Tax calculation
This query is : Resolved
20 August 2014
dear sir please suggest.
male(age 40 years)
if total income after 80c deductions =272398
what will be the tax payable amount after rebate u/s 87a
male(age 40 years)
if total income after 80c deductions =272398
what will be the tax payable amount after rebate u/s 87a
20 August 2014
Dear Vivek,
Tax payable Rs.5400 (assuming it is for AY 2014-15)
As under,
Total income 272398
Rounded off u/s. 288A 272400
Tax on Rs.2,00,000 = 0
Tax on Rs.72,400 = 7240
Total tax = 7240
Less: Rebate u/s. 87A = 2000
Tax = 5240
Add: edu. cess 3% = 157
Total tax payable = 5397
Rounded off u/s. 288B = 5400
Tax payable Rs.5400 (assuming it is for AY 2014-15)
As under,
Total income 272398
Rounded off u/s. 288A 272400
Tax on Rs.2,00,000 = 0
Tax on Rs.72,400 = 7240
Total tax = 7240
Less: Rebate u/s. 87A = 2000
Tax = 5240
Add: edu. cess 3% = 157
Total tax payable = 5397
Rounded off u/s. 288B = 5400
22 August 2014
Mr Devanand given right and detailed ans.
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