how to calculate income tax for the salaried person. iam a working in a software industry and my income is more that 2.25 per anum. i want to know how to calculate income tax for my sal
2006-08-24 19:41:24 · 5 answers · asked by arun s 1 in Business & Finance ➔ Taxes ➔ India
this is a long procedure. u have to total all ur incomes from salary and if any. ur salary includes basic, DA, HRA(based on some calculation),other perks n allownces. ceratin deductions are available for any life insurance and other things.
then when u have totalled ur salary and made deductions, slab rate is available for every assessment yr. for individuals, slab rate for a.y. 06-07:
INCOME TAX RATE
upto 1 lakh, for men[(rs135000 for females)
(1.85 lakh for a person above 65 yrs, man or woman)] nil
1lakh(or 1.35 or 1.85, as the case may be)to1.5 lakh 10%
1.5- 2.5 lakh 20%
above 2.5lakh 30%
If ur income is above 10lakh, u have to pay a surcharge @ 10% on such income
u also have to pay education cess @ 2% on ur income and surcharge,if any(whether u have to pay surcharge or not ces is to be paid)
this constitutes ur total tax, then u r alowed rebates, if any
2006-08-24 20:05:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Without your Salary Sheet nobody can compute ur tax
Take the help of a good tax consultant for your queries as Income Tax is now-a-days pretty complicated
For my help contact me at coolapurav@yahoo.com
2006-08-25 04:47:12 · answer #2 · answered by apurav a 3 · 0⤊ 0⤋
Let the CA's earn their livilihood. Visit one of them. Or have an Income Tax calculator software, available on net.
2006-08-25 02:45:22 · answer #3 · answered by Freddie 6 · 0⤊ 0⤋
I like to know the gross salay after deduction of professional tax and investment what you have done and PF retails etc with this i will clarify you
2006-08-26 04:56:35 · answer #4 · answered by nirmalkumarlenin 2 · 0⤊ 0⤋
drop me a line on my mail id indianescapade@gmail.com i have an excel sheet which should help you
regards
2006-08-25 02:47:36 · answer #5 · answered by AV (Avinash J Welinkar) 2 · 0⤊ 0⤋