Tax
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 October 2011
SIR PL.TELL ME HOW TO CALCULATE TAX IN CASE OF A DOMESTIC CO. HAVING INCOME OF 1 CRORE 1 LAC.
PL.DO STEP WISE
PL.DO STEP WISE
17 October 2011
step1: calculate tax on 1core and 1 lac (don't add surcharge and Ecess and SHcess)
(Tax=10100000*30%=3030000
Add surchare: 303000
Total=33,33,000)
Step2:calculate tax on 1core
(tax=1core*30%=30lac)
Step3:calculate amount in excess of 1 crore(here 1.01-1=1lac)
Step4:verify the difference between step1-step2
if the difference(step1-step2)more than the step 3 then marginal relief available other wise no.(here 3333000-3000000=333000AND step3 is 100000,hence difference is higher than the step3 hence marginal relief is available)
step4::marginal relief =Step4(i.e step1-Step2)-step3
(333000-100000=233000)
tep5:tax liability =step1-step4
Add education cess and shec
(Tax=10100000*30%=3030000
Add surchare: 303000
Total=33,33,000)
Step2:calculate tax on 1core
(tax=1core*30%=30lac)
Step3:calculate amount in excess of 1 crore(here 1.01-1=1lac)
Step4:verify the difference between step1-step2
if the difference(step1-step2)more than the step 3 then marginal relief available other wise no.(here 3333000-3000000=333000AND step3 is 100000,hence difference is higher than the step3 hence marginal relief is available)
step4::marginal relief =Step4(i.e step1-Step2)-step3
(333000-100000=233000)
tep5:tax liability =step1-step4
Add education cess and shec
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 October 2011
THANKS A LOT DILEEP SIR.
BUT I THINK U HAVE ASSUMED SURCHARGE =10 %
PL. TELL ME ABOUT IT.
BUT I THINK U HAVE ASSUMED SURCHARGE =10 %
PL. TELL ME ABOUT IT.
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