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Calculation

Raja (SME) (61 Points)

31 July 2014

Hi All,

Pls advise if annual gross income is 9,00,000 and Saving U/s 80C is 100000.

So what will be tax amount.

Rgds..RT

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15 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 31 July 2014

If the assessee is a resident indian and not a senior citizen, then tax is 92,700/- for AY 2014-15.

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Akanksha Jain (Article) (690 Points)
Replied 31 July 2014

Correctly calculated by Mr. Mihir. In your case toatl income is Rs. 8,00,000. Slab rate will be as follows:-

Upto 200,000 Nil

200001-500000 10%

500000-800000 20%

Plus 2% ed. cess and 1% SHEC

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CA PRIYUL SHAH (JOB) (901 Points)
Replied 31 July 2014

Agree with both...

Gopal Manwani (Sr. Accountant) (21 Points)
Replied 31 July 2014

agree with both

sunil (accountant) (46 Points)
Replied 31 July 2014

The above calculation is correct. But may be tax should reduce if he made more investment u/s 80D and other section.

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Aniket Aggarwal (CA) (37 Points)
Replied 31 July 2014

If it is salary income then HRA, transport etc. exemptions also reduce the tax amount

Harshil (student) (65 Points)
Replied 31 July 2014

Hii raja... U invested in 80C of rs 1,00,000 then allowed as deduction of rs 1,00,000 ...your taxable income is 8,00,000 then your tax liability as follow ( 5,00,000 ~ 2,00,000 ) =3,00,000 tax @ 10% Remaining amount 3,00,000 tax @ 20% then 30,000 +60,000= 90,000 add 3% of tax amount is education cess....your total liability is ..92,700