how to calculate income tax for the financial year 2008-09?



I would like to know my income tax on my salary .So kindly explain the computation of the income tax.

how to calculate income tax for the financial year 2008-09?
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4 Replies to “how to calculate income tax for the financial year 2008-09?”

  1. Tax Rates for the Assessment Year 2008-09

    Up to 1,50,000 – Nil
    1,50,000 – 3,00,000 — 10% on amount exceeding 1,50,000 + 3% edu cess

    3,00,001 – 5,00,000 — 20% on amount exceeding 3,00,000 + 15,000 + 3% edu cess

    >5,00,000 — 30% on amount exceeding 5,00,000 + 55,000 + 3% edu cess

    Sample tax calculation:

    If ur salary per year is 5,00,000

    Deductions – hra, prof tax, conveyance, medical, mobile, food coupons – suppose it is 60,000

    Under 80c – suppose ur PF is 30,000 per year and u have invested 70,000 so total 1,00,000

    Now the taxable amount = 5,00,000 – (60,000+1,00,000) = 3,40,000

    Ur taxable amount is in between 3,00,000 and 5,00,000 ——-

    So tax = 20% on amount exceeding 3,00,000 + 15,000 + 3% edu cess
    =((40,000 * 20%) + 15,000) + 3%
    = 23,690

    hope it will help !!



  2. First click this link
    http://www.fam-is.com/Incometax_forms/Auto%20Tax%20Calculator%202007-08-09%20Version%202%20&%203.xls
    A window opens,then save .xls file to your system.Open it with windows Excel.
    You will find a proforma.Fill it with your data.
    Get exact IT payable amount.

    The slabs and rates of tax are :
    Up to Rs.150,000 NIL
    Rs.1,50,001 to Rs.3,00,000 10 per cent Rs.3,00,001 to Rs.5,00,000 20 per cent
    Rs.5,00,001 & Above 30 per cent
    In case of a woman assessee, the threshold limit increased from Rs.145,000 to Rs. 1,80,000
    for a senior citizens, the threshold limit increased from Rs.195,000 to Rs.225,000.


  3. New Slabs for Men, Women & Senior Citizens of Income Tax in Indian budget for year 2008-2009

    For men
    Upto Rs. 1,50,000 – NIL
    From Rs. 1,50,001 to Rs. 3,00,000 – 10%
    From Rs. 3,00,001 to Rs. 5,00,000 – 20%
    Above Rs 5,00,001 – 30%

    For women
    Upto Rs. 1,80,000 – NIL
    From Rs. 1,80,001 to Rs. 3,00,000 – 10%
    From Rs. 3,00,001 to Rs. 5,00,000 – 20%
    Above Rs 5,00,001 – 30%

    For senior citizens
    Upto Rs. 2,25,000 – NIL
    From Rs. 2,25,001 to Rs. 3,00,000 – 10%
    From Rs. 3,00,001 to Rs. 5,00,000 – 20%
    Above Rs 5,00,001 – 30%

    Income above Rs 10 lacs, surcharge of 10% is applicable. Education cess – 3% of tax payable.





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