4 Replies to “how to calculate the income Tax, my annual Income is 335000?”

  1. Your question not reveled that in what way your are getting income.
    First annual Income calculated 01- April to 31-March .
    classified proper heads
    1. salary 2. Business or profession 3.Income from house property (rental income) 4. Income from Other sources 5. Income from capital gain etc.,
    Each head get some deduction .
    Each savings & Life Insurance premium are get some deduction.

  2. Gross Salary Rs.___________

    Add Perq. Value – (Form 16BA)

    Add. Income from other sources.

    Deduc. u/s – 10
    Vehicle Allowance = 800 x 12
    Education Subsidy Rs.100/- p.m. per child.
    Rental accomodation – HRA – 10(13A)
    Leave Travel Assistance.
    Medical reimbursement upto Rs. 15000/-

    Deduc. u/s 16
    Proffessional Tax.

    Deduct Loss from house property – 192(2B)

    Ext. of Rs.10000/- to 15000/- invested in medical insurance premium.- u/s 80D
    Ext. of Rs.50000/- incurred in the treatment of retarded dependant.- u/s 80DD
    Ext. of Rs.40000/- incurred in the treatment of chronic deseases.- u/s 80DDB
    Ext. of Rs.40000/- if individual is blind / handicapped / retarded.- u/s 80U
    Donations to charity – u/s 80G
    Repayment of interest on education loan upto Rs.40000/- for 8 yrs – u/s 80E
    Deduc. u/s 80C
    1) Contributions to PF.
    2) Contributions to PPF.
    3) To premium paid for LIP of self/spouse/children, ULIP, Dhanraksha.
    4) To NSC VII issue / accrued interest on NSC.
    5) To schemes of PSU’s providing long term housing finance.
    6) Time deposits with Post Office.
    7) To ELSS of Mutual Funds.
    8) Repayment of home loan principle.
    9) Tution fees of full time education for 2 children – Rs. 12000/- each.
    10) Investments in Infra-structure bonds.
    11) Investment in Pension fund.- u/s 80CCC
    12) Investments in Bank Fixed Deposits for 5 years.

    Total Taxable Income

    Calculate tax according to slabs:

    upto Rs. 100000/- – Nil

    Rs. 100000/- to 250000/- – 10%

    Rs. 250000/- to 350000/- – 20%

    Rs. 350000 onwards – 30%

    Add 2% education cess.

  3. Easy Way- Just calculate ur nett Income in the financial year, after deducting the allowable rebates such as Interest,Notified Investments,Rent Earned, etc…
    Then calculate ur tax liability according to chart given by HMT.

    It is advisable to take service of professional CA in this regard.

  4. Hi Dear, You have got the right person for your queries. Since I am a Chartered Accountant, I can surely understand and help you better to solve your problem and make your life easy. For your any problem you can contact me at 9810329536.
    Sachin Aggarwal
    Chartered Accountant.

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