Tax calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2012 My total income in a. y is 2012-13 is 300000 so wat will be the tax i have to pay and if i want to save complete tax how much amount i have to invest please help me....

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 October 2012 Being an "Anonymous Person" it is difficult to decide whether you are a male or female?
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The taxation slabs for an individual assessee in A.Y. 2012-13 (Previous Year ended on March 31, 2012) are not gender-neutral.
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The Basic limit is Rs. 180000 for male and Rs. 190000 for female. So tax liability comes to Rs. 12000/ for male and Rs.11000/- for female. In this you have to add 3% of tax amount in the name of education cess and interest U/s 234A, 234B
and 234C.
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The time for investment has gone as you have to make the same prior to the end of the previous year, i.e on or before 31.03.2012.
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For the current year however, you can save tax for the AY 2013-14 by investing in LIC premium, NSC, PPF (Upto Rs. 1.00 lac), and Medi-claim Premium upto Rs. 15000/- .
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