| S.no | Month | Beginning Amount | Remaining Amount | Principle | Interest | End Balance |
|---|
In India, individuals who earn an annual income of more than 500,000 rupees (approximately $6,800) are required to pay income tax. If your salary is 350,000 rupees per year, you would not be required to pay income tax as it is below the tax threshold. However, it's worth noting that tax laws and thresholds can change from year to year, so it's a good idea to stay up-to-date with the latest tax rules and regulations.
Tax Deductions:
In India, taxpayers are eligible to claim various tax deductions and exemptions to reduce their
taxable income and lower their tax liability. Some of the common tax deductions available in India are:
Net Taxable Income:
Net taxable income is the amount of an individual's or a company's income that is subject to taxation after deductions and exemptions have been taken into account. It is calculated by subtracting allowable deductions and exemptions from the gross income. Allowable deductions can include expenses such as business expenses, charitable donations, and certain types of interest payments. Exemptions can include certain types of income, such as gifts and inheritances, that are not subject to taxation.
Income TAX:
In India, the income tax is a tax that is levied on the income of individuals and companies. The income tax is administered by the Central Board of Direct Taxes (CBDT), which is a part of the Department of Revenue in the Ministry of Finance.
In India, the income tax is levied on the basis of a progressive tax rate structure, which means that the tax rate increases as the income increases. The tax rates for individuals and Hindu Undivided Families (HUFs) are as follows:
In addition to the income tax, individuals and companies are also required to pay the Health and Education Cess (HEC) at a rate of 4% on the taxable income. It is important to note that the income tax rates and rules may change from time to time based on the policies of the government. It is advisable to consult with a tax professional or refer to the official website of the CBDT for the latest information on the income tax in India.
Surcharge:
A surcharge is an extra payment of money in addition to the usual payment for something. It is added for a specific reason, for example by a company because costs have risen or by a government as a tax.
The government introduced a 15% surcharge on imports.
Health and Education Cess (HEC):
In India, the Health and Education Cess (HEC) is a tax that is levied on the taxable income of individuals and companies.
The proceeds from this tax are used to fund various health and education initiatives in the country.
The HEC was introduced in the Budget of 2006-07, and it is currently levied at a rate of 4% on the taxable income plus surcharge of individuals and companies.
This tax is in addition to other taxes such as the Income Tax and the Goods and Services Tax (GST).
It is important to note that the HEC is only applicable to tax payers in India and is not applicable to non-residents or foreign companies.
Example-1: Gross Income = 6 Lakhs, Deductions = 0, Income tax = 22,500, Surcharge = 0
Health and Education Cess (HEC) = 4%(income tax + Surcharge) = 4%(22,500+0) = 900
Tax Payable = Income Tax + Health and Education Cess (HEC) = 22,500 + 900 = 23,400
Health and Education Cess (HEC) = 4%(income tax + Surcharge) = 4%(13,87,500+1,38,750) = 61,050
Tax Payable = Income Tax + Health and Education Cess (HEC) = 13,87,500 + 61,050 = 15,87,300
| # | Exchange | Instrument | Buy Price | Sell Price | Qty | Gross Profit
|
|---|---|---|---|---|---|---|
| 1 | 10000 |
Margin: 951.12
Turnover: 951.12
Total charges: 951.12
Net P&L:
Brokerage: 40.00
STT: 2.00
Exchange txn charge: 3.00
SEBI charges: 4.98
Stamp duty: 100.00
GST: 1.99
DP: 0.00
Clearing charge: 0.00
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