Query regarding ITR filing... pls have a look

Query regarding ITR filing... pls have a look

61°
Deal Lieutenant
245
3214
73

I am confused and thats why need help
I am going to file ITR of financial year 18-19
what will be the tax that I have to pay if I declare my income from business(not registered/trading)
1.around 2.5 lac
2. around 5 lac

noobie in tax and all

8 Dimers
Deal Subedar
255
2795
36

fill in the details.
find out yourself.

76
826
8

for normal earning, tax is free upto 2.5 lacs
but on 5 lacs you have to pay 30% tax for remaining 5 – 2.5 = 2.5 lacs, which is around 75000,
to save this 75000 you can have FD’s / Life Insurance policy etc.
this is for normal income, so for business the rules may be different

Deal Legend
21,259
51065
656
htzaz wrote:

for normal earning, tax is free upto 2.5 lacs
but on 5 lacs you have to pay 30% tax for remaining 5 – 2.5 = 2.5 lacs, which is around 75000,
to save this 75000 you can have FD’s / Life Insurance policy etc.
this is for normal income, so for business the rules may be different

Your calculation is wrong. This is how it is done:
https://www.iciciprulife.com/insurance-library/...

Deal Subedar
134
1860
27
htzaz wrote:

for normal earning, tax is free upto 2.5 lacs
but on 5 lacs you have to pay 30% tax for remaining 5 – 2.5 = 2.5 lacs, which is around 75000,
to save this 75000 you can have FD’s / Life Insurance policy etc.
this is for normal income, so for business the rules may be different

First of all, is this your personal return (i.e. is person below 60 years of age?) If yes, then for the first 2.5L, tax will be zero
For next 2.5L, Income tax rate is 5%
Hence tax comes out to be 12500.
Total tax liab 13000

Deal Subedar
134
1860
27

There were various deductions, you could have adhere to till 31st March.
Pm me if u need further help

76
826
8
Expand
Awake wrote:

First of all, is this your personal return (i.e. is person below 60 years of age?) If yes, then for the first 2.5L, tax will be zero
For next 2.5L, Income tax rate is 5%
Hence tax comes out to be 12500.
Total tax liab 13000

Atleast some expert came to the rescue, thnx bro

Deal Lieutenant
245
3214
73
Awake wrote:

There were various deductions, you could have adhere to till 31st March.
Pm me if u need further help

thank you so much I got it

Deal Subedar
364
1946
17

But ITR on income from business/profession is a bit complicated ( at least first timers), you have to file ITR form 3 which consists of Balance sheet, P&L statement, deductions under Chapter VIA, Other income, capital gain/loss etc. So better complete the filing under some experienced person who had already filed ITR 3 earlier else your return might be put under objection which many a times is difficult to get clear subsequently.

ITR-3 is divided into: ( though most of the schedules may not be applicable for you)
Part A
Part A-GEN: General information and Nature of Business
Part A-BS: Balance Sheet as of March 31, 2018, of the Proprietary Business or Profession
Part A-P&L: Profit and Loss for the Financial Year 2017-18
Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)
Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)
Part B: Outline of the total income and tax computation in respect of income chargeable total tax.
Verification
After this, there are the following schedules.
Schedule-S: Computation of income under the head Salaries.
Schedule-HP: Computation of income under the head Income from House Property
Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
Schedule DCG: Computation of deemed capital gains on the sale of depreciable assets
Schedule ESR: Deduction under section 35 (expenditure on scientific research)
Schedule-CG: Computation of income under the head Capital gains.
Schedule-OS: Computation of income under the head Income from other sources.
Schedule-CYLA: Statement of income after set off of current year’s losses
Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
Schedule CFL: Statement of losses to be carried forward to future years.
Schedule- UD: Statement of unabsorbed depreciation.
Schedule- 10A: Computation of deduction under section 10A.
Schedule- 10AA: Computation of deduction under section 10AA.
Schedule- 10B: Computation of deduction under section 10B.
Schedule- 10BA: Computation of deduction under section 10BA.
Schedule 80G: Statement of donations entitled for deduction under section 80G.
Schedule- 80IA: Computation of deduction under section 80IA.
Schedule- 80IB: Computation of deduction under section 80IB.
Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
Schedule VIA: Statement of deductions (from total income) under Chapter VIA.
Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of assessee in Schedules-HP, BP, CG and OS.
Schedule SI: Statement of income which is chargeable to tax at special rates
Schedule-IF: Information regarding partnership firms in which assessee is a partner.
Schedule EI: Statement of Income not included in total income (exempt incomes)
Schedule IT: Statement of payment of advance-tax and tax on self-assessment.
Schedule TDS1: Statement of tax deducted at source on salary.
Schedule TDS2: Statement of tax deducted at source on income other than salary.
Schedule-TCS: Statement of tax collected at source.
Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.
Schedule FA: Statement of Foreign Assets.
Schedule AL: Asset and Liability at the end of the year(applicable where the total income exceeds Rs 50 lakhs)