banner_ad

Tax on total income(computed)

175 views 2 replies
total income is 778800/-.now what is the tax liability?in books there tax value 75760/- but my figure is 55760/- (Related to Income Tax act 1961) tax liability must be calculated in old rule.

please, to clarify this matter in brief.
Replies (2)
Please to clarify me..
( I'm assuming that you are an Individual and your Age is less than 60 years.)

Computation of INCOME TAX PAYABLE :

TOTAL INCOME : Rs. 7,78,800/-

Upto Rs. 2,50,000 : EXEMPTED.
Next Rs. 2,50,000 @ 5% : 12,500.
Balance Rs. 2,78,800 @ 20% : 55,760.

Gross Tax Payable : Rs. 68,260.
Add: Health & Education Cess @ 4% : 2,730.4

NET TAX PAYABLE : Rs. 70,990.4
Rounded off u/s 288B ( to the nearest multiple of 10 ) i.e. : Rs. 70,990/-

Now, the value may differ due to reason like Interest on Advance Tax under Section 234C or 234B.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details