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Question ID : 38068

Punjab development Tax 2018

Punjab Govt has notified Punjab development tax for Persons having income more than 250000- Can any body confirm whether this amount is before availing Chapter VI deductions or after deducting deductions like 80C

Posted by Mahesh Kumar on Mar 31, 2019

Filed Under GST

Answer ID : 76441

The act says basic exemption limit under income tax . so Income tax is applicable if your net income exceeds Rs 2.5 L . which we work out after considering all the deductions .say taxable income. so this 2.5 L is after 80C deduction

Posted by CA. BISHT RAKESH on Apr 01, 2019
Answer ID : 76445

Before availing deductions under Chapter VI.

Posted by CA. JHA SHANKAR KUMAR on Apr 02, 2019