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
Mukesh Kumar (Accounts Manager) (1466 Points)
24 September 2013Dear 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
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
HARISH BANSAL
(student)
(229 Points)
Replied 24 September 2013
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/-. |
ii. Surcharge: Nil
iii. Education Cess: 3% of the Income Tax.
means u have to pay Tax i.e. Rs.2,99,870.
And even u have to pay tax also , if u have not deposited the tax within stipulated time period.
Regards,
Harish Bansal
CAclubindia
