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Tax on total income(computed)

Others 183 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.


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