Celebrate Freedom with 10% OFF on CAclubindia Pro Membership. Subscribe Now!

Salary income

396 views

Save Share

Akash Aru

3 Points Posted on 20 September 2020

My brother salary income for this year will
Gross income 397030
deduction (PF and PT) 16000
Net income. 381030
So Will he need to pay tax on above 2.5lakh?
if yes, how he can save it?
if not, which tax system suitable for him if his income in next year will be more than 5 lakh nearly 7 lakh?

Replies (4)

Quick Summary

This discussion clarifies tax obligations for a salary income of £381,030. While this amount qualifies for a rebate under Section 87A, meaning no tax is payable for the current financial year, filing an income tax return is still required. It also touches upon future tax implications if income rises to £700,000 next year.

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 20 September 2020

If in F.Y 2019-20 your income is 3,81,030 than you will get rebate u/s 87A and after that rebate your tax liability will be NIL....
So, In General if your income below 5,00,000 than you are not required to pay any Income tax.