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POSTED BY ON August 28, 2012 11:29 am COMMENTS (5)
This is my first time when I have to pay taxes. My income is from online sources (content writing and few other jobs). Here is detail of income and other investments:
Form April 2012 to August 2012- I made Rs 100000 in total. Now taking 20000 as average my projecetd income for this year is 240000. How to caculate tax on this ? Also please tell about advance tax ?
What is I make a deposit of Rs 100000 in PPF? Also if my projected earnings increases or decreases, then what will happen to the earlier paid amount. Waiting to hear valuable suggestions here. Thanks
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Ashal,
Ok, And I will not be fined in that case right. Also want to know about what expenses can I show. The laptop I use for this work was purchased in 2011, any deduction for it this year. Moreover, what about the laptop battery purchase and internet bills. When I file taxes online, will I be able to do everything on my own ? This is my first time, what documents I need to give for earning and expenditure proof ?
Dear Krishna, the Laptop ‘ll be available for depreciation. All the bills like electricity, mobile, internet, phone, petrol…… are available for set off in your case as your source of income is income from business/profession.
To file ITR next year, you may take help of people here in this forum or a paid one (CA or Tax professional) in your city or some online sites on paid basis as per your choice.
Thanks
Ashal
Thanks for reply Ashal. What will happen if my earnings increase later. I mean if total income at end comes to be Rs 400000, will I have to pay any fine as I did not pay any advance tax earlier ?
Dear Krishna, your tax liability is divided into 4 quarters for payment of advance tax. Here are the cut off dates.
1. 15th June
2. 15th Sept
3. 15th Dec
4. 15th Mar
Now wee are approaching 15th Sept, based upon your current trend of income, you may decide to pay or not to pay advance tax till 15th Sept. Now from 15th Sept till 15th Dec, if there is an increase in your income which ‘ll result in the over all higher income, you should pay the tax based upon your earning till that time & the projection for the remaining months.
For an imaginary situation, till 15th march your income was near normal & all of a sudden your income increases to 4-5L figure, well still you can pay tax before the end of FY which is 31st march.
Thanks
Ashal
Dear Krishna Verma, if your total income is going to be 2.4L Rs. from April 2012 to March 2013 & aty the same time, you are going to invest in PPF 1L Rs. your tax liability is zero.
Thanks
Ashal