The direct costs for the year are estimated at $48,000, and all other operating expenses are estimated at $8,000. They will sell the goods to customers at 150% of the direct costs. The income tax rate is assumed to be 50%. We are required to calculate the following: - (a) Gross...
Standard deduction on salary Depreciation u/s 32 of the Income-tax act except additional depreciation. Professional tax Interest on housing loan (Section 24) Any allowance for travelling for employment or on transfer Deduction under Chapter VI-A deduction (80C,80D, 80E and so on) (Except Sectio...
Select the assessment year to calculate the tax. For instance, if you are paying tax for FY 2023-24, choose AY 2024-25. 2 Choose your age from the next field. 3 Click on the income field and enter the required details like gross salary, and income from other sources if any. ...