Tax on salary

This query is : Resolved 

22 May 2014 Please let me know what will be the tax liability if the total salary of Rs-850000/- per month (Ay2014-15)

Regards
Amit Nandy

22 May 2014 Total tax liability will be 3272370/-. I have arrived at this figure has follows.

Tax liability for first Rs. 200000 Nil
Tax liability for(500000-200000)@10% 30000
Tax liability for(1000000-500000)@20% 100000
Tax liab for(10200000-1000000)@30% 2760000

Total 2890000
Surcharge@10% 289000

Total including surcharge 3179000
cess@3% 95370
Total tax liab after giving credit of Rs. 2000 3272370


22 May 2014 Dear Sumit,

Salary is only Rs 8.5 lakhs. how come salary reach Rs 32.72 lakhs?


22 May 2014 plus rebate for 2000 is not available if the salary exceed Rs 5 lakhs.


22 May 2014 plus surcharge is applicable only if income is above 1 cr....


22 May 2014 Amit,

Your Income is 8.5 lakhs. ( I am assuming that this income is after 80C)

Your tax liability 1.03 lakhs.

22 May 2014 Nikhil Sir he has mentioned salary per month.

22 May 2014 Sir even then rs 2000 wont be available


22 May 2014 I apologize for the mistake i have done in the rebate part of Rs. 2000

23 May 2014 and I apologize for the month error.

plus the exact tax liability shall be (after providing for marginal relief) 3120900....

23 May 2014 Thank you sir for correcting my mistake.

23 May 2014 Dear Amit. Please provide break up of your salary. like HRA , PF , LTA , TA , FA. So that we can suggest your Tax liability in a better way.




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