Income-tax
This query is : Resolved
SANJAY KUMAR SINGH
(Querist)
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
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