**
Income Tax Slab Rate is as follows :-
**

NoteCurrently Slab Rate for Financial Year 2018-19 (Assessment Year 2019-20) is applicable for filing ITR

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**
Example 1
**

Suppose a shopkeeper has

Sales 50 lacs

Purchase 30 lacs

Office Expenses 16 Lacs

What is his Profit?

Also Calculate his Tax

**
Answer
**

Particular |
Amount |

Sales | 5000000 |

Less Expense | 4600000 |

Profit(PGBP Income) | 400000 |

Tax | 7500 |

Rebate | 2500 |

Net Tax | 5000 |

Education and Health Cess 4% | 200 |

Tax + Cess | 5200 |

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**
Example 2
**

Suppose an Advocate has

Professional Receipts 10 lacs

Expenses

Rent 400000

Salary 100000

What is his Profit?

Also Calculate his Tax

**
Answer
**

Particular |
Amount |

Sales | 1000000 |

Less Expense | 500000 |

Profit(PGBP Income) | 500000 |

Tax | 12500 |

Rebate | 2500 |

Net Tax | 10000 |

Education and Health Cess 4% | 400 |

Tax + Cess | 10400 |

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