In F.Y 2019-20...my income is 7 lakhs(total incl all) & after deducting 80C&80D it arrives to 6.50 L.
In total income of 7L...I have a income from mutual fund of RS.70000 which is exempted under sec112A, hence the final income arrives to 5.80L.
What will be my tax liability
Menu
Tax liability
Replies (3)
As mentioned by you after all calculation and Deduction if your Net taxable income arrive RS. 5,80,000 (Not include any capital Gain income and income which is taxed as special rate), than your tax liability is Rs.28,500
Rs. 29640 ( including cess of 4 % )... Rs.28500 tax + 4% cess
Tax upto Rs. 2, 50, 000 : Nil (If not Senior Citizen) Tax for income between Rs. 2, 50, 000 and Rs. 5, 00, 000: Rs. 12, 500 (5%) Tax for Income between Rs. 5, 00, 000 and 5, 80, 000: Rs. 16, 000(20%) Total Tax:12, 500+16000=28, 500+4% Education Cess:1140=Rs. 29640.
Recent Topic
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
Related Topics
CAclubindia
