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
- Tax on Deemed Capital Gain
- TDS on property - Form 141 query
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- IT returns for fresh job holders
- Traces submitting correction statement error
- Gst on travel by air for business purposes
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
