---------------
Taxable other sources 5150
ABSTRACT
BUSINESS INCOME 200000
OTHER SOURCES 5150
------------
Income: 205150
Less: 80-C 35000
-------------
Total income 170150
Tax on regular income ( 170150-5000) i.e. 165150 515
Tax on crossword income (u/s 115BB) i.e. 5000*30% 1500
Add : Cess @ 3% 60
Tax payable 2075
<<<<Corrections and reasons for corrections are welcome >>>>
CA ANUPAMA
(CMA, CA )
(149 Points)
Replied 17 March 2011
Mr. Subramanya is correct, and the Tax Payable is Rs. 2075/-
Srihari Manipatruni
(student)
(147 Points)
Replied 17 March 2011
YES ,agree with Mr.Subramanya.........
tax payable is 2075
Athmaram
(Articled Assistant)
(170 Points)
Replied 18 March 2011
Agreed with Subramanya
Regards
Ram.
Vikash Kharvar
(Dy. Manager -F&A)
(469 Points)
Replied 18 March 2011
Navina
(Artical)
(64 Points)
Replied 19 March 2011
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