Tried filing e-return for FY2019-20. Tax payable is getting auto calcutated on Total Taxable income in ITR1.First slab of NIL tax is not being taken into a/c.Rs.2.50L is not getting deducted frm taxable income. Can anyone help on this pls..
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Tax calculation in ITR1
Replies (13)
Are you filing form ITR 1 online or through utility download from income tax website??
Filing online in the efiling portal..
Is there showing any tax liability?
What is your total income?
What is your total income?
Taxable income is 558650/- Tax payable being shown is 24,300/-. No other tax liability is neither there nor being shown.
Tax is Nil up to 2,50,000/-
2,50,000/- to 5,00,000 is 5%
5,00,000 to 10,00,000 is 20 %
than calculation is right.
Tax liability is 12,500+11,800=24,300
2,50,000/- to 5,00,000 is 5%
5,00,000 to 10,00,000 is 20 %
than calculation is right.
Tax liability is 12,500+11,800=24,300
Still not clear...pls help
1. 250000 - NIL
2. 558650- 250000 = 308650 *5% = 15432/-
Is this not the calculation???
It's correct, if your income is 5,58,650 than your liability is 24,230 as per computation after allowing 2,50,000 as nil
as is mentioned above
There is no mistake in computation. First slab nil is already taken into account, after that your liability is 24,230/-
as is mentioned above
There is no mistake in computation. First slab nil is already taken into account, after that your liability is 24,230/-
Pls give calculation for 24,230/-
558650- 250000 = 308650 *5% = 15432/- Is this not the calculation???
Calculation:
(5,00,000-2,50,000)=2,50,000*5 %, =12,500
(5,58,650-5,00,000)=58,650*20%,=11,730/-
So, total 12,500+11,730=24,230
Up to 5,00,000 tax rate 5%
income above 5,00,000 (I e 58650 in your case tax) @ 20%
So, Tax is Nil up to 2,50,000/-
2,50,000/- to 5,00,000 means second 2,500,000 is 5%
5,00,000 to 10,00,000 after 5,00,000 is 20 %
(5,00,000-2,50,000)=2,50,000*5 %, =12,500
(5,58,650-5,00,000)=58,650*20%,=11,730/-
So, total 12,500+11,730=24,230
Up to 5,00,000 tax rate 5%
income above 5,00,000 (I e 58650 in your case tax) @ 20%
So, Tax is Nil up to 2,50,000/-
2,50,000/- to 5,00,000 means second 2,500,000 is 5%
5,00,000 to 10,00,000 after 5,00,000 is 20 %
Thank you so much for clarifying...
Most welcome,
One more things ...
if your income less than 5,00,000 than there is no tax payable....i.e Zero tax
because if income up to 5,00,000 than you will get rebate under section 87A of Rs.12,500 or tax, whichever is lesser. from your liability (which is 12,500 if income is up to 5,00,000) and finally tax payable will be Zero.
One more things ...
if your income less than 5,00,000 than there is no tax payable....i.e Zero tax
because if income up to 5,00,000 than you will get rebate under section 87A of Rs.12,500 or tax, whichever is lesser. from your liability (which is 12,500 if income is up to 5,00,000) and finally tax payable will be Zero.
Understood & noted. Thank you
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