Compution of Income

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Krishna (Querist)
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15 September 2010 Dear Sir,

Suppose my income is Rs.300000/annul when i m going to compute income tax then i have to do less exemption limit which is Rs 160000 ?? or should pay tax on total amount ??

Thanks,
Krishna

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 September 2010 Compute Tax on---
(Rs 300000-160000)

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mohinder kansal

mohinder kansal (Expert)
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15 September 2010 compute tax on Rs. 300000/- in the following manner:

tax on Rs. 160000 NIL
tax on next 140000/-
(300000-160000) 10%
(Rs. 14000/-)
Add: Education cess 3% 420

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