THE EXPECTED TAXABLE INCOME IS RS 10 CRORE FOR PY.14-15.IT INCLUDES TDS RS 56000.
COMPUTE ADANCETAX PAID BY THE ASSESSEE FROM TIME TO TIME IN THE P.Y IF HE IS A 1)CORPORATE ASSESSEE 2.NON CORPORATE ASSESSEE
pavan (Private) (222 Points)
09 December 2015THE EXPECTED TAXABLE INCOME IS RS 10 CRORE FOR PY.14-15.IT INCLUDES TDS RS 56000.
COMPUTE ADANCETAX PAID BY THE ASSESSEE FROM TIME TO TIME IN THE P.Y IF HE IS A 1)CORPORATE ASSESSEE 2.NON CORPORATE ASSESSEE
Stranger
(.)
(5526 Points)
Replied 09 December 2015
Calculation of assessed tax on Rs.10 Crores for the Assessment Year 2015-16
(Corporate assessee)
Tax on Rs.10 crores @ 30% = 3,00,00,000
Surcharge @ 5% = 15,00,000
Cess @ 3% = 9,45,000
Total Tax Payable = 3,24,45,000
Less: TDS = 56,000
Assessed Tax = 3,23,89,000
(Non-corporate assessee)
Tax on Rs.10 crores *** = 2,98,25,000
Surcharge @ 10% = 29,82,500
Cess @ 3% = 9,84,225
Total Tax Payable = 3,37,91,725
Less: TDS = 56,000
Assessed Tax = 3,37,35,725
Now since assessed tax exceeds Rs.10,000/-, so the assessee is liable for advance payment of tax, worked out as follows:
(i) If it's a corporate assessee
On or before 15th June, 2014 = 15% of Rs.3,23,89,000/- or more
On or before 15th September, 2014 = 45% of Rs.3,23,89,000/- or more
On or before 15th Dec, 2014 = 75% of Rs.3,23,89,000/- or more
On or before 15th March, 2015 = 100% of Rs.3,23,89,000/-
(ii) If it's a non-corporate assessee
On or before 15th September, 2014 = 30% of Rs.3,37,35,725/- or more
On or before 15th Dec, 2014 = 60% of Rs.3,37,35,725/- or more
On or before 15th March, 2015 = 100% of Rs.3,37,35,725/-
***Note : It is assumed that the assessee is neither a senior nor a very senior citizen, else the slab rate will be taken accordingly.
Hope your doubt is cleared now...
pavan
(Private)
(222 Points)
Replied 09 December 2015
Thank you so much yes my doubt is cleared.thank you once agin
Stranger
(.)
(5526 Points)
Replied 09 December 2015
Yes dear..in the previous one I forget to give you the assessed tax calculation of the company separately..so this is the final calculation...
pavan
(Private)
(222 Points)
Replied 09 December 2015
how to solve this?
pavan
(Private)
(222 Points)
Replied 09 December 2015
how to solve???
pavan
(Private)
(222 Points)
Replied 09 December 2015
there r my question can u pls ans
Stranger
(.)
(5526 Points)
Replied 09 December 2015
Calculation of taxable income of KP for A.Y. 2012-13
Income from House Property = (4,00,000)
Income from PGBP = (4,30,000)
Income from Capital Gain
Short Term Capital Gain = 10,00,000
Income from Other Sources
Loss from leasing of Palnt & Machinery ** = (30,000)
Taxable Income = 1,40,000/-
Note:
(1) LTCL of Rs.4 lkah will be carried forward for 8 Assement Years.
(2) Loss on betting from horse races can neither set-off nor carried forward.
** I think it's unrecovered rent, if I am not wrong..not sure about this.. Check with other experts too..
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