Computation
Priya Kashyap (Student) (7053 Points)
22 February 2019
Mr X has casual income of 102 lacs and deductions under section 80c to 80u are 5 lakh compute his tax liability
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 22 February 2019
The casual income will be taxable at the flat rate of 30%which after adding cess will amount to 31.2% Add: surcharge if any.
No deduction u/s sec 80C or 80D or any other deduction/allowance is allowed from such income. The Benefit of basic exemption limit and income tax slab rate is also not applicable to this income. The entire amount received will be taxable at the flat rate of 31.2%
So, Tax @ 30% ... is 30,60,000/-
Surcharge.... 140.000/- (with marginal relief)
Add health cess @ 4%... 1,28,000/-
Total tax liability ... Rs. 33,28,000/-
Ashwin Kumar
(1234 Points)
Replied 22 February 2019
Agreed with Dhirajlal sir. casual income can neither be subjected to deduction nor can be used to exhaust basic exemption limit.
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 23 February 2019
agreed with dhirajlal sir
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
