TAX CALCULATION
This query is : Resolved
gaurang ganatra
(Querist)
15 June 2011
WHAT WILL BE THE TAX LIABILITY IN CASE OF MALE INDIVIDUAL FOR AY2011-12 WHO IS BELOW 65 YEARS OF AGE HAVING FOLLOWING INCOME :
LONG TERM CAP GAIN RS.250000/-
BANK INTEREST RS.2000/-
AGRICULTURE INCOME RS.200000/-
LONG TERM CAP GAIN RS.250000/-
BANK INTEREST RS.2000/-
AGRICULTURE INCOME RS.200000/-
CA PARAS BAFNA
(Expert)
19 June 2011
1. Total Income 250000+2000=252000
2. Total Income for Rate Purpose 252000+200000
=452000
3. Tax on Total Income for Rate Purpose
---------------------------------------
On LTCG of 250000/- @ 20% .......50000
On Balance 202000/ @Normal........4200
Total tax on TI for RP = 54200/
4.Tax on Agriculture Income
----------------------------
160000+200000=360000 @ Normal....20000
5. Net Tax on Total Income (3-4)=34200
6. Add: 3% Educational Cess .
2. Total Income for Rate Purpose 252000+200000
=452000
3. Tax on Total Income for Rate Purpose
---------------------------------------
On LTCG of 250000/- @ 20% .......50000
On Balance 202000/ @Normal........4200
Total tax on TI for RP = 54200/
4.Tax on Agriculture Income
----------------------------
160000+200000=360000 @ Normal....20000
5. Net Tax on Total Income (3-4)=34200
6. Add: 3% Educational Cess .
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