Tax calculation

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ssaavi

manager-ops

24 Points Posted on 25 October 2013

Hello,

I will be joining a new organisation soon. Can someone help me with tax calculation on proposed salary. Also want to know how much effectively will i get in hand. Please help.

Regards,

Ssaavi

Replies (3)

Mihir

Wealth Manager

5293 Points Posted on 26 October 2013

Insufficient Information.

Tax slabs

upto 200,000/- income there is no tax

between 200,001 to 500,000/- income, there is 10% tax

between 500,001 to 10,00,000/- income, there is 20% tax

above 10,00,000/- income, there is 30% tax

In addition to above, 3% cess is to be added in the tax.

CA Pallav Singhania

IT System Auditor

33683 Points Posted on 26 October 2013

Income from Salary....

Total Salary/Pension as per Form 16 ( Excl. all exempt / non-exempt allow., perquisites & profit in lieu of salary )	xxxx
Allowances Exempt under Section 10 ( Not to be added to Total Income from Salary chargeable to Income Tax )	xxxx
Add : Allowances not exempt
Add : Value of Perquisites and / or Fringe Benefits	xxxx
Add : Profits in lieu of Salary	xxxx
Gross Taxable Income	xxxx
Less: Deduction U/S 80 {ANY}	xxxx
Income from Salary	xxxx

Tax Slabs for ay 14-15 for Resident (below 60 years) (FY 2013-14)
1	Up to Rs 2,00,000	No tax / exempt
2	2,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%