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NIL 1.600 Tax liability On 2.50.000 On balance ? 16,000 104 32 16 Add Education cess @ 21 of tax Secondary and Higher Education cess
NIL 1.600 Tax liability On 2.50.000 On balance ? 16,000 104 32 16 Add Education cess @ 21 of tax Secondary and Higher Education cess 1 Total Tax Les Rebate w/s 86 at average rate 11.648 1002,66,000 -0.625 of 90,000) Tax Payable Note: The exempted limit for Mr. Ris 1.80,000, for Mrs. X1 1.90,000 and for Mr Zustan citizen is 2.50,000 NHILLUSTRATION 3. Mr. M and Mr. N ase members of an AOP sharing profits and love a the ratio of 2 - 1. AOP has income of 2,86,000 under the head profits and gains. It also has agricultura income of 1.20.000. The individual incomes of its members are as follows: Case B Case A Member Non Agri. Income Agri. Income Non Agri. Income Agri. Income 330,000 340.000 * 198.000 $8.000 3 48.000 3 1.06.000 Mr. M Mr. N 30 000 340,000 During the year Mr. M paid life insurance premum of 12.000 on a policy of 50.000 and Mr. N deposited 10,000 in PPF Calculate the tax liability of AOP and its members for the assessment year 2012-13 tation of tos liability of AOP
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