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+--- Thread: What is the taxable income for the tax year 2011? (/showthread.php?tid=10612)
What is the taxable income for the tax year 2011? - mehfooz255416 - 11-19-2011
My annual income statement 2011 are as follows
Salary income Rs590490.
Recognized provident fund Employer's contribution Rs28044.
Recognized provident fund Employees contribution Rs28044.
Employer's Rs122834.00 profit rate @ 14%.
Employee's Rs122834.00.
Interest credit on Recognized provident fund account balance Rs877385.82 @14%.
What is the taxable income for the tax year 2011?
- student_of_law - 11-22-2011
Rs590490 [Clause 22 of Part I of 2nd Schedule & Rule 3 of Part I of Sixth Schedule to ITO, 2001]
- mehfooz255416 - 11-23-2011
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by student_of_law</i>
<br />Rs590490 [Clause 22 of Part I of 2nd Schedule & Rule 3 of Part I of Sixth Schedule to ITO, 2001]
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
What is the procedure to calculate the Income Tax on recognized provident fund?