how to calculate tax on salary
This query is : Resolved
28 July 2008
first employer 90160 after taking all allowances
ppf contribution 5698
TDS Deducted : 1000
from 2 nd employer 137144
deduction 25192/-
TDs 2569
Tell me hoe to calculate
ppf contribution 5698
TDS Deducted : 1000
from 2 nd employer 137144
deduction 25192/-
TDs 2569
Tell me hoe to calculate
28 July 2008
Hi Pradnya,
The computation of tax on salary would be calculated takling into consideration salary income from both the employers. Further, the deduction shall be allowed only once allowable under the law. eg. Ded. u/s 80C shall be limited to Rs.100000/-.
So as per present case,
Salary = 227304
Less ed. = 25192
Net = 202112
Less: PF = 5698
T. Income= 196414
Tax on T.Income = 13282
Less: TDS 3569
Net Tax payable 9713
Calculated for A Y 08-09
Assumed no investment.
Rgds/
Vineet
The computation of tax on salary would be calculated takling into consideration salary income from both the employers. Further, the deduction shall be allowed only once allowable under the law. eg. Ded. u/s 80C shall be limited to Rs.100000/-.
So as per present case,
Salary = 227304
Less ed. = 25192
Net = 202112
Less: PF = 5698
T. Income= 196414
Tax on T.Income = 13282
Less: TDS 3569
Net Tax payable 9713
Calculated for A Y 08-09
Assumed no investment.
Rgds/
Vineet
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