Computation of Income ( Salary people )
This query is : Resolved
16 April 2021
Respected Sirs,
For the Ay 21-22 ( Year ending March 21 ) how to workout tax liability for the salary people.
For the Ay 21-22 ( Year ending March 21 ) how to workout tax liability for the salary people.
16 April 2021
what is the salary and prerequisites.
16 April 2021
Dear Harshit
At the outset I would like to thank your for prompt response to me on this issue . The main issue is as follows :
Ay 21-22 ( Year ending March 21 ) The assessee is one of the directors for a pvt ltd company and is being paid a sum of Rs 6 Lacs per annum on account of salary. I have to pay TDS on Rs 6 lacs salary and therefore I would like to make computation. Please guide me and oblige.
At the outset I would like to thank your for prompt response to me on this issue . The main issue is as follows :
Ay 21-22 ( Year ending March 21 ) The assessee is one of the directors for a pvt ltd company and is being paid a sum of Rs 6 Lacs per annum on account of salary. I have to pay TDS on Rs 6 lacs salary and therefore I would like to make computation. Please guide me and oblige.
16 April 2021
It think it would be difficult to arrive at tax liability based on such limited information. In order to compute tax liability, salary structure, new/old regime opted, deductions under VIA, age of the employee, other income declared by the employee etc are also required.
Tax calculator from IT portal might help you to some extent: https://www.incometaxindia.gov.in/Pages/tools/tax-calculator.aspx
Tax calculator from IT portal might help you to some extent: https://www.incometaxindia.gov.in/Pages/tools/tax-calculator.aspx
16 April 2021
Tks with kindest regards to you for your guideline.
19 April 2021
Ay 20-21
0 to 2,50,000 was NIL
2,50,000 to 5,00,000 was 5%
5,00,000 to 10,00,000 was 10%
Add Cess @ 4% on total tax liability
================================
Whether the same slab is still for the Ay 21-22 ? Please confirm and oblige.
0 to 2,50,000 was NIL
2,50,000 to 5,00,000 was 5%
5,00,000 to 10,00,000 was 10%
Add Cess @ 4% on total tax liability
================================
Whether the same slab is still for the Ay 21-22 ? Please confirm and oblige.
19 April 2021
Yes, it is the same except for income between 5 and 10 lacs, it would be @20%.
19 April 2021
Ay 20-21 0 to 2,50,000 was NIL
2,50,000 to 5,00,000 was 5%
5,00,000 to 10,00,000 was 20% Add Cess @ 4% on total tax liability
2,50,000 to 5,00,000 was 5%
5,00,000 to 10,00,000 was 20% Add Cess @ 4% on total tax liability
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