Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Calculation of tax in a.y. 15-16

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

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

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now