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Income tax

Mukesh Kumar (Accounts Manager) (1466 Points)

24 September 2013

Dear All,

Please tell me , how much Tax payable on my net taxable amount Rs. 1537134.71 (also show formula of tax calculation . thank in advance

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2 Replies

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 24 September 2013

Dear Sir,

For A.Y. 13-14,
total tax liabilty would be 299875.00 (round off to 299880) i.e. including EC & SHEC. It is 30% above Rs. 1000000, 20% from 5lakh to 10lakh and 10% for 2lakh to 5lakh.

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com

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HARISH BANSAL (student) (229 Points)
Replied 24 September 2013

I. Individual resident below 60 years of age (i.e. born on or after 1st April 1953) or any NRI / HUF / AOP / BOI / AJP *

i. Income-tax:

	Income Slabs	Income Tax Rate
i.	Where the total income does not exceed Rs. 2,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,00,000/-
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.	Where the total income exceeds Rs. 10,00,000/-.	Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.