I am working in pvt. company and my basic salary is 18,00,00 rupess, and TA & DA are 84,000 rs per annum , simultaneousaly my incentive will be 115,000 per annum. total is 3,79,000 per annum.
kindly suggest me that , will income tax imposed only on basic salary or total amount of year,if levid than how much.
02 April 2012
Income tax is payable on total salary received. if you have any investment such as LIC, PPF then premium amount of same is deductible and after that, income over 180000/- will be charged at 10%.
Suppose you have 10000/- as lic premium then your tax will be 18900/- and cess 567/- total Rs. 19467/-
CAclubindia
