Tax liabilty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2013
please let me know tax liability. plz elaborate the process of tax calculations
details are as follow:
Gross salary=525000
other income= 52500
exempt u/s 10
Non taxable Income=23000/-
HRA rebate=60000/-
deduction VI 80c=74308/-
other DGHS=3900/-
Tds=16200
details are as follow:
Gross salary=525000
other income= 52500
exempt u/s 10
Non taxable Income=23000/-
HRA rebate=60000/-
deduction VI 80c=74308/-
other DGHS=3900/-
Tds=16200
08 August 2013
Net Salary = 465000
Other taxable income = 29500
GTI = 494500
Deduction = 74308+3990*50% = 76303
Taxable Income(rounded off) = 418200
Tax = (418200-250000)*10% = 16820
Cess @ 3% = 505
Total tax liability = 17325
Other taxable income = 29500
GTI = 494500
Deduction = 74308+3990*50% = 76303
Taxable Income(rounded off) = 418200
Tax = (418200-250000)*10% = 16820
Cess @ 3% = 505
Total tax liability = 17325
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