Income tax on TDS Salary for the FY year 2011-12

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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)

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)

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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