can you explain me about my tax liability for the financial year 2006- 2007
2006-11-23 16:10:21 · 9 answers · asked by kurian7in 1 in Business & Finance ➔ Taxes ➔ India
total income = 16000*12=192000
bonus = 42000
total = 234000
investment upto rs 1 lac = 61500
net taxable = 172500
income tax = 50000*10% = 5000
= 22500*20% = 4500
total tax = 9500
cess = 190
net tax payable = 9690
- jindajind
2006-11-27 08:33:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Dear sir,
we considered you is a below the age of senior citizen, and male employee, what ever your investments is considered like 80C like LIC+ PF + AND OTHER SCHEMES.
THEN your tax burden will be like this for the year 2006-07
your salary for the year is 16000x12 = Rs 192000/-
add : bonus you got will be = Rs. 42000/-
Total = Rs.192000+42000 = Rs. 234000
From that you deduct the
savings say Rs.61500
and then you will get Rs. 172500
This is other wise known as total income
on this Rs.172500 , tax will be levied.
Rs.9500+ Add. Ecess. @2% = 190 = Rs.9690/-
then your tax liability will be Rs.9690/- only
further questions all are welcome sir.
sarmamssv@yahoo.com
2006-11-23 16:39:25 · answer #2 · answered by veeru 1 · 0⤊ 0⤋
I Detect some bragging and vanity in some of these Answers. I've been living on 1100 for a couple of years and although not splurging , I have no problem taking care of the basics
2016-03-29 07:13:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you are having the priveledge of rebate upto Rs100000 on your savings for which you can take life insurance policy from pvt insurers who have three year lock in or single premium option since you may not be having excess money next year to continue the insurance any further queries mail me at khuranabusinesssystems@gmail.com we are agents for bajaj life insurence and have both the above options. Your Tax can be almost NIL
2006-11-27 02:12:46 · answer #4 · answered by starstrategies 1 · 0⤊ 0⤋
you need to save 100000 to get benifit under 80ccc. Which comes PF+ INsurance+HRa
if you have home loan it come under 20D
2006-11-23 16:30:35 · answer #5 · answered by Subhrangshu m 3 · 0⤊ 0⤋
I can't believe that you get paid that much money & can't look at a tax form & get at least a rough idea of what your taxes would be.
2006-11-23 16:22:37 · answer #6 · answered by Floyd B 5 · 0⤊ 1⤋
This is in India and you are paid in Rupees?
2006-11-23 16:31:28 · answer #7 · answered by J G 4 · 0⤊ 0⤋
Please higher some one to do that for you, you have not gave us all the info needed.
2006-11-23 16:18:33 · answer #8 · answered by Amy T 2 · 0⤊ 1⤋
where do you work? i want your job i don't care what you do i want your job? are you hiring?
2006-11-23 16:18:28 · answer #9 · answered by Anonymous · 0⤊ 1⤋