Income tax

Follow 2 Replies

Start a discussion Unanswered

Mukesh Kumar (Accounts Manager) 24 September 2013

Dear All,

Please tell me , how much Tax payable on my net taxable amount Rs. 1537134.71 (also show formula of tax calculation . thank in advance

CCI Online Learning

CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more

CA LOVELY ARORA (C.A. B.Com (H) Graduate) 24 September 2013

Dear Sir,

For A.Y. 13-14,
total tax liabilty would be 299875.00 (round off to 299880) i.e. including EC & SHEC. It is 30% above Rs. 1000000, 20% from 5lakh to 10lakh and 10% for 2lakh to 5lakh.

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com

HARISH BANSAL (student) 24 September 2013

I. Individual resident below 60 years of age (i.e. born on or after 1st April 1953) or any NRI / HUF / AOP / BOI / AJP *

i. Income-tax:

	Income Slabs	Income Tax Rate
i.	Where the total income does not exceed Rs. 2,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,00,000/-
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.	Where the total income exceeds Rs. 10,00,000/-.	Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.