Income tax on TDS Salary for the FY year 2011-12
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 March 2011
Income slab Exiting Tax Rate Proposed Tax Rates
Upto Rs. 1,60,000 to Ni Rs. 1,60,000 to Rs. 1,80,000 nil Rs. 180,000 to Rs. 5,00,000 10% Rs. 5,00,000 to Rs. 8,00,000 20% Rs. 8,00,000 and above30%
If an employee gets a salary of Rs. 25,000, how much will he pay. Likewise, if a person gets Rs. 50,000, how much? and for Rs. 1 lakh salary how much.
In the higher bracket, will he pay 30% for entire amount earned or 10% till Rs. 1,80,000, then 20% till 5 lakhs and for balance 30%. I am very sure how it is calculated. Let me know.
Thanks in Advance
RAVI
Accountant
M 9945452895
ravipsurya@gmail.com
Upto Rs. 1,60,000 to Ni Rs. 1,60,000 to Rs. 1,80,000 nil Rs. 180,000 to Rs. 5,00,000 10% Rs. 5,00,000 to Rs. 8,00,000 20% Rs. 8,00,000 and above30%
If an employee gets a salary of Rs. 25,000, how much will he pay. Likewise, if a person gets Rs. 50,000, how much? and for Rs. 1 lakh salary how much.
In the higher bracket, will he pay 30% for entire amount earned or 10% till Rs. 1,80,000, then 20% till 5 lakhs and for balance 30%. I am very sure how it is calculated. Let me know.
Thanks in Advance
RAVI
Accountant
M 9945452895
ravipsurya@gmail.com
23 March 2011
Tax will always be calculated for individuals as first Rs.1,80,000, Nil, then, from Rs.1,80,000 to Rs.5,00,000 (i.e. on next Rs. 3,20,000) 10%, and so on..
26 March 2011
Hi,
Upto Rs. 1,80,000 - Nil
1,80,001 to Rs. 5,00,000 - 10%
Rs. 5,00,001 to RS. 8,00,000 - 20%
RS. 8,00,000 & above - 30%
Add Edu.Cess @ 2% & Secondary & Higher Edu. Cess @ 1% on the Tax arrived at as above
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Upto Rs. 1,80,000 - Nil
1,80,001 to Rs. 5,00,000 - 10%
Rs. 5,00,001 to RS. 8,00,000 - 20%
RS. 8,00,000 & above - 30%
Add Edu.Cess @ 2% & Secondary & Higher Edu. Cess @ 1% on the Tax arrived at as above
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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