Hi
Good Afternoon to one & all .....I have a doubt which i think can b solved by any one.....
The thing is that i am Currently earning a salary of 1,20,000 PA...& am having house rent of 10,000 PM. & rent Expence of 3700 PM & an Agg.Income of 50,000 PA......
Now my Question is 1) Am i Taxable under Income TAx Act
2) How much will be the Income Tax which i will be Paying to the IT Department.
3) What will hapen if i dont pay the IT now.
Please Reply me soon.
you have not mentioned about your age, I am assuming that you are not a sr. citizen.
Your Total InCome: 120000+(120000*.70)+50000-24000=230000
If you can avail deduction under chapter VI-A for Rs. 80000. then you will not be liable for Tax Payment.
Else you will be liable to pay tax around 8000 in the financial year end.
i am currently paying 14,000 PA for a policy which i have taken a Year back.
CAclubindia
