Abbasiti
Assistant Engineer, Indian Telephone Industries,
+4 Others

Thread Started by #Newbee123

I am shifting to a new company. Here i am offered 5lakhs package. So According to govt rules upto 2lakhs no tax deduction so for rest of my 3 lakhs which i earned do i need to pay tax or for the whole 5lakhs i have to pay tax? please help me out :) So for the 5 lakhs roughly will i need to pay 30,000 as tax or 50,000 as tax?
My 2nd question is If its exactly 5 lakhs in which tax slab i will fall, is it in 20% tax slab or 10% tax slab.
Thanks in Advance.
11th July 2012 From India, Hyderabad
Yeah roughly 31000/- provided if you dont give any investment proof s
11th July 2012 From India, Madras
Dear Friends,
Mr. Ravi is correct in this regard. The tax limit upto Rs. 5,00,000 is 10%. That means when you cross Rs. 5,00,000 you have to pay 20% on additional amount. In addition a cess of 3% will also be charged.
1,80,000 (for males) will be exempted from Tax. If Income is 5,00,000, the Tax will be calculated as follows.
Taxable amount = 500000 - 180000 = 320000.
Tax @ 10% = 32000 -(1)
Cess @ 3% on Tax = 32000x3% = 960 - (2)
Total Tax = (1)+(2) = 32960.
For 600000, the Tax calculation is as follows.
Taxable amount = 600000-180000 = 420000.
Tax @ 10% = 320000x10% = 32000 -(1)
Tax@ 20% = 600000-500000 = 100000x20% = 20000 -(2)
Total = (1)+(2) = 52000 -(3)
Cess 3% = 52000 x 3% = 1560 - (4)
Total Tax incl. Cess = (3)+(4) = 53560.
Abbas.P.S
11th July 2012 From India, Bangalore
Dear Abbas the rates for FY 12-13 have changed, now for current Fy for both male & female it is 200000
11th July 2012 From India, Madras
Hi Ravi
Bhupinder Sharma is this side. Can you do me a favor.
In 2010, I had filed my IT return thru online but due to incorrect address (mentioned in IT return) the cheque has been returned and I don't what is procedure for correction of address for online changes.
Requested you if you know, please share so that I may start correspondence with them.
Regards,
Bhupinder Sharma
8826804888
11th July 2012 From India, Bangalore
Hi!
If you shift your present job to a new company in the mid financial year then you have to add the both salaries together(i.e your previous earnings from the earlier company+the earnings from the new company) and then you have to calculate the payable tax.
Say, if your total income stands roughly about Rs-500000/- by adding both the salaries, then in the coming financial year(2012-13),you have to deduct first the Professional tax and then U/S 10/13(A) for residing in a rented house and then Rs-200000/- as it is exempted from giving Income Tax, then deduct your savings U/S 80C upto Rs-100000/- & 80D upto Rs-15000/- and you will get the taxable income amount(As the amount is much lower than Rs 500000/-)you will fall in the 10% tax bracket, So calculate the amount as 10% of that.As from this FY there will be no Education Cess, the calculated amount will be final amount.
Hope you have got a priliminary idea regarding it.
With regards,
Dipankar Parui.
19th July 2012 From India, Calcutta
Dear All, Kindly explain me how to filling income tax online. my income tax has been deducted from 4080. i have received form 16 also. how to return the file through online.
24th July 2012 From India, Mumbai
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