Tax amt and formula of tax
This query is : Resolved
vinay shah
(Querist)
18 October 2013
if my annual income 6 lac after deduction of 80c and 2lac .than how to calculate tax .and what criteria of cal of tax...and what amt paid to tax department
CA Pallav Singhania
(Expert)
18 October 2013
Up to - 2lacs NIL
200001 - 500000 - 10percent
500001 - 1000000 - 20percent
1000001 and above 30 percent..
In your Case after exemption of 2lacs
Tax up to Rs. 2,00,000 Nil
Tax on Rs.2,00,000 to Rs.5,00,000 @ 10% =30,000
Tax on Rs. 5,00,000 to Rs. 10,00,000 @ 20%
=60000
Total 90,000
Add:Educational Cess - 3% of Total Tax
2,700
Net Tax Payable 92,700
200001 - 500000 - 10percent
500001 - 1000000 - 20percent
1000001 and above 30 percent..
In your Case after exemption of 2lacs
Tax up to Rs. 2,00,000 Nil
Tax on Rs.2,00,000 to Rs.5,00,000 @ 10% =30,000
Tax on Rs. 5,00,000 to Rs. 10,00,000 @ 20%
=60000
Total 90,000
Add:Educational Cess - 3% of Total Tax
2,700
Net Tax Payable 92,700
18 October 2013
Correctly cal by aryan.
Message likes :
1 times
18 October 2013
Hi
Rfere: https://www.caclubindia.com/articles/what-is-salary-how-to-calculate-tds-on-salary-16151.asp
To understand how Tax to be calculated on Salaries.
Thanks//VaibhavJ
Rfere: https://www.caclubindia.com/articles/what-is-salary-how-to-calculate-tds-on-salary-16151.asp
To understand how Tax to be calculated on Salaries.
Thanks//VaibhavJ
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