Income tax 2013-2014

Tax queries 701 views 3 replies
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Asst Mgr-Taxation
6918 Points Joined April 2009

Dear All

 

 I need one help urgently

for fy 2013-2014
income slab 200001-500000 it is 10% tax
but rebate of rs2000 is given
i want to know whether the rebate is after tax +cess
or tax less reabte on that cess 3% to be applied
 
fOR EXAMPLE TAX is 10000 and cess 3% is 300 should rebate of Rs2000 is to be applied after 10300 ie10300-2000=8300
OR
is it 10000-2000=8000 and cess to be applied on 8000 ie rs240  so tax liablity is 8240
Which one is correct
 
Kindly reply thanks in advance
 
S.Sivaram
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On 29 June 2013 at 10:22 Report
Replies (3)
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Software Engineer
46 Points Joined December 2011

Hi Sivaram,

                          Education Cess is paid on the tax you have to pay. So, with respect to the example you gave, its the 2nd option i.e. tax of 8240

 

Regards,

Zim

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On 29 June 2013 at 17:40
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Chartered Accountant
1318 Points Joined January 2012

Shivam ur 2nd option is correct

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On 29 June 2013 at 19:53
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live the life otherwise life leaves u...
1539 Points Joined July 2008
Originally posted by : sivaram

is it 10000-2000=8000 and cess to be applied on 8000 ie rs240  so tax liablity is 8240

 

this is correct dear

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On 29 June 2013 at 21:27


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