INCOME TAX - TAX - P.T

Dear member,

Income tax calculation for individuals is as under

Men & Women

Men
Up to 1,10,000 tax is nil

1,10,000 to 1,50,000 is 10%

1,50,000 to 2,50,000 is 20%

Above 2,50,000 is 30%

Women

Up to 1,45,000 tax is nil

1,45,000 to 1,50,000 is 10%

1,50,000 to 2,50,000 is 20%

Above 2,50,000 is 30%

This is basic tax and education chess is to be added 3 % to arrive taxable income we have give deceptions under chapter VIA from the gross salary received from the employer.

Thanks & Regards,

i think for men upto 1,10,000 is nil and then 1,10,001-150000 is 10%

hi
as per Income Tax Act,
Tax Slabs for Men is exempt till 1,10,000/-

please advice

Thanks

Hello members,

Sorry its my error only men 110000/- only. i urgently type the details thats y just now i c'ned i changed sorry to everyone.

Once again sorry to every one...

thanks & Regards,

__________________
Warm Regards,
Pondy


http://www.citehr.com/misc.php?do=em...5AZ21haWwuY29t

Hello,

Thanks ....

Thanks & Regards,

__________________
Warm Regards,
Pondy


http://www.citehr.com/misc.php?do=em...5AZ21haWwuY29t

The taxable income will be arrived after considering the sec 80C, other income/loss particulars. HRA, bills for other reimbursements etc. On the taxable income only, the tax will be calculated. surcharge @10% will be levied if the taxable income is 10 lacs and above.

The detailed calculations are as follows:

TDS Slab :

General Women
>= 110000 Nil >= 145000 Nil
110001 – 150000 10% 145001 – 150000 10%
(Taxable income – 110000/145000)*10%
150001 – 250000 20% 150001 – 250000 20%
(Taxable income – 150000)*20% +4000/500
250001 – above 30% 250001 – Above 30%
(Taxable Income - 250000)*30% +24000/20500

Surcharge 10% if the taxable income is above 1000000
(Taxable Income – 1000000)+249000/245500
Educational cess 2%
Higher Educational cess 1%

Hope it gives moe clarity on tax calculations

Thanks sir ,
But Sir please clear why you add 249000 & divide by 245500

Hello,

That is not divided by. That can be understand as male/female

Thanks Sir for clear this fact