Pranab Banerjee (Software Maker & Income Tax Practisioner) (7302 Points)
10 May 2012To all of the members of the Caclub of India, I am confused about the Income Tax calculation for the column Taxable Income and Tax Payable. As per the Income Tax Act 1961 it appears that the Taxable Income will be Round off U/s 288 A and the Tax Payable( Tax + Edu Cess) also round off U/s 288 B. Hence my question, when I calculate the Income Tax, both the section are applicable or only Tax Payable (Tax + Edu cess) will be Round Off U/s 288 B.
Please guide me about the above question.
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 10 May 2012
Both the sanctions have different impact... one is on Taxable Income and other is on Tax Payable.
You need to consider both sections at there respective place.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
