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income tax
my total gross salary appro.756000 and PF deduction 57960 and saving in lic 75000 and mutual fund 60000 and child school tution fee 20000 . kindly calculate the income tax
Replies (3)
756000-150000=606000 since maximum deduction u/s 80C is 150000 and your investments are 212960.
therefore if your age is below 60yrs then Tax will be 606000-25000 = ((356000-250000*20%)+12500) = 33700 + 3% = 34711.
Dear Ruchika,
Your Answer is correct , but why you dedcut Rs.25000 from 606000, little confuse.
Sorry thats 606000-250000 thats basic exemption saravana.
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