in india what is tax on my income my gross income is Rs. 210000 and education loan of Rs.250000?

Answer 1

Income upto Rs.100000 was exempt from tax .Remaining 110000 we can deduct portion of educational loan repaid.For eg if u reapaid rs.50000 then u can deduct 50000 from rs.110000 if u didn't repaid any amount then u cannot claim.
After deducting the portion of educational loan tax amount is calculated as
For first 50000@10%
For next 100000@20%
For remaining amount @30%

Answer 2

Education loan will not be taken into account for tax calculation.

The tax on your income Rs.2,10,000 will attract a tax as follows.

1) If you are Male <65 years: the tax will be Rs.17,340/-
2) If you are Female <65 years: the tax will be Rs. 13,770/-
3) If Male/Female >65 years: the tax will be Rs. 5,100/-

The 2% Education Cess included in the above tax.

Further, as the tax due is more than Rs.5,000/- the assessee has to pay advance tax. Otherwise liable to pay interest @12% pa.

Answer 3

from 210000/- u deduct the amount u paid for education loan. from that u deduct ur savings as per section 80c ie, ppf, pf, nsc, lic,etc.
for example u pay education loan 30000/- and ur savings are 40000/- ur net income is 140000/- in that first one lac no tax. remaining 40000/- at 10%. ie u have to pay 4000/-