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Guest

Guest (Querist)

13 December 2011 Good Evening Sir/Mam
I m confeused abt. this question. plz told me that if i opened my new business of transport service .i used my pen card . than sir plz help me that at the time of fill income tax return.how much percentage we will deduct tax means slab rate for salary class people or 30% for firm rate.what form i will fill .

anurag

anurag (Expert)
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13 December 2011 For deducting u have to apply for TDCAN.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 December 2011 I suppose you are asking about the tax rate applicable to your income.

Since you have used your individual PAN card, then the transport business will be a sole proprietorship business.

Accordingly, the income from such business will be taxable in your hands.

Since you are an individual, your income will be taxed on slab rate.

Further, you will have to file ITR 4 because you are having business income.

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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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13 December 2011 I am totaly agree with siddharth bhardwaj

Income Tax Rates/Slabs for A.Y. (2012-13)

Slab (Rs.) Tax (Rs.)
less than 1,80,000 Nil
1,80,000 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Greater than 8,00,000 30%

Women aged 60 years or less
Slab (Rs.) Tax (Rs.)
less than 1,90,000 Nil
1,90,001 to 5,00,000 10%
5,00,001to 8,00,000 20%
Greater than 8,00,000 30%

Senior Citizens (Individuals aged above 60 years)
Slab (Rs.) Tax (Rs.)
less than 2,50,000 Nil
2,50,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Greater than 8,00,000 30%

For Individual, Age More than 80 Years (Super Citizen)
Slab (Rs.) Tax (Rs.)
less than 5,00,000 Nil
5,00,001 to 8,00,000 20%
Greater than 8,00,000 30%

Abhishek Ranjan Singh
ARS Solutions
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