compute tax liability of a resident woman of 41 years.
If Taxable income is 349000.
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tax liability
Replies (19)
349000-250000=99000
as per sec 87a if Total income does not exceed 350000 then deduction of 2500 or 100% of tax whichever is less
so tax on 99000 was:-
99000*5%=4950
LESS REBATE u/s 87A= 2500
balance 2450
plus 3% surcharge on 2450 = 74
Total Tax Liability was 2450+ 74 =2524
as per sec 87a if Total income does not exceed 350000 then deduction of 2500 or 100% of tax whichever is less
so tax on 99000 was:-
99000*5%=4950
LESS REBATE u/s 87A= 2500
balance 2450
plus 3% surcharge on 2450 = 74
Total Tax Liability was 2450+ 74 =2524
sunny garg
ans is 8137
ans is 8137
now rebate u/s 87A is 5000 or 100% of tax which is less.
if taxable income is upto 500000.
and tax on 99000 is not 5% it is 10%
if taxable income is upto 500000.
and tax on 99000 is not 5% it is 10%
how was ans 8137
tax liability for the assessment year 2017-18..
No as FA 2017 sec 87A was amended
Ok u not mention AY for which tax was calculated
I posted ans as per FA 2017
sunny garg
now compute tax liability..
now compute tax liability..
Ans 8137 not correct as per FA 16
ans is 5047
yes right
then how u calculated 8137
349,000-250,000= 99,000
99,000×10%= 9,900
less deduction u/s87 5,000
finally tax liability is 4,900
99,000×10%= 9,900
less deduction u/s87 5,000
finally tax liability is 4,900
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