The tax liability income of mr. dutta is....?

Question

mr. dutta, a partner of xyz enterprise, has earned Rs.96000 as a salary, Rs.10,000 as commission and Rs.20,000 as a share of profit. the taxable income of mr dutta is ?

Answer 1

Yah I support to some extent the above answer but there are some modifications to that. I will explain u abt that.

The salary income is eligible for Standard Deduction of 30% of Salary Income or Rs.40,000 WIL. Hence 30% of 96,000 is 28,800.

So his taxable income is Salary 67,200, commission 10,000 and total income is Rs.77,200 which is not taxable under the income tax act.

Answer 2

I support Saurabh and not Prince. There is no standard deduction from Financial Year 2005-2006 onwards.

Just to add:
If Mr Dutta is above 65 years of age, his exemption limit is Rs 1,85,000 and he will pay 0 tax.

Answer 3

Taking question so as. Will previous not submitting delay earnings? No, provided that they assessed taxes against her, and if IRS did, she could comprehend. If her husband did not record and grow to be the only earnings producer, the IRS will confirm the earnings against him, in the event that they do replace returns. The IRS would not, and would not have authority to do, replace joint returns. could she record 0 returns? provided that it makes her sense extra helpful. harmless significant other style isn't suited, because of the fact she isn't assessed. in simple terms of a joint return grow to be filed could that is suited. Edit: Georgia isn't a community supplies state. The community supplies states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington State, Wisconsin. Wisconsin is slightly unusual of the gang.

Answer 4

under the indian finance act his taxable income is Rs.106000....
assuming no investment U/S 80c his tax liability is Rs.612...
as the profits from partnership firm have been taxed already to the firm

Answer 5

i support saurabh's answer