Matter of tax liablity
This query is : Resolved
Guest
Guest
(Querist)
03 April 2012
gud morning sir,
sir i m telling u my business history, my transport firm name chawla transport co.. i have 6 heavey truck. 2 lakh per year my staff salary.and my lic is 60000.and madiclaim 10000. than can u tell me thata ehat is my tax liablity
sir i m telling u my business history, my transport firm name chawla transport co.. i have 6 heavey truck. 2 lakh per year my staff salary.and my lic is 60000.and madiclaim 10000. than can u tell me thata ehat is my tax liablity
03 April 2012
Income under the head Business (Section 44AE)
6*5,000*12 3,60,000
Less: Deduction u/s 80C (LIP) 60,000
Less: Deduction u/s 80D (Mediclaim) 10,000
Taxable Income 2,90,000
Tax including cess 9,270
6*5,000*12 3,60,000
Less: Deduction u/s 80C (LIP) 60,000
Less: Deduction u/s 80D (Mediclaim) 10,000
Taxable Income 2,90,000
Tax including cess 9,270
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03 April 2012
REPLY GIVEN BY SIDDARTH BHARDWAJ IS OK ,BUT TRUCK SHOUD BE UNDER YOUR OWNERSHIP. THIS IS DEEMING PROVISION AND EVEN YOU CAN DECLARE HIGHER PROFIT AND CAN CLAIM 80 C AND 80 D DEDUCTION TO COVER UP YOUR INCOME UPTO 10%IT SLAB TOTAL INCOME UPTO RS. 5 LAKHS PLUS DEDUCTION RS. 7000O/- . YOUR TTOAL LIABILITY WILL 34000 PLUS INTEREST FOR A.Y. 2012-13 CALL 9845681346 OR EMAIL mehta_1312@sify.com
04 April 2012
Dear Prithviraj, I would like to draw your attention to Explanation (b) to Section 44AE which provides as follows:
"an assessee, who is in possession of a goods carriage, whether taken on hire purchase or on instalments and for which the whole or part of the amount payable is still due, shall be deemed to be the owner of such goods carriage".
So, even if the assessee is not the ACTUAL OWNER of the truck, but has taken the truck on hire purchase, he will be covered u/s 44AE.
"an assessee, who is in possession of a goods carriage, whether taken on hire purchase or on instalments and for which the whole or part of the amount payable is still due, shall be deemed to be the owner of such goods carriage".
So, even if the assessee is not the ACTUAL OWNER of the truck, but has taken the truck on hire purchase, he will be covered u/s 44AE.
Guest
Guest
(Querist)
04 April 2012
can i get deduction of salary 2 lakh
04 April 2012
No further deduction is allowed from presumptive income. All expenses are deemed to have been allowed.
Accordingly salary will NOT be allowed as deduction as it is deemed that the same has been allowed while computing the income.
Accordingly salary will NOT be allowed as deduction as it is deemed that the same has been allowed while computing the income.
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