total income is 778800/-.now what is the tax liability?in books there tax value 75760/- but my figure is 55760/- (Related to Income Tax act 1961) tax liability must be calculated in old rule.
please, to clarify this matter in brief.
2 Replies
Shivam RC
(Student)
(23683 Points)
Replied 17 April 2020
( I'm assuming that you are an Individual and your Age is less than 60 years.)
Computation of INCOME TAX PAYABLE :
TOTAL INCOME : Rs. 7,78,800/-
Upto Rs. 2,50,000 : EXEMPTED.
Next Rs. 2,50,000 @ 5% : 12,500.
Balance Rs. 2,78,800 @ 20% : 55,760.
Gross Tax Payable : Rs. 68,260.
Add: Health & Education Cess @ 4% : 2,730.4
NET TAX PAYABLE : Rs. 70,990.4
Rounded off u/s 288B ( to the nearest multiple of 10 ) i.e. : Rs. 70,990/-
Now, the value may differ due to reason like Interest on Advance Tax under Section 234C or 234B.
Computation of INCOME TAX PAYABLE :
TOTAL INCOME : Rs. 7,78,800/-
Upto Rs. 2,50,000 : EXEMPTED.
Next Rs. 2,50,000 @ 5% : 12,500.
Balance Rs. 2,78,800 @ 20% : 55,760.
Gross Tax Payable : Rs. 68,260.
Add: Health & Education Cess @ 4% : 2,730.4
NET TAX PAYABLE : Rs. 70,990.4
Rounded off u/s 288B ( to the nearest multiple of 10 ) i.e. : Rs. 70,990/-
Now, the value may differ due to reason like Interest on Advance Tax under Section 234C or 234B.
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