13 November 2019
For the year ending March 20 ( Fy : 19-2 ) I am one of the directors for a pvt ltd company. I am drawing Rs 50,000 per month on account of remuneration/salary from the company. As at 31st March 2020 what will be the nett tax liability. Please let me know the format of working for calculating income tax liability as at coming 31-03-2020.
16 November 2019
Assuming that you have no saving & no other income , then after giving benefit of 40000 standard deduction , your total income would be 560000 and you will end up paying taxes as under Till 2.5 lacs - Nil For 2.5 - 5 lacs - 5% I.e. 12500 For 5-5.60 lacs -20% I.e. 12000 24500 apart from cess. 4% cess would be levied on 24500 If you have some savings and other income position would be different I would advise you to have some savings and bring your total income to are 5 lacs or less and you don’t have to pay any tax then as per the new finance act 2019. Hope this help!!
CAclubindia
