Tax on salary
Regards
Amit Nandy
Tax liability for first Rs. 200000 Nil
Tax liability for(500000-200000)@10% 30000
Tax liability for(1000000-500000)@20% 100000
Tax liab for(10200000-1000000)@30% 2760000
Total 2890000
Surcharge@10% 289000
Total including surcharge 3179000
cess@3% 95370
Total tax liab after giving credit of Rs. 2000 3272370
Salary is only Rs 8.5 lakhs. how come salary reach Rs 32.72 lakhs?
Your Income is 8.5 lakhs. ( I am assuming that this income is after 80C)
Your tax liability 1.03 lakhs.
plus the exact tax liability shall be (after providing for marginal relief) 3120900....
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