related to tax

This query is : Resolved

Deepak (Querist)
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15 December 2008 In case we are providing coaching then we will have to pay service tax on the fees we are receiving but i want to know will i have to pay income tax on the total fees i'll receive

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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15 December 2008 Yes, tax is payable on the Net Profit as per P&L A/c after deducting all expenses and Income as computed under the Income Tax Act

Ravikumar.G

Ravikumar.G (Expert)
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15 December 2008 No. Only Net profit. Not from your Income.

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CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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15 December 2008 Income tax will be on the Net Profit as per Profit and Loss account of coaching business. And if this business is your own proprietorship then other income/deductions also needs to be adjusted.