Calculation

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...

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