how will i plan my Tax?

Question

i am getting 3.2 per year. what is my tax amount and how will i plan accordingly

i am getting 3.2 lax per year.. how much Amt taxable for me .. how will i invest my taxable amt .(give some ideas)

Answer 1

Your details are insufficient to give any meaningful and useful reply.

However, broad income tax liability on your income would be calculated as under:

If your are a male, then your exemption of income is Rs. 1 lac, if your are a female, then exemption is Rs. 1.35 lacs. ( I assume that you are not a senior citizen). Besides you can have savings under permissible schemes such as PF, LIC, ULIP, NSC, approved bonds etc. eligible for exemption, upto Rs. 1.00 lac. Dividends if any received during the year are fully exempt. Similarly long term capital gains arising out of shares are also fully exempt. Short term capital gains out of shares are taxable @10%.

Out of all the above adjustments, whatever applicable to you, remains your net taxable income. Any income over and above Rs. 1 lac/1.35 lacs basic exemption is taxable @ 10% for the amount upto Rs. 1.5 lacs, 20% for the amount Rs. 2.5 lacs and then 30% for the remaining amount. Also you are liable to pay an education cess of 2% of your net income tax liability.

Since you have not mentioned anything clearly, deductions under housing loan, medical, education fees, dependents allowance etc not considered in calculations.

Answer 2

Insufficient description of your finances to even guess at an answer. 3.2 doesn't say if that means wages from work, interest from an account or investment or ?.