Any one tell about income tax for private company salaried person?

how much amount of salary we have to pay tax? my ctc is 3,31,500 per annum my monthly take home Rs.25000 but month total salary : 27,625 for me tax is applicable? normally tax will be calculated for taken or total salary?for me tax is applicable how much i have to pay?

One Reply to “Any one tell about income tax for private company salaried person?”

  1. If you are asking about income tax applicable for the assessment year 2013-14 then annual income upto Rs.2,00,000/- is exempted from Income tax. Thereafter there is an income tax @ 10.00%
    for income slab 2,00,001 to 5,00,000.

    First you have to deduct HRA / Rent Receipt, Conveyance @ 800 PM, etc., from Gross salary (3,31,500) to arrive at Gross Total Income. Then you have to deduct investments, tuition fee, etc., eligible for tax exemptions to finally arrive at Total Income on which income tax to be paid.

    Income tax will be calculated after deducting Rs.2,00,000 from that Total Income and not from your CTC of 3,31,500.

    Your employer will give the projected calculation of income tax to be deducted from your salary and will also give Form 16 at the end of year.

Leave a Reply

Your email address will not be published. Required fields are marked *

five × 4 =