tax
This query is : Resolved
22 March 2017
my father income is 700000.his Age 69,i have invest 150000 in 80c. benefit of 10tta is 10000.no other benefit. so calculate my father Tex in year 2016-17
CA Shubhanshu Jain
(Expert)
22 March 2017
Net Taxable income is Rs. 540000 (700000-150000-10000)
Tax on Rs. 540000 - Rs. 28840
On first 3 Lakhs - Exempt
on Next 2 Lakhs - 20000 (10%)
on balance 40000 - 8000 (20%)
3% education cess on 28000 (20000+8000)
Tax on Rs. 540000 - Rs. 28840
On first 3 Lakhs - Exempt
on Next 2 Lakhs - 20000 (10%)
on balance 40000 - 8000 (20%)
3% education cess on 28000 (20000+8000)
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