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
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
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?
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.
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....
plus the exact tax liability shall be (after providing for marginal relief) 3120900....
Message likes :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
