i have to pay tax.
2007-01-16 15:52:03 · 6 answers · asked by ajay_khushi13 1 in Business & Finance ➔ Taxes ➔ India
It depends upon the following
1. Your age
2. Your Gender
3. Your Residential status
Net icome calculation
Gross total income 144000
less dedeuction u/s 80c 12000
Net Income 132000
Case1
If you are below 65yrs and male then
Tax on 132000
upto 100000 tax is nil
for next 32000 (132000-100000) tax is 10% of NI i.e 10% of 32000 = 3200
Add surcharge nil
Add Education cess 2% on 3200 i.e 64
toal tax liability is 3264 ie 3200+64
Case 2
If you are Senior citizen (who is 65 yrs or more at any time during the previous year)
Then
Tax upto 185000 is Nil
So there will be no tax
As there is no tax there won't be surcharge and education cess either.
Case 3
If you are a Resident Woman( who is below 65 yrs at any time during the previous year)
Then
Tax upto 135000 is nil
So there will be no tax.
As there is no tax there won't be surcharge and education cess either.
2007-01-16 23:02:00 · answer #1 · answered by boyina k 2 · 6⤊ 0⤋
Hi,
Assumptions:
1) you havent made any other investments (in Tax saving Mutual funds, NSCs, long term Fixed deposits, PPF).
2) You are not paying anything from your salary towards your PF.
3) you are not having any other source of income.
4) You are a male and not a senior citizen.
You will have to pay Rs.3200 as tax.
Calculations:
Total Salary = 144000.
Standard deduction (income not considered for tax) = 100000.
Taxable income = 44000.
Money exempted from tax = 12000.
Taxable income = 44000 - 12000 = 32000.
Tax = 10% of Taxable Income = 3200.
2007-01-16 16:12:20 · answer #2 · answered by deepu 1 · 0⤊ 0⤋
If you are in general catagiry you are total income is Rs.144000/- & you have paid for LIC premium Rs.12000/-
So your net taxable value is ,
Income 144000
LIC Pre - 12000
________________
132000 i.e. Net income
- 120000
_________________
12000 i.e. Net taxable value
So, you have to pay income-tax on 12000/-
2007-01-16 16:11:18 · answer #3 · answered by jitu.jeetu 2 · 0⤊ 0⤋
if you are Resident individual and not being a woman or senior citizen then 3264 including cess
Otherwise No tax
2007-01-16 23:39:15 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Tax comes to Rs.3264/- (inclusive of cess)
2007-01-16 20:52:59 · answer #5 · answered by nirmalkumarlenin 2 · 0⤊ 1⤋
deepu has given a perfect answer
2007-01-16 20:12:43 · answer #6 · answered by varun 2 · 0⤊ 1⤋