Income tax on pgbp

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2014 Dear sir

My client tornover is 1800000.8 % is 144000 is business income.His lic is 25000.How much he must pay income tax for a.y 2013-14. I think it will be 1957.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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09 January 2014 for AY 2013-14 Tax will be NIL

as the Exemption Limit is Rs.2 Lacs (i.e upto 2 lacs no Tax)

& your client's income is

GTI=144000
Total Income=119000 (144000-25000)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 January 2014 there wont be any tax...how did you arrive at 1957???

the income is below exemption limit.

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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09 January 2014 he has deducted Rs.100000 as the basic limit

on the balance Rs.19000

he has taken 10%
i.e Rs.1900 and Ed+SHEC=57 (1900*3%)

Total Tax= 1957

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 January 2014 well what to do in such a case. Dear Rajiv, please note that exemption is Rs 2 lakhs for less than 60. and Rs 2.5 lakhs for above 60 years age.