Calculation of tax in a.y. 15-16
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 December 2014
Dear Senior's
Please suggest me why i can calculation of income tax for the A.Y. 2015-16 for Individual.
Thanks
Shubham Pandey
Please suggest me why i can calculation of income tax for the A.Y. 2015-16 for Individual.
Thanks
Shubham Pandey
23 December 2014
An Individual Can Earn Income from all the 5 Sources i.e Income From Salary
Income from House Property
Business Income
Capital Gain and Other Sources
After clubbing all Incomes you wld find Gross Total Income. the calculation is as follow
GTI (A) XXXXXX
Less: Deductions under (XXXXX)
chapter VIA i.e
Section 80C to 80U (B)
Net Total Income XXXXX
UPTO 250000/- NIL
UP TO 500000/- 10%
UPTO 1000000/- 20%
ABOVE 1000000/- 30%
However you must knowledge of computing income under each head.
Income from House Property
Business Income
Capital Gain and Other Sources
After clubbing all Incomes you wld find Gross Total Income. the calculation is as follow
GTI (A) XXXXXX
Less: Deductions under (XXXXX)
chapter VIA i.e
Section 80C to 80U (B)
Net Total Income XXXXX
UPTO 250000/- NIL
UP TO 500000/- 10%
UPTO 1000000/- 20%
ABOVE 1000000/- 30%
However you must knowledge of computing income under each head.
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