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My salary is Gross 17000/- pm and 1 salary is added as bonus
total CTC is 2.21 LPA. Is am eligible for incometax.

Kindly revert .

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My salary is Gross 17000/- pm and 1 salary is added as bonus total CTC is 2.21 LPA. Is am eligible..

Answer / pooja acharya

IN FY 2012-13 and AY 2013-14 the limit of exemption for Resident Individual is 200000 and if your gross total income is greater than this limit you are liable to file your return.

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My salary is Gross 17000/- pm and 1 salary is added as bonus total CTC is 2.21 LPA. Is am eligible..

Answer / kishan maurya

YES YOU ARE ELIGIABLE FOR TAX YOU ARE CROSSING THE EXEXPION
LIMIT RS.200,000/(IF YOU ARE NOT SENIOR CITIZEN) DECLARE BY
GOVT FOR THE F.Y 2012-13)

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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

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