Computation of income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2012
EXPLAIN ME INCOME TAX COMPUTATION SLABWISE ? IF NET TAXABLE INCOME IS RS 640240 FOR A.Y. 2013-14 FOR NORMAL RESIDENT MALE.
IF THERE IS ANY OTHER SHORT CUT TO CALCULATE INCOME TAX LIABILITY PLEASE ALSO EXPLAIN IT.
IF THERE IS ANY OTHER SHORT CUT TO CALCULATE INCOME TAX LIABILITY PLEASE ALSO EXPLAIN IT.
CA PARAS BAFNA
(Expert)
24 June 2012
For the AY 2013-14 Slab rates are as under
1.Upto 2.00 Lac : Nil
2. Above 2.00 lac and upto 5.00 lac : 10% of the amount exceeding Rs 2.00 lac .
So tax on 5.00 lac is calculated by deducting Basic slab. The Balance will be 3.00 lac on which 10% comes out to be Rs 30000.
3. Above 2.00 lac and upto 10.00 lac : 20%
of the amount exceeding Rs 5.00 lac .
.
Here You have to Calculate tax @ 20% on 140240 which is Rs 28048.
.
Total Tax Payable =30000+28048= 58048.
.
On 58048 you have to compute 3% as Education Cess (1741/) and as such you have to pay 59790/- as tax.
1.Upto 2.00 Lac : Nil
2. Above 2.00 lac and upto 5.00 lac : 10% of the amount exceeding Rs 2.00 lac .
So tax on 5.00 lac is calculated by deducting Basic slab. The Balance will be 3.00 lac on which 10% comes out to be Rs 30000.
3. Above 2.00 lac and upto 10.00 lac : 20%
of the amount exceeding Rs 5.00 lac .
.
Here You have to Calculate tax @ 20% on 140240 which is Rs 28048.
.
Total Tax Payable =30000+28048= 58048.
.
On 58048 you have to compute 3% as Education Cess (1741/) and as such you have to pay 59790/- as tax.
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