Dear Experts, A individual taxable income is Rs. 1312840. IT online calculator calculated tax of Rs. 206352. Please clarify me that how tax was calculated according to income tax slab?
Thank you.
Menu
Income tax calculation
Replies (6)
What is age of individual and legal status?
13,12,840/- is net total income or gross?
Dear Mam, Age is 54 and income is taxable income after deducting all exemptions.
Tax will be Rs. 2,06,352 + 6191 cess @ 3%.
Mam that's okay but i want to know how the value of 206352 came
1312840 - 250000(basic exemption) = 1062840
on first 250000 of 1062840 tax @ 5% = 12500
On next 500000 @ 20%= 100000
on rest 312840 @ 30% = 93852
Therefore 12500+100000+93850=206352/-
Got it mam, Thank you very much for brief explanation. 😊😊😊
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
