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03 April 2012 gud afternoon to all experts.
my query is that i m a trabsport. and i have 5 truck .sir plz what will my tax liablity. my detail is given below.
total truck - 5
salary per year-200000
lic-70000
madiclaim-10000
plz tell me what will be total tax liablity

03 April 2012 is it your own business. if yes than it is not salary but the business income.
If you are a proprietor than the individual slab rates will apply.
Under union budget 2012, individuals are exempt upto Rs.200000

03 April 2012 is it your own business. if yes than it is not salary but the business income.
If you are a proprietor than the individual slab rates will apply.
Under union budget 2012, individuals are exempt upto Rs.200000


03 April 2012 Is the salary your income or have you paid the salary to drivers?

Income under the head Business (Section 44AE)

5*5,000*12 3,00,000
Less: Deduction u/s 80C (LIP) 70,000
Less: Mediclaim 10,000

Taxable Income 2,20,000
Tax 2,000
Add: EC & SHEC 60
Total tax liability 2,060

If salary is your income then taxable income shall be Rs. 4,20,000. Tax shall be Rs. 22,660/-.



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