Please compute tax liability...

Originally posted by : Shubham kumar
	Mr. Subramaniam, aged 72 years, informs that his taxable income for the A.Y. 2013-14 is Rs. 8,92,700. compute the tax payable. .. .. . answer is Rs.1,06,650, after sounding off. PLEASE EXPLAIN..

For the AY 201-14

Upto 250000 -500000 @ 10%

          500000-1000000 @ 20%

So, 

Tax on first 250000 @ 10%=25000

on balance 392700 @ 20%=78540

                                       total   =103540

Education cess & Shec @ 3%=3106

Total tax payable                      =1,06,646

Rounded Off to                            1,06,650 

yes agreed with binodpantji..

Age is 72 years, he is a senior citizen

Slabs and tax rates for the financial year 2012-13 are,

upto 250000   -   0

       250000 - 500000   -   10%

       500000 - 1000000  -   20%

      Above 1000000       -   30%

Answer

Upto 250000                       -    0

 (500000-250000)*10%    -    25000

  (892700-500000)*20%    -    78540

total                                          103540

Cess @ 3%                                 3106

Total (Rounding off)              106650

What r u studying

Originally posted by : V Vara Prasad
	Age is 72 years, he is a senior citizen Slabs and tax rates for the financial year 2012-13 are, upto 250000   -   0        250000 - 500000   -   10%        500000 - 1000000  -   20%       Above 1000000       -   30% Answer Upto 250000                       -    0  (500000-250000)*10%    -    25000   (892700-500000)*20%    -    78540 total                                          103540 Cess @ 3%                                 3106 Total (Rounding off)              106650 What r u studying

I am a qualified chartered accountant and u have copied my answer dude

I am asking Mr.shubham kumar and not you Mr.binodpant