Income-tax
This query is : Resolved
16 December 2011
My Gross Salary income is Rs. 490509/- for the assessment year 2011-12 and total saving is Rs. 100000/-.
Please tell me how many tax to be paid during the year.
Please tell me how many tax to be paid during the year.
16 December 2011
Assuming that this gross salary is after deducting exemptions from salary, Your total tax liability for the year comes to Rs. 21,682/-.
Deduct the TDS, if any, and the balance amount is tax payable.
Deduct the TDS, if any, and the balance amount is tax payable.
Guest
Guest
(Expert)
16 December 2011
INCOME TAX @ 10% Rs. 21051.00
CESS @ 3% Rs. 631.00
Total tax liability Rs. 21682/-
* Assuming you are not senior citizen.
CESS @ 3% Rs. 631.00
Total tax liability Rs. 21682/-
* Assuming you are not senior citizen.
17 December 2011
Dear experts Please Check the assessment year
it is for AY 2011-12. so you are Wrong.
Gross Income Rs. 490509/-
(Assuming it is after deduction of exemption)
Less: Savings Rs. 100000/-
(Assuming total saving is Under Chapter VI)
If you are not getting HRA and paying Rent you can claim deduction Rs. 24000/- (Maximum) U/S 80GG ( Here i am not taking it)
Net Income Rs. 390509
Income Tax Rs. 23051/-
Ed Cess Rs. 461/-
Sch Ed Cess Rs. 231/-
Total Rs. 23742/-
(Assuming your are male and not a senior citizen)
@ Neha i want your approval on this calculation. ( Non taxable limit for AY 2011-12 is Rs. 160000/-)
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
it is for AY 2011-12. so you are Wrong.
Gross Income Rs. 490509/-
(Assuming it is after deduction of exemption)
Less: Savings Rs. 100000/-
(Assuming total saving is Under Chapter VI)
If you are not getting HRA and paying Rent you can claim deduction Rs. 24000/- (Maximum) U/S 80GG ( Here i am not taking it)
Net Income Rs. 390509
Income Tax Rs. 23051/-
Ed Cess Rs. 461/-
Sch Ed Cess Rs. 231/-
Total Rs. 23742/-
(Assuming your are male and not a senior citizen)
@ Neha i want your approval on this calculation. ( Non taxable limit for AY 2011-12 is Rs. 160000/-)
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
Message likes :
1 times
17 December 2011
Dear experts Please Check the assessment year
it is for AY 2011-12. so you are Wrong.
Gross Income Rs. 490509/-
(Assuming it is after deduction of exemption)
Less: Savings Rs. 100000/-
(Assuming total saving is Under Chapter VI)
If you are not getting HRA and paying Rent you can claim deduction Rs. 24000/- (Maximum) U/S 80GG ( Here i am not taking it)
Net Income Rs. 390509
Income Tax Rs. 23051/-
Ed Cess Rs. 461/-
Sch Ed Cess Rs. 231/-
Total Rs. 23742/-
(Assuming your are male and not a senior citizen)
@ Neha i want your approval on this calculation. ( Non taxable limit for AY 2011-12 is Rs. 160000/-)
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
it is for AY 2011-12. so you are Wrong.
Gross Income Rs. 490509/-
(Assuming it is after deduction of exemption)
Less: Savings Rs. 100000/-
(Assuming total saving is Under Chapter VI)
If you are not getting HRA and paying Rent you can claim deduction Rs. 24000/- (Maximum) U/S 80GG ( Here i am not taking it)
Net Income Rs. 390509
Income Tax Rs. 23051/-
Ed Cess Rs. 461/-
Sch Ed Cess Rs. 231/-
Total Rs. 23742/-
(Assuming your are male and not a senior citizen)
@ Neha i want your approval on this calculation. ( Non taxable limit for AY 2011-12 is Rs. 160000/-)
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
Message likes :
1 times
Guest
Guest
(Expert)
17 December 2011
Abhishek,
You are absolutely correct. Thnks so much for correcting me. Keep up the good work.
Thanks and Kind Regards,
Neha Jain
You are absolutely correct. Thnks so much for correcting me. Keep up the good work.
Thanks and Kind Regards,
Neha Jain
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- GST rate and HSN code for sale of racing horses
- Eway bill generation from place other than registeted
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- TDS Return Q1 FY 2026-27
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
