Dear experts,
I use to work for a small company in 2008 where I declared investments in mutul funds and insurance for Rs 120,000. TDS was not deducated as a result of that. My CTC in 2008 was Rs 300,000 and taxable income for that AY was above 1.20 lakhs.
Kindly help me compute taxable income
I am assuming that your income pertains to Assessment year 2009-10 and your total salary is Rs. 300000 out of which you have made investment of Rs. 120000.
In Assessment Year 2009-10 the slab rate were as follows for resident individual man who was not a senior citizen
First Rs. 150000 Nil
Next Rs. 150000 10%
Next Rs. 200000 20%
Above Rs. 500000 30%
In your case
Gross income Rs. 300000
Less: Deduction u/s 80C Rs. 100000
Taxable Income Rs. 200000
So tax should have been @ 10% on Rs. 50000 i.e. 5000 plus education @ 3% of tax which should have been Rs. 150.
Total tax amount should have been Rs. 5150
Regards,
for any further query you may contact further
Thank you CA Mishra. My company did not deduct any tax in my salary slip. Can I pay this tax now Also is income in 2008 taxable at slab rates of 2008 or 2009. According to tax slabs income upto 1.20 was exempted in 2008.
CAclubindia
