Tax amt and formula of tax

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vinay shah (Querist)
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18 October 2013 if my annual income 6 lac after deduction of 80c and 2lac .than how to calculate tax .and what criteria of cal of tax...and what amt paid to tax department

CA Pallav Singhania

CA Pallav Singhania (Expert)
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18 October 2013 Up to - 2lacs NIL

200001 - 500000 - 10percent

500001 - 1000000 - 20percent

1000001 and above 30 percent..

In your Case after exemption of 2lacs

Tax up to Rs. 2,00,000 Nil

Tax on Rs.2,00,000 to Rs.5,00,000 @ 10% =30,000

Tax on Rs. 5,00,000 to Rs. 10,00,000 @ 20%
=60000

Total 90,000

Add:Educational Cess - 3% of Total Tax

2,700

Net Tax Payable 92,700

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 October 2013 Correctly cal by aryan.

Message likes : 1 times

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@VaibhavJ

@VaibhavJ (Expert)
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18 October 2013 Hi

Rfere: https://www.caclubindia.com/articles/what-is-salary-how-to-calculate-tds-on-salary-16151.asp

To understand how Tax to be calculated on Salaries.

Thanks//VaibhavJ