If gross taxable income is say Rs.4.5 lakhs & PPF Investment is Rs.50000,what will be the tax liability & how to calculate it for the last financial year?
2006-07-05 07:40:46 · 3 answers · asked by ushashastri2003 1 in Business & Finance ➔ Taxes ➔ India
General Rates applicable are:
upto 1 lacs - Nil
1Lac-1.5 Lac - 10%
1.5 Lac - 2.5 Lac - 20%
> 2.5 lac - 30%
Surcharge - 10% if total income> 10 lacs
Education cess - 2%
In your case your GTI is 4.5 and after deduction U/s 80C for 50K towards PPF, TI will be Rs. 4 Lacs and tax shall be Rs. 71400 (5000+20000+45000+1400).
In case of women assessee tax liability shall be reduced by Rs. 3570.
2006-07-05 08:04:48 · answer #1 · answered by DeepakB 3 · 0⤊ 0⤋
upto 1 lac = 0%
1lac -1.5lac = 10%
1.5lac -2.5lac = 20%
after 2.5lacs = 30%
Surcharge = 10%
Education Cess = 2% of the net tax liability
In your case its like below
your net taxable income shall come to Rs.4lacs (450000-50000)
tax on it shall amount to Rs.(5000+20000+45000)=60000/- + Education Cess of Rs.1200/-
Therefore net tax liability shall come out to be Rs.61200/-.
For free Consultation on tax matter join my group at tax_investment_group@yahoogroups.com
2006-07-06 00:58:26 · answer #2 · answered by apurav a 3 · 0⤊ 0⤋
Contact
www.incometaxindia.gov.in
for details
2006-07-05 18:19:32 · answer #3 · answered by geekay 3 · 0⤊ 0⤋