15 December 2016
I am a service dealer for Hero two wheeler.i sell the vehicles of my main dealer.he gives incentive or commission for me very quarter by paying tds tax in194h.All sale is show in his books I am not all consider for the sale.finally what i want to know at the end of year how much tax I must pay to the INcome tax dept if I am in 30slab.Ex:-if get 1000000/- in the name of commissions
15 December 2016
If you receive overall Ten lakhs commission you can claim expenses incurred on sale and any marketing exps. If you want declare entire ten lakh commission income. If you have no other income than you will be under maximum 20% slab,also eligible to claim VIA deduction. Upto 250000 Nil Upto 500000 10% Rs.25000/- From 500001 to 1000000 20%Rs.100000/- So income tax will be 125000+ 3% cess.
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