prakash (B.Com) (132 Points)
04 September 2015Hello Exerts,
I have query regarding TAX calculation.
IF my net take home Salary is 6,00,000 Per Anum.
So Tax calulcated like ,
6,00,000 ( Net Salary )
-2,50,000 ( Free Limit)
_____________________
3,50,0000
or
It will be calculated on 6,00,000
Thanks,
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 04 September 2015
Tax will be calculated on Rs. 600000 as per the slab rate.
Miss Rinkal
(Student)
(1309 Points)
Replied 04 September 2015
Your tax amount for Fy 2014-15 will be 600000 - Investments such as PF, PPF, NSC, Mediclaim etc. (Refer Deductions under Chapter VIA) - 250000 (Free limit)
Assume Chapter VI A deductions are 165000 then your tax amount would be
600000 - 165000 = 435000 - 250000 = 18500
Since your net income is 435000 which is below 500000, you can claim rebate u/s 87A up to Rs 2000/-
And therefore total tax would be 16500 + 3% cess = 16995/- r/o to Rs 17000/-
Your Self Assessment tax would be 17000 - TDS - Advance Tax paid if any
CMA P Y S V S VARMA
(cost accountant)
(173 Points)
Replied 07 September 2015
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 08 September 2015
Use online efiling portal quick efiling option and all the calculations will be done for you automatically and 26AS data will get auto populated.
CAclubindia
