Tax calculation

This query is : Resolved

Krishna (Querist)
Follow

10 October 2011 Dear Sir,

a person having 56Lak of turnover during fin year 2010-2011

but he didnt file his itr on 30.09.11, his profit from business income showing 2.5Lak

i want to know how much tax along with all interest he should deposit in next month itr filling (his business is proprietorship )

Thanks
Krishna

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

10 October 2011 Assuming that the assessee is male individual,not a senor citizen ,due date is 30/09/2011 and has not availed tax savings covered under 80C, 80D etc, the tax liability would appear as follows:-

Income tax 9,000/-, Cess 270/-, Interst u/s 234A 92/-, thus aggregating to 9,362/-.

Message likes : 1 times

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

10 October 2011 If the assessee has 56 lakhs turnover then he has to either show his income u/s 44ad or get his accounts audited and as the last date of audit was 30/09/2011 therefor he has to pay .5% penalty for late audit.

If he does not go for audit then he has to show his NP @8%.

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!