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

CA Namrata Dedhia

CA Namrata Dedhia (Expert)
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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..

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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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

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