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bunny19
2

Dear all,
cananybody please tell the income tax calculation .many of them attached one excel sheet for calculation. but i didnt get that properly. here am stating the present example. please tell how you calculate incometax for that.
name: shalini
sex : female.
ctc: 2.20 per annum.
basic monthly : 7000
i know that for female excemption is for 1.8 pa....
so tax will be calculated on 40000 ( 220000-180000)
i.e 10%
will it be 4000 for year
please tell whether am right or not?
regards
bunny

From India, Hyderabad
gupta.suchit
Income-tax (FOR Resident - Female) on Rs. 220,000 is Rs. 4,120.00 Surcharge Rs. 0.00Education Cess Rs. 80.00Secondary and Higher Education Cess Rs. 40.00
From India, Bangalore
gupta.suchit
Income-tax (Income of Individuals as Resident - Female) on Rs. 220,000 is Rs. 4,120.00Surcharge Rs. 0.00Education Cess Rs. 80.00Secondary and Higher Education Cess Rs. 40.00
From India, Bangalore
sriharirajun
1

Hi Bunny
Under IT Act there are some Tax Benefit Excemptions. HRA if we take HRA there are 3 formulas to calculate tax excemption amount
1. How much rent are u paying 2. HRA paying by company 3. Rent paid - 10% of Basic whichone is lease that amount will be consider as a HRA Excemption
2. PF 3. Professional TAx 4. Mediclaim upto 15000/- 5. Section 80C. 100000( all savings like NSC, LIC Premiums, Mutual funds, UPLP, etc., 6. Medical Reimbursement offering in the Payslip, 7. LTA.
I think if we see her payslip we can easily say whether she has to pay tax or not.
Thanks and regards
sree

From India, Pune
bunny19
2

Dear Gupta, it means what i have stated is corect 10% on 40000 + 80+40 LIC and otehr savings is exempted till one lac ? or more. please clarify thanks
From India, Hyderabad
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