Hi All,
Pls advise if annual gross income is 9,00,000 and Saving U/s 80C is 100000.
So what will be tax amount.
Rgds..RT
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Calculation
Replies (15)
If the assessee is a resident indian and not a senior citizen, then tax is 92,700/- for AY 2014-15.
Correctly calculated by Mr. Mihir. In your case toatl income is Rs. 8,00,000. Slab rate will be as follows:-
Upto 200,000 Nil
200001-500000 10%
500000-800000 20%
Plus 2% ed. cess and 1% SHEC
Agree with both...
agree with both
The above calculation is correct. But may be tax should reduce if he made more investment u/s 80D and other section.
If it is salary income then HRA, transport etc. exemptions also reduce the tax amount
Hii raja...
U invested in 80C of rs 1,00,000 then allowed as deduction of rs 1,00,000 ...your taxable income is 8,00,000 then your tax liability as follow
( 5,00,000 ~ 2,00,000 ) =3,00,000 tax @ 10%
Remaining amount 3,00,000 tax @ 20% then 30,000 +60,000= 90,000 add 3% of tax amount is education cess....your total liability is ..92,700
I agree with gopal manwani ji & priyul shah
Dear Sir,
I Have LIC for Rs. 165000/- can i take benifit under section 80 c of Rs. 150000/-
Please guide
No, for A.Y. 2014-15 maximum deduction allowed u/s 80C is Rs. 1,00,000/- only.
HOwever, for A.Y. 2015-16 you may claim deduction u/s 80C upto Rs. 1,50,000/-
Agree With Akanksha
Maximum deduction under 80C is Rs 1,00,000. However from AY14-15 the amount is Rs1,50,000
From AY15-16 n not from AY14-15..
Hiii yatendra.....u take only benefit for 1,00,000 under 80c...... 150000 limit is allowed from next year
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