07 December 2013
YOU FILE RETURN AND CALCULATE YOUR TAX AS PER SLAB RATE AND PAY BALANCE TAX LIKE YOUR INCOME IS 300000 ASSUME NO ANY DEDUCTION TOTAL INCOME 300000 MANCT=200000 SO TAX ON BALANCE INCOME @ 10.30 % ON 100000 i.e. 10300 AND YOUR TDS AMOUNT IS 3000 (300000 @ 1% U/S 194C) IT MEAN TOTAL TAX PAYBEL BY YOU 10300-3000 rS. 7300/-
08 December 2013
Sections 28 to 44 which ever applicable has to be considered since income has to be offered under the head 'profits & gains of business or profession'.
CAclubindia
