Income tax


Mukesh Kumar (Accounts Manager)     24 September 2013

Mukesh Kumar
Accounts Manager 
 53 likes  1461 points

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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

                    

avater

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

CA LOVELY ARORA
C.A. B.Com (H) Graduate 
 189 likes  2141 points

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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

HARISH BANSAL
student 
 11 likes  229 points

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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/-.

ii. Surcharge: Nil

iii. Education Cess: 3% of the Income Tax.

 

means u have to pay Tax i.e. Rs.2,99,870.

And even u have to pay tax also , if u have not deposited the tax within stipulated time period.

Regards,

Harish Bansal


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