NET TAX LIABILITY

This query is : Resolved

TARIQUE RIZVI (Querist)
Follow

13 November 2019 For the year ending March 20 ( Fy : 19-2 ) I am one of the directors for a pvt ltd company. I am drawing Rs 50,000 per month on account of remuneration/salary from the company. As at 31st March 2020 what will be the nett tax liability. Please let me know the format of working for calculating income tax liability as at coming 31-03-2020.

RAJA P M

RAJA P M (Expert)
Follow

13 November 2019 Director Salary or Remuneration...?

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
Follow

14 November 2019 Dear Raja Sahab
Rgds

Basically what is the difference between remuneration and salary ?

CA Sumiit B Nagpal

CA Sumiit B Nagpal (Expert)
Follow

16 November 2019 Assuming that you have no saving & no other income , then after giving benefit of 40000 standard deduction , your total income would be 560000 and you will end up paying taxes as under
Till 2.5 lacs - Nil
For 2.5 - 5 lacs - 5% I.e. 12500
For 5-5.60 lacs -20% I.e. 12000
24500 apart from cess. 4% cess would be levied on 24500
If you have some savings and other income position would be different
I would advise you to have some savings and bring your total income to are 5 lacs or less and you don’t have to pay any tax then as per the new finance act 2019. Hope this help!!

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now