regarding tax calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2010 I have some confusion till now regarding tax calculation.

1) Tax can be paid twice?…ie. if i earn Rs. 550,000 p.a. so how much amount i have to pay as tax?

2) How to get exemption from tax if my income is more than 5,00,000?

3) HOw much penalty can be levied if an assesse fails to pay tax on time?

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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26 February 2010 If you earn 550000 then upto 160000 no tax, after that if you invest upto 100000 as per section 80C then no tax on that 100000.
so you will pay no tax upto 260000.
after that you have to pay Rs. 34000 as tax, if no other deduction/exemptions available to you. (I have assumed that you asked it for individual assessee.)

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