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.
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Income Tax Slabs for Financial Year 2012-13
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 Rs. 2 lakhs to Rs. 5 lakhs: 10%
- From Rs. 5 lakhs to Rs. 10 lakhs: 20%
- Above Rs. 10 lakhs: 30%
There is also an Education cess of 3% on the same.
From India, Ahmadabad
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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 Rs. 2 lakhs to Rs. 5 lakhs: 10%
- From Rs. 5 lakhs to Rs. 10 lakhs: 20%
- Above Rs. 10 lakhs: 30%
There is also an Education cess of 3% on the same.
From India, Ahmadabad
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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.
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- 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.
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Pls. also give details of your investment, LIC, Children school fees etc...... then only you will find actual taxable amount.
From India, Ahmedabad
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From India, Ahmedabad
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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
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From India, Hyderabad
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Hi, The tax calculation is ok..but the Total will be Rs. 1,65,479/- and not Rs. 1,69,479/-.
From India, Ahmadabad
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From India, Ahmadabad
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Income Tax Calculation 2009-10 - Salaries.xls