Income tax
how to calculate tax on rs. 9,60,000?? resident.. 25 male..
detailed explanation please
Replies (6)
1) What are the tax credits [TDS + tCS +TI]
2) what are the investments made
3) Any Housing loan Interest or other income from rent etc.
4) Any donations to charitable trust.
5) savings bank int
Any way if taxable income after all deductions is 960000 then
for first slab upto 5 lakhs 10% of amt exceedig 2.5 lk --> 25000 (10% of 5lk -2.5lk)
For secon slab upt 10 lk 20% of amt exceeding 5 lk--> 0.2 x ( 960000- 500000)
3% cess on ( 92000 +25000) total tax to be paid --> 120510
and on 13,65,000??
Between 10,00,000-1,00,00,000
i.e. 1,25,000 + 30% of (13,65,000-10,00,000)
= 1,25,000 + 1,09,500
=2,34,500
+3% (education cess + secondary and higher education cess)
=2,41,535
Is this tax treatment correct?????
Yes it is correct
Ty ty @ rinkal @ Kiran. S Actually i saw in book... i don't know how it is calculated but the ans was 2,36,385 on 13,65,000 I think they took old slab
I presume you have been talking abt ay 2015-16
Yes I'm talking about ay 2015-16
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