16 December 2011
Assuming that this gross salary is after deducting exemptions from salary, Your total tax liability for the year comes to Rs. 21,682/-.
Deduct the TDS, if any, and the balance amount is tax payable.
Guest
Guest
(Expert)
16 December 2011
INCOME TAX @ 10% Rs. 21051.00 CESS @ 3% Rs. 631.00
17 December 2011
Dear experts Please Check the assessment year it is for AY 2011-12. so you are Wrong.
Gross Income Rs. 490509/- (Assuming it is after deduction of exemption)
Less: Savings Rs. 100000/- (Assuming total saving is Under Chapter VI) If you are not getting HRA and paying Rent you can claim deduction Rs. 24000/- (Maximum) U/S 80GG ( Here i am not taking it)
Net Income Rs. 390509
Income Tax Rs. 23051/- Ed Cess Rs. 461/- Sch Ed Cess Rs. 231/-
Total Rs. 23742/-
(Assuming your are male and not a senior citizen)
@ Neha i want your approval on this calculation. ( Non taxable limit for AY 2011-12 is Rs. 160000/-)
Abhishek Ranjan Singh ARS Solutions email2ars@gmail.com +91 9022838615
17 December 2011
Dear experts Please Check the assessment year it is for AY 2011-12. so you are Wrong.
Gross Income Rs. 490509/- (Assuming it is after deduction of exemption)
Less: Savings Rs. 100000/- (Assuming total saving is Under Chapter VI) If you are not getting HRA and paying Rent you can claim deduction Rs. 24000/- (Maximum) U/S 80GG ( Here i am not taking it)
Net Income Rs. 390509
Income Tax Rs. 23051/- Ed Cess Rs. 461/- Sch Ed Cess Rs. 231/-
Total Rs. 23742/-
(Assuming your are male and not a senior citizen)
@ Neha i want your approval on this calculation. ( Non taxable limit for AY 2011-12 is Rs. 160000/-)
Abhishek Ranjan Singh ARS Solutions email2ars@gmail.com +91 9022838615
CAclubindia
