income tax on my salary

This query is : Resolved

MANGESH SHANTARAM MOHITE (Querist)
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02 June 2011 Dear Sir,

my monthly salary is Rs. 17050/- what will be the tax liability on my salary.

i am making payment of lIC premium of Rs.1021/- p.m..

plz tell me what will be the tax liability on my salary income

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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02 June 2011 Which asst year you are talking about.It will be calculated as follows:

Salary 17050 x 12 = 204600
Less: LIC 12252

Total Income = 192348

Exemption limit for AY 11-12 is 160000 and for AY 12-13 is 180000. Rest will be taxed @ 10.3%

MANGESH SHANTARAM MOHITE

MANGESH SHANTARAM MOHITE (Querist)
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03 June 2011 Dear sir,

Thanks a lot for replying, tell me how much investment i have to do to avoid tax liability of Rs. 1235/- [ 192348-180000=12348

Therefore 12348 x 10.3% tax = 1271/-

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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03 June 2011 You have to make minimum eligible investment of Rs 12348/- to avoid income tax.

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