What will be my Tax liability ??
I'm engaged within money lending business. In current year I agreed cash deposits of 2 lac and deposits of 3.6 lac by cheque from ethnic group. I paid unharmed amount of 5.6 lac to people by cheque along beside intrest (a) 15%.Is my activity immoral in any screened-off area or rule of income tax. And what will be my approx import tax liability in AY 2007-2008
nb: This will be my first IT return and I'm not have any other source of income
Answers: First you must note that you are not suppose to adopt cash deposits (Rs.20,000 or more). If you adopt Rs.20,000 or more in change, then the cost will be 100% on the amount of deposit. So do not accept any dosh deposits. (Also do not give lolly loans at all).
Next regarding your income: You did not mention at what rate of interest you own obtained the deposits. I am assuming that you hold obtained deposits (a)12%. So your income is 3% on 5.6 lakhs (15% - 12% = 3%). That amounts to freshly Rs. 16,800 (5,60,000 x 3% = 16,800)
If you have no other income excluding this income, then you call for not file any returns at adjectives. As a male, you can earn up to one lakh ten thousands per year lacking paying any taxes. (Females Rs.1.45 lakhs).
How will getting married contained by 2008 affect my due return?
will i get smaller amount?Answers: Your 2007 Federal Income Tax depends on your married status on December 31, 2007. If you are married in 2008, it will enjoy no effect on your 2007 taxes or refund.
getting married never effects your taxes unless you choose to record a joint import tax return (which I wouldn't do), or have children.
How much money do i own to trade name to require me to profile income excise?
i worked last year, but i don't know if i am required to report an income tax. i made smaller number than 1000.00 dollars.Answers: That depends on the source of the income.
Judy is correct that if it is self employment income and the net is over $400 after you must file a return. But, in that is another exception too...if you worked for a church and made more than $124 and some few cents (I can't remember exactly 124.56 I think) then you are required to folder too.
Hope this helps!
Unless the income be from self-employment, you don't have to database. If you got a W-2 for it, you don't have need of to file unless you have something withheld for federal income tax (box 2 on your W-2) - if you did, you should wallet to get it refund to you.