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.
What is age of individual and legal status?
13,12,840/- is net total income or gross?
Tax will be Rs. 2,06,352 + 6191 cess @ 3%.
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/-
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