Hi, I have a new offer for 13 lakhs. When I exclude the non-taxable components and my investments, the taxable income is 1,102,200. Do I need to calculate a flat 30% tax on this amount? Some say it is like: Tax up to Rs 5 lakhs = 32,000, 5-8 lakhs = 60,000, 8-13 lakhs = 150,000. The total would be 242,000. I need help as I am not sure how to calculate it.
From India
Acknowledge(0)
Amend(0)
1From India
Acknowledge(0)Amend(0)
Hi,
Income tax slabs for the current financial year are as follows:
Income Tax Slab for Financial Year 2012-13, Assessment Year 2013-14
For Men and Women Up to 65 years:
- Up to Rs. 2 lakhs: Nil
- From 2 lakhs to Rs. 5 lakhs: 10%
- From 5 lakhs to 10 lakhs: 20%
- Above 10 lakhs: 30%
There is also an Education cess of 3% on the same.
From India, Ahmadabad
Acknowledge(0)Amend(0)
Income tax slabs for the current financial year are as follows:
Income Tax Slab for Financial Year 2012-13, Assessment Year 2013-14
For Men and Women Up to 65 years:
- Up to Rs. 2 lakhs: Nil
- From 2 lakhs to Rs. 5 lakhs: 10%
- From 5 lakhs to 10 lakhs: 20%
- Above 10 lakhs: 30%
There is also an Education cess of 3% on the same.
From India, Ahmadabad
Acknowledge(0)Amend(0)
Thank you, Mr. Nilay. For a taxable income of 1,102,200:
- 0 to 2 lacs = nil
- 2 to 5 lacs = 30,000
- 5 to 10 lacs = 1,00,000
- 10 to 1,102,200 = 30,660
Total = 1,60,660 + 4,819 (3%)
= 1,69,479 i.e., 13,789 per month.
Is this correct? Please confirm.
From India
Acknowledge(0)Amend(0)
- 0 to 2 lacs = nil
- 2 to 5 lacs = 30,000
- 5 to 10 lacs = 1,00,000
- 10 to 1,102,200 = 30,660
Total = 1,60,660 + 4,819 (3%)
= 1,69,479 i.e., 13,789 per month.
Is this correct? Please confirm.
From India
Acknowledge(0)Amend(0)
Pls. also give details of your investment, LIC, Children school fees etc...... then only you will find actual taxable amount.
From India, Ahmedabad
Acknowledge(0)Amend(0)
From India, Ahmedabad
Acknowledge(0)Amend(0)
Dear Sherin, I have just uploaded the sample excel sheet explained how to calculate the tax.. this will guide you clear picture of income tax details.... Cheers Govindaraj
From India, Hyderabad
Acknowledge(0)Amend(0)
From India, Hyderabad
Acknowledge(0)Amend(0)
Hi, The tax calculation is ok..but the Total will be Rs. 1,65,479/- and not Rs. 1,69,479/-.
From India, Ahmadabad
Acknowledge(0)Amend(0)
From India, Ahmadabad
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Income Tax Calculation 2009-10 - Salaries.xls