Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

TAX FOR SALARIED PEOPLE

prakrut (accountant) (120 Points)

17 June 2009

i HAVE tWO Foom No-16, one is from 1.4.08 to 31.10.09 and second for 01.11.08 to 31.03.09 for first period my taxble income was 3.89 lac and for second period my taxable income was 1.63 . for first period my employer deduct rs. 36k as tds and for second period my employer deduct 1300.00k is it right or my total tax is highher than this ?

Reply
Follow
Share

10 Replies

prakrut (accountant) (120 Points)
Replied 17 June 2009

pls help

Upgrade to CAclubindia Pro. Subscribe Now!

CA. Rashi Goyal (Chartered Accountant) (512 Points)
Replied 17 June 2009

The details of deduction claimed u/s 80 is needed to calculate the actual tax.

CA. Rashi Goyal (Chartered Accountant) (512 Points)
Replied 17 June 2009

if the income you have mentioned is after all deduction than yout total tax liability will come to Rs. 72,718.00 (including education cess of Rs. 1412.00 and higher education cess of rs. 706.00). Total TDS is Rs. 37300.00 in your case hence, there is shortfall of Rs. 34,418.00

prakrut (accountant) (120 Points)
Replied 17 June 2009

Dear Sir

total Incomeafter all deduction - 389896.00 up to 31.10.08 and Rs. 162767.00 after deduction = (5.52lac) how much tax ?

Anuraag Sharma (Sr Executive Finance) (845 Points)
Replied 17 June 2009

toatl tax on 5.52 lakhs will be Rs.67,600

Note : the tax has been calculated by taking assumption that all deductions and exemptions have bben taken according to the provisins of Income tax Act, 1961

Upgrade to CAclubindia Pro. Subscribe Now!

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 17 June 2009

Income-tax on Rs. 552,663 is Rs. 72,922.87
Surcharge Rs. 0.00
Education Cess Rs. 1,415.98
Secondary and Higher Education Cess Rs. 707.99

u can check the calculation etc. at the below mentioned website

https://law.incometaxindia.gov.in/TaxmannDit/xtras/taxcalc.aspx

CA. Rashi Goyal (Chartered Accountant) (512 Points)
Replied 17 June 2009

for male assessee the tax will be 72718.00 including Education and H. Education cess. And for female assessee it will come to Rs. 69,628.00 including Education and H. Education cess.