Matter of calculation

raheev (Querist) 03 April 2012 This query is : Resolved
gud afternoon to all experts.
my query is that i m a trabsport. and i have 5 truck .sir plz what will my tax liablity. my detail is given below.
total truck - 5
salary per year-200000
lic-70000
madiclaim-10000
plz tell me what will be total tax liablity

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A V Vishal (Expert) 03 April 2012
You can file your return u/s.44AE of the Income Tax Act, 1961, wherein, income is calculated on presumptive basis. Assuming you have heavy trucks the income under the provisions of 44AE is Rs.5000*5*12 = Rs.300,000. Further your claim of LIC and mediclaim amounting to Rs.80,000/- has to be deducted from the taxable income leaving a Net income of Rs.220,000/-. Tax thereon is 3060.