COMPUTATION OF INCOME TAX

[PRABU MATHI]

AN PERSON HAVE TWO AMBASSIDOR CAR, ONE MAHENDRA VAN, TWO INDICA CAR THEN HE CONDUCTING BUSINESS AS A TRANSOPORT IN WHICH HE EARNED THE INCOME 500000 PER YEAR,THEN HE SALES THE TWO CAR IN WHICH HE EARNING INCOME FOR 300000 THEN HOW TO CALCULATE INCOME TAX AND DEDUCTION

AI Summary

Guidance Sought on Calculating Income Tax and Deductions for Transport Business and Car Sale Income An individual operates a transport business using two Ambassador cars, one Mahindra van, and two Indica cars, generating an annual income of 500,000. They sold two of the cars, earning an additional 300,000. The query seeks guidance on calculating income tax and applicable deductions for the total income, which includes both the business earnings and the income from the sale of the cars.