Income from salary
Tabinda Ali (65 Points)
19 September 2018
If a person's annual income is 7,20,000. Then how much income tax is to be paid by him?
2 Replies
Ashfaque Ahmad Shabbir Ahmad
(2 Points)
Replied 19 September 2018
If a person's annual income is 5,20,000. Then how much income tax is to be paid by him?and how to calculate
akhil
(student)
(44 Points)
Replied 19 September 2018
The above person is Indian Citizen whose age is below 60 years.The Tax slab rates would be
Income up to 2.5 lacks - Nil
2.5 Lakhs to 5 lacks - 5%
5 lakhs to 10 lakhs - 20%
above 10 lakhs - 30%
For Assessment year 2018-19 education cess is 3%
I assume the person age is below 60 years and the tax payable for Rs.7,20,000 income would be Rs.58,195
And the same for Rs.5,20,000 income tax payable would be Rs.16,995.
Income up to 2.5 lacks - Nil
2.5 Lakhs to 5 lacks - 5%
5 lakhs to 10 lakhs - 20%
above 10 lakhs - 30%
For Assessment year 2018-19 education cess is 3%
I assume the person age is below 60 years and the tax payable for Rs.7,20,000 income would be Rs.58,195
And the same for Rs.5,20,000 income tax payable would be Rs.16,995.
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