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Income-tax

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(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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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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.
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Abhishek Ranjan Singh

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Abhishek Ranjan Singh (Expert)
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
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Abhishek Ranjan Singh

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Abhishek Ranjan Singh (Expert)
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
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Guest

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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
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