21 May 2015
I need help from experts, I am a doctor, how can I calculate tax rates? everymonth my monthly payment from hospital as professional charges (around 1 lakh per month) 10%tds also there, so how wil be the tax calculion??
22 May 2015
Tax rate applicable applicable to you will be same as applicable to individuals, as follows (for AY 15-16 and Assuming age below 60 years);
Up to Rs. 2.5 Lakh-Exempt Rs. 2.5 Lakh-Rs. 5 lakh-10% Rs. 5 lakh-10lakh-20% and Above Rs. 10 lakh-30%.
However, you may claim your expenses and other deductions also.
For further queries, please contact; cabrijesh@yahoo.co.in
Total income 1,00,000 x 12 = 12,00,000 Deduction for LIC and others = 1,00,000 Total income = 11,00,000 Total tax Liabity = 1,59,650 Less : TDS = 10,000 x 12 = 1,20,000 Net liability = 39,650
If advance tax not paid than you need to pay interest U/s. 234 B & C of income tax act.
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