When the income tax is deducted on salary (How much should be amount of salary ) Salary Range amt :- How much should be income tax deducted
From India, Mumbai
From India, Mumbai
Hi,
If your salary is above Rs.2.00 lac then then the Income Tax will be "NIL". Because Rs.1.00 Lac you can save on several instrument for saving purpose like LIC, House Rent, HBA, Bons, Mutual Fund etc. and Rs.1.00 lac Income is treated as Nil for income tax.
Here is the Rates of income-tax for male employee,
1) where the total income does not exceed Rs. 1.00 lac - Nil
2) where the total income exceeds Rs.1.0o lac but does not exceed Rs. 1.5o lac - 10% of the amount by which the total income exceeds Rs. 1.00 lacs
3) where the total income exceeds Rs. 1.50 lacs but does not exceed Rs. 2.50 lac - Rs. 5,000 + 20 % of the amount by which the total income exceeds Rs. 1.50 lac
4) where the total income exceeds Rs. 2.50 lac - Rs. 25,000 + 30% of the amount by which the total income exceeds Rs. 2.50 lac
In case of lady employee and below the age of sixty-five years, the rates for income-tax are: -
1) where the total income does not exceed Rs. 1.35 lac - Nil
2) where the total income exceeds Rs. 1.35 lac but does not exceed Rs. 1.35 lac - 10% of the amount by which the total income exceeds Rs. 1.50 lac
3) where the total income exceeds Rs. 1.50 lac but does not exceed Rs. 2.50 lac - Rs. 1,500 + 20% of the amount by which the total income exceeds Rs. 1.50 lac
4) where the total income exceeds Rs. 2.50 lac - Rs. 21,500 +30% of the amount by which the total income exceeds Rs. 2.50 lac.
In the case of person who is of the age of sixty-five years or more, the rates of incomes tax are
1) where the total income does not exceed Rs. 1.85 lac - Nil
2) where the total income exceeds Rs. 1.85 lac but does not exceed Rs. 2.50 lac - 20% of the amount by which the total income exceeds Rs. 1.85 lac
3) where the total income exceeds Rs. 2.50 lac - Rs. 13,000 + 30%of the amount by which the total income exceeds Rs. 2.50 lac.
And above this Income Tax a Surcharge is levied which is around 2% on Income Tax.
Hope this is give you some kind of idea about what Income Tax is really.
With regards,
RK Sinha
From India, Ludhiana
If your salary is above Rs.2.00 lac then then the Income Tax will be "NIL". Because Rs.1.00 Lac you can save on several instrument for saving purpose like LIC, House Rent, HBA, Bons, Mutual Fund etc. and Rs.1.00 lac Income is treated as Nil for income tax.
Here is the Rates of income-tax for male employee,
1) where the total income does not exceed Rs. 1.00 lac - Nil
2) where the total income exceeds Rs.1.0o lac but does not exceed Rs. 1.5o lac - 10% of the amount by which the total income exceeds Rs. 1.00 lacs
3) where the total income exceeds Rs. 1.50 lacs but does not exceed Rs. 2.50 lac - Rs. 5,000 + 20 % of the amount by which the total income exceeds Rs. 1.50 lac
4) where the total income exceeds Rs. 2.50 lac - Rs. 25,000 + 30% of the amount by which the total income exceeds Rs. 2.50 lac
In case of lady employee and below the age of sixty-five years, the rates for income-tax are: -
1) where the total income does not exceed Rs. 1.35 lac - Nil
2) where the total income exceeds Rs. 1.35 lac but does not exceed Rs. 1.35 lac - 10% of the amount by which the total income exceeds Rs. 1.50 lac
3) where the total income exceeds Rs. 1.50 lac but does not exceed Rs. 2.50 lac - Rs. 1,500 + 20% of the amount by which the total income exceeds Rs. 1.50 lac
4) where the total income exceeds Rs. 2.50 lac - Rs. 21,500 +30% of the amount by which the total income exceeds Rs. 2.50 lac.
In the case of person who is of the age of sixty-five years or more, the rates of incomes tax are
1) where the total income does not exceed Rs. 1.85 lac - Nil
2) where the total income exceeds Rs. 1.85 lac but does not exceed Rs. 2.50 lac - 20% of the amount by which the total income exceeds Rs. 1.85 lac
3) where the total income exceeds Rs. 2.50 lac - Rs. 13,000 + 30%of the amount by which the total income exceeds Rs. 2.50 lac.
And above this Income Tax a Surcharge is levied which is around 2% on Income Tax.
Hope this is give you some kind of idea about what Income Tax is really.
With regards,
RK Sinha
From India, Ludhiana
Hi
Mr. Sinha
its really something very knowledgable. but i hav on equery that if company is not showing employee salary in records but only incentives r kept in company records then what ll b procedure . in this case whether salary ll b counted in annual income or not
regards
jyoti
From India, Ludhiana
4Mr. Sinha
its really something very knowledgable. but i hav on equery that if company is not showing employee salary in records but only incentives r kept in company records then what ll b procedure . in this case whether salary ll b counted in annual income or not
regards
jyoti
From India, Ludhiana
Hi Jyoti,
I can't get your question.
The company has to show some amount as a basic salary to everybody and wheras incentives are concerned, so the tax rules states that the incentives are taxable ony when they are not reimbursement.
Like If you are getting conveyance allowance, you have to submit the bill or undertaking that you have spent an amount on petrol for office purpose, then this is not taxable.
and if you are getting an allowance like education allowance, then it is an taxable income.
Hope this is what you want.
RK Sinha
From India, Ludhiana
I can't get your question.
The company has to show some amount as a basic salary to everybody and wheras incentives are concerned, so the tax rules states that the incentives are taxable ony when they are not reimbursement.
Like If you are getting conveyance allowance, you have to submit the bill or undertaking that you have spent an amount on petrol for office purpose, then this is not taxable.
and if you are getting an allowance like education allowance, then it is an taxable income.
Hope this is what you want.
RK Sinha
From India, Ludhiana
Hi There, Pl find attached Income Tax PDF file. I hope this will be helpful. You can download the same from -www.hsbc.co.in Warm regards, Rohit Kumar
From India, Pune
From India, Pune
hi there
the tips and the ideas you provided with regard to how tax is applicable and how much your salary needs to be for tax purposes was extremely useful,simple and invaluable...i am sharing this information with dozens of my friends who have similar queries..looking forward to having more such articles from you and many of our readers..thanks again....
prem waidande -- pune..
the tips and the ideas you provided with regard to how tax is applicable and how much your salary needs to be for tax purposes was extremely useful,simple and invaluable...i am sharing this information with dozens of my friends who have similar queries..looking forward to having more such articles from you and many of our readers..thanks again....
prem waidande -- pune..
Hi Jyoti,
Hope you problem regarding the Income Tax over the Salary and Incentives are over. I also dont have the full knowledge regarding the Income Tax but all I have is what I have shared with you.
With regards
RK Sinha
From India, Ludhiana
Hope you problem regarding the Income Tax over the Salary and Incentives are over. I also dont have the full knowledge regarding the Income Tax but all I have is what I have shared with you.
With regards
RK Sinha
From India, Ludhiana
Hi freinds
The following site shall be of help http://www.ynithya.com/taxcalc/..
In simple terms first calculate the taxable income
Basic - Fully
Conveyance - Exempted upto 800/-pm
HRA - Exempted upto certain condition
Calculate total taxable salary.
next 1 lac employee can invest in 80C. Contribution to PF, LIC and certain other things.
Thus from the balance taxable salary, upto 1 Lac is free. Tax will be charged for Next 50,000/- upto 10%, Next 1 Lac upto 20% and Next 1 Lac and above 30%, Please note that 2% education cess shall also be charged on all.
Also reduce Professional tax deducted and income tax if deducted.
I hope this will be simple and useful
Thanks
Ravi
From India, New Delhi
The following site shall be of help http://www.ynithya.com/taxcalc/..
In simple terms first calculate the taxable income
Basic - Fully
Conveyance - Exempted upto 800/-pm
HRA - Exempted upto certain condition
Calculate total taxable salary.
next 1 lac employee can invest in 80C. Contribution to PF, LIC and certain other things.
Thus from the balance taxable salary, upto 1 Lac is free. Tax will be charged for Next 50,000/- upto 10%, Next 1 Lac upto 20% and Next 1 Lac and above 30%, Please note that 2% education cess shall also be charged on all.
Also reduce Professional tax deducted and income tax if deducted.
I hope this will be simple and useful
Thanks
Ravi
From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls