income tax on my salary
This query is : Resolved
02 June 2011
Dear Sir,
my monthly salary is Rs. 17050/- what will be the tax liability on my salary.
i am making payment of lIC premium of Rs.1021/- p.m..
plz tell me what will be the tax liability on my salary income
my monthly salary is Rs. 17050/- what will be the tax liability on my salary.
i am making payment of lIC premium of Rs.1021/- p.m..
plz tell me what will be the tax liability on my salary income
02 June 2011
Which asst year you are talking about.It will be calculated as follows:
Salary 17050 x 12 = 204600
Less: LIC 12252
Total Income = 192348
Exemption limit for AY 11-12 is 160000 and for AY 12-13 is 180000. Rest will be taxed @ 10.3%
Salary 17050 x 12 = 204600
Less: LIC 12252
Total Income = 192348
Exemption limit for AY 11-12 is 160000 and for AY 12-13 is 180000. Rest will be taxed @ 10.3%
03 June 2011
Dear sir,
Thanks a lot for replying, tell me how much investment i have to do to avoid tax liability of Rs. 1235/- [ 192348-180000=12348
Therefore 12348 x 10.3% tax = 1271/-
Thanks a lot for replying, tell me how much investment i have to do to avoid tax liability of Rs. 1235/- [ 192348-180000=12348
Therefore 12348 x 10.3% tax = 1271/-
03 June 2011
You have to make minimum eligible investment of Rs 12348/- to avoid income tax.
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