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 Threads
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
- Can I claim benefit under 54F if I sell my equity
- Income tax refund 25/26
Related Threads
CAclubindia
