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tax liability

Kajal Yadav (32 Points)

06 February 2018

compute tax liability of a resident woman of 41 years.
If Taxable income is 349000.

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19 Replies

sunny garg (student) (167 Points)
Replied 06 February 2018

349000-250000=99000
as per sec 87a if Total income does not exceed 350000 then deduction of 2500 or 100% of tax whichever is less
so tax on 99000 was:-
99000*5%=4950
LESS REBATE u/s 87A= 2500
balance 2450
plus 3% surcharge on 2450 = 74
Total Tax Liability was 2450+ 74 =2524

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Kajal Yadav (32 Points)
Replied 06 February 2018

sunny garg
ans is 8137

Kajal Yadav (32 Points)
Replied 06 February 2018

now rebate u/s 87A is 5000 or 100% of tax which is less.
if taxable income is upto 500000.
and tax on 99000 is not 5% it is 10%

sunny garg (student) (167 Points)
Replied 06 February 2018

how was ans 8137

Kajal Yadav (32 Points)
Replied 06 February 2018

tax liability for the assessment year 2017-18..

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sunny garg (student) (167 Points)
Replied 06 February 2018

No as FA 2017 sec 87A was amended

sunny garg (student) (167 Points)
Replied 06 February 2018

Ok u not mention AY for which tax was calculated

sunny garg (student) (167 Points)
Replied 06 February 2018

I posted ans as per FA 2017

Kajal Yadav (32 Points)
Replied 06 February 2018

sunny garg
now compute tax liability..

sunny garg (student) (167 Points)
Replied 06 February 2018

Ans 8137 not correct as per FA 16

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sunny garg (student) (167 Points)
Replied 06 February 2018

ans is 5047

Kajal Yadav (32 Points)
Replied 06 February 2018

yes right

sunny garg (student) (167 Points)
Replied 06 February 2018

then how u calculated 8137

MOHAMMAD SAJID AALAM ASHRAFI B (4 Points)
Replied 06 February 2018

349,000-250,000= 99,000
99,000×10%= 9,900
less deduction u/s87 5,000
finally tax liability is 4,900

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