Income-Tax?



My monthy earning will be gross (1,30,000) and net (1,10,000).
Kindly help me to calculate my income tax.
Thank You.

Income-Tax?
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  1. your net income is 1,10,000 which means 20,000 is ur deductions, what kind of deduction is this ?

    after that only I could calculate ur income tax liability.


  2. Your Annual Gross will be 130000*12 = 15,60,000
    -Medical Allowance (Minimum) 15,000
    -Transport Allowance (Minimum) 9,600
    -Profession Tax (Approximately) 2,400
    (It varies from one state to another)

    Gross Taxable Income = 15,33,000

    Tax Calculation For Resident Women

    Upto 1,45,000 – Nil
    1,45,001 to 1,50,000 @10% (5000*10%) – 5,000
    1,50,001 to 2,50,000 @20% (1,00,000*20%) – 20,000
    More than 2,50,000 @30% (12,83,000*30%) – 3,84,900
    —————–
    Total Income Tax – 4,09,900
    Education cess @ 3% (409900*3%) – 12,297
    —————–
    Total Income Tax 4,22,197

    NOTE: Pls note that this may be not the final one, bcoz here u didn’t mention about ur complete savings. And I didn’t consider House Rent Allowance for you. Its also Imp. Bcoz u didn’t provide that also.



  3. Mr. Shriniwas has answered your query. The following corrections would be necessary.

    1. 10% on 5,000 will be Rs. 500 (and not Rs. 5,000 as stated by him).

    2. Since the total income exceeds Rs. 8,50,000 a surcharge of 10% on the total tax will be payable.

    3. The education cess of 3% will be levied on the total tax plus surcharge.

    It is presumed that you are a lady. The calculations as modified will be applicable only in the case of a lady tax payer.