Income tax

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Roopkamal Arora (Querist)
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24 July 2013 Dear Sir Can you please guide me that if the income of a person lies under 5,00,000 to 10,00,000 say income is 670000 after all deductions.we will calculate it by using formula 6,70,000-5,00,000*20/100+30,000=64000.But wt is 30,000 in this formula it is my confusion.

Aashish Tiwari

Aashish Tiwari (Expert)
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24 July 2013 30,000 is the amt which is in the income slab between 2 lakh to 5 lakh. 3 lakh @ 10 percent..
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Roopkamal Arora

Roopkamal Arora (Querist)
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24 July 2013 Thank you Sir and in case of income exceeds 10,00,000 then 1,30,000 @20 percent on 5,00,000+30,000.Am I right sir?

Aashish Tiwari

Aashish Tiwari (Expert)
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24 July 2013 Yes, you are correct.. Above 10 lakh income, it falls @ 30 percentage slab.

Roopkamal Arora

Roopkamal Arora (Querist)
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24 July 2013 Thank you for tour help Sir.

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