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.
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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. 😊😊😊
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