Calculation of income tax.

This query is : Resolved

Dhwani Bohra (Querist)
Follow

17 December 2014 How to calculate income tax payable by an individual (aged 30 years) for AY 2014-15 if his total income is Rs.1,01,70,000.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

18 December 2014 Income Tax - 28,81,000
Surcharge - 1,19,000
EC - 60,000
SHEC - 30,000
Total - 30,90,000

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

18 December 2014 yes agreed with siddharth's cal

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

18 December 2014 AY 2014-15 i.e. Assessment Year 2014-15, the tax payable would be
Rs.30,84,850
You need to add interest 234/A accordingly.

The slabs are 2 to 5 lac 10%
5 to 10 lac 20 %
above 10 lac 30%
Surcharge and Education cess as applicable.

Rupesh Jain

Rupesh Jain (Expert)
Follow

18 December 2014 according to sld you can calculate the tax

upto rs. 200000 nIL
2 lacs to 5 lacs @ 10%
5 lacs to 10 lacs 20%
above 10 lacs @ 30
and surcharge and 3% cess applicable