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
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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.
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