Tax Calcualtion

COMPUTATION OF INCOME TAX OF 'X' BEING 'RESIDENT INDIVIDUA'  FOR A.Y. 09-10.

INCOME U/H 'SALARY'                                      :         3,00,000

INCOME U/H 'CAP. GAINS'                               :       60,00,000 

INCOME FROM OTHER SOURCES;             

INTEREST INCOME                                          :           30,000            

GROSS TOTAL INCOME                                  :         63,30,000                             

LESS: DEDUCTIONS U/S 80C TO 80U.

U/S 80C         :    100000

U/S80G          :     11,500***       

                                1,11,500                  :                    1,11,500    

TOTAL INCOME                                     :                   62,18,500                                             

TAX ON TOTAL INCOME:

OTHER INCOMES :    2,18,500 :  1,50,000   =  NIL.

                                                               68,500   =                                 6,850

LTCG: 60,00,000 x 20%                 :                                                    12,00,000         

TAX ON TOTAL INCOME              :                                                     12,06,850       

ADD: SURCHARGE  (10%)         :                                                        1,20,685

                                                                                                              13,27,535   

ADD: EDU + SHEC                        :                                                      39,826    

TOTAL TAX PAYABLE.                  :                                                     1367361     

*** Deduction u/s 80G

Adjusted gross total income:

gross total income ; 63,30,000

less: cap gains       ;  (6000000)

less: 80C                 ;   (100000)   

Adjusted gross

total income            :    2,30,000     

deduction u/s 80G is upto 10% of Adj. gross total income.which is Rs.230000 i.e. 23,000

the qualifying limit is 50% therefore deduction is equal to Rs.11500/-