Income tax calculation

saurabh goyal (self employed) (103 Points)

14 January 2012  

Hello ,

Particulars No. of Months Amount per month  Income Total Income Income Tax
           
INCOME FROM SALARIES       0  
           
INCOME FROM HOUSE PROPERTY       0  
           
INCOME FROM BUSINESS & PROFESSION          
           
Revenues     1218174.71    
           
(Less)Expenses          
Advertising Expense     306000    
           
Internet Charges 9 1000 9000    
Telephone Bills 9 800 7200    
Notional Rent 9 2500 22500    
Petrol Expense 9 1500 13500    
Electricity Expense 9 500 4500    
Stationary Expense 9 100 900    
Misc Office Expense 9 3000 27000    
           
INCOME FROM BUSINESS & PROFESSION       827574.71  
           
INCOME FROM CAPITAL GAINS       0  
           
INCOME FROM OTHER SOURCES       0  
           
GROSS TAXABLE INCOME       827574.71  
           
(Less) Deduction u/c VI-A          
Deduction u/s 80C       0  
Deduction u/s 80CCF       0  
           
NET TAXABLE INCOME       827574.71  
           
Computation of Income Tax          
From 0 to 1.8 Lakhs - Nil          
From 1.8 Lakhs to 5 Lakhs @ 10%         32000
From 5 Lakhs to 8.27 Lakhs @ 10%         Rs. 32,757
           
Total Tax Payable         Rs. 64,757
(Add) Education Cess @ 2%         Rs. 1,295
(Add) Higher Education Cess @ 1%         Rs. 648
           
Total Amount Due         Rs. 66,700

I want to know the above income tax calculation is right or worng? I have doubt in lower part of the calculation where for slab between Rs 5 lac to Rs 8 has been  calculated  , I guess it should be 20 % , what would you say? Kindly clarify , thanks !