how much % of income tax do we have to pay out of our complete salary?



I just got a job…I just wanted to know what is the % of income tax do we have to pay….is it 3 % of our salary or more than that??

how much % of income tax do we have to pay out of our complete salary?
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One Reply to “how much % of income tax do we have to pay out of our complete salary?”

  1. Congrats for getting a job.
    income tax is not 3% it is divided into slabs

    India Income tax slabs 2012-2013 for General tax payers
    Income tax slab (in Rs.)Tax
    0 to 2,00,000 – No tax
    2,00,001 to 5,00,000 – 10%
    5,00,001 to 10,00,000 – 20%
    Above 10,00,000- 30%

    India Income tax slabs 2012-2013 for Female tax payers
    Income tax slab (in Rs.)Tax
    0 to 2,00,000No tax
    2,00,001 to 5,00,00010%
    5,00,001 to 10,00,00020%
    Above 10,00,00030%

    if you have annual salary greater than 2 lac then you have to pay tax.

    according to your statement you start doing a job recently(in december)

    so if you receive 25000 per month .then you got salary in january,feb,mar(of this Financial year(FY) 1 apr 2012 to 31 march 2012)
    means 25000 X 3 =75000 so no tax….

    ———————
    Normal case tax calculation

    if you receive a salary greater than 2 lacs (let you receive 350000 p.a) in a FY

    taxable income =350000 – 200000 = 150000 (as no tax till income 2 lac)

    your Tax in Slab-1 of 10% so your tax in that case is =(150000 *10)/100 = 15000

    you can save this tax by showing rent receipt taking LIC policy,Education loans or house loan,PPF deduction by your company etc.

    2% of Taxable income (as Education cess)
    1% of Taxable income (as ADDITIONAL EDUCATION CESS)





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