Question
This query is : Resolved
05 March 2015
provide for personal income tax @ 10% of net profit in excess of Rs50000
means what ?
sir.
05 March 2015
It simply means creation of Provision for Income tax as follows-
Provision for Income tax = 10%x(Net Profit-50000).
E.g.- if you have net profit before tax is Rs.170000, then provision would be-
10%xRs.(170000-50000)= Rs.12000
Provision for Income tax = 10%x(Net Profit-50000).
E.g.- if you have net profit before tax is Rs.170000, then provision would be-
10%xRs.(170000-50000)= Rs.12000
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