Namaste,
From Gross salary we will deduct under section VI-A...after that we will get Net taxable income..let's we assume that Net taxable income is Rs.400000....whtr we have to calculate Tax on 4lakh.....or asper income tax slab....we have to allow 2.5lakh exemption....
Kindly let me know the tax payable amount...
if any one have a calculation sheet please share it.
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Taxable salary calculation
Replies (4)
GTI
Less : deduction 80c to 80u (chpt vi-A)
NTI
You've to apply slab rate on NTI
So basic exemption limit apply respectively age of assessee
In your i.e.
NTI = 400000
Less 250000 (basic exemption limit)
Rest amount =150000
Tax = 5% of 150000 = 7500
Add 3% cess on 7500 * 3% =225
So total tax = 7725
Less : deduction 80c to 80u (chpt vi-A)
NTI
You've to apply slab rate on NTI
So basic exemption limit apply respectively age of assessee
In your i.e.
NTI = 400000
Less 250000 (basic exemption limit)
Rest amount =150000
Tax = 5% of 150000 = 7500
Add 3% cess on 7500 * 3% =225
So total tax = 7725
But, No more problem if paid Rs 7725...
Thank you...one more doubt..... Standard deduction(40K) in salary TDS will be deducted from Gross total income?
should we not deduct the standard deuction amount, before sec vi-a?
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