want to know about tax calculation.

This query is : Resolved

sandesh mane (Querist)
Follow

29 May 2009 Dear Friends,

Its pleaseure for me to be a part of CAclubindia.
hats off..
as im in training professional and working for insurance process for last 1 year. but im not aware of actuall tax been calculated. also im not aware of how much to invest to save tax.

my query is that i earn 1.68 lakhs per annum so as per the tax slab i need to pay tax. i would request you to
1. calculate and explain me how much will be my tax to be paid.
2. to save the taxable amount how much i need to invest.

I will be glad if you send the calculation to me regarding the same.

feel free to revert me or can call/ring on 9892989278

CA Swapnila Maheshwari

CA Swapnila Maheshwari (Expert)
Follow

29 May 2009 hi

You didnt mention whether it is professional income or a salary income..
Non taxable limit is Rs. 150000/- so you need to pay tax on amount over and above this rs. 150000/- i.e. on Rs. 18000/- @ 10%
that will be Rs. 1800+ education cess and secondary cess @ 3% which is Rs. 1854/- to save tax you would have to invest Rs. 18000