Hi Ramachandra,
Very Good Evening...
Thank you soo much for you inputs...
I got the below Tax slab in HR Site.
Can please give input on Tax Calculation...
Please clarify above calculation
1.is the tax wiil bw calculated on CTC 3 Lakh or on 1.4 lakh is taxble amount ?
2. Bonus ans increment:is there is the policy if a employee get bonus he is not eleigible for Increment and if a employee get increment he is not elegible for bonus.
when as asked my management bonus and increment i got this reply.But our staff expecting both.
Thanks and regards
Ashwini
Subject - Re: Income tax 2010-2011
Income Tax Rates/Slabs for A.Y. (2010-11)
Slab (Rs.) Tax (Rs.)
less than 1,60,000 Nil
1,60,000 to 3,00,000 (TI – 1,60,000) * 10%
3,00,000 to 5,00,000 14,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 54,000 + (TI – 5,00,000) * 30%
Women aged 65 years or less
Slab (Rs.) Tax (Rs.)
less than 1,90,000 Nil
1,90,000 to 3,00,000 (TI – 1,90,000) * 10%
3,00,000 to 5,00,000 11,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 51,000 + (TI – 5,00,000) * 30%
Senior Citizens (Individuals aged above 65 years)
Slab (Rs.) Tax (Rs.)
less than 2,40,000 Nil
2,40,000 to 3,00,000 (TI – 2,40,000) * 10%
3,00,000 to 5,00,000 6,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 46,000 + (TI – 5,00,000) * 30%
Very Good Evening...
Thank you soo much for you inputs...
I got the below Tax slab in HR Site.
Can please give input on Tax Calculation...
- Is the tax wiil be calculated on Gross Salary or after exemption on remaining amount the persentage will be calaculate.Example CTC is 3,00000.Exemption1,60,000.300000 160000=140000.
Please clarify above calculation
1.is the tax wiil bw calculated on CTC 3 Lakh or on 1.4 lakh is taxble amount ?
2. Bonus ans increment:is there is the policy if a employee get bonus he is not eleigible for Increment and if a employee get increment he is not elegible for bonus.
when as asked my management bonus and increment i got this reply.But our staff expecting both.
Thanks and regards
Ashwini
Subject - Re: Income tax 2010-2011
Income Tax Rates/Slabs for A.Y. (2010-11)
Slab (Rs.) Tax (Rs.)
less than 1,60,000 Nil
1,60,000 to 3,00,000 (TI – 1,60,000) * 10%
3,00,000 to 5,00,000 14,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 54,000 + (TI – 5,00,000) * 30%
Women aged 65 years or less
Slab (Rs.) Tax (Rs.)
less than 1,90,000 Nil
1,90,000 to 3,00,000 (TI – 1,90,000) * 10%
3,00,000 to 5,00,000 11,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 51,000 + (TI – 5,00,000) * 30%
Senior Citizens (Individuals aged above 65 years)
Slab (Rs.) Tax (Rs.)
less than 2,40,000 Nil
2,40,000 to 3,00,000 (TI – 2,40,000) * 10%
3,00,000 to 5,00,000 6,000 + (TI – 3,00,000) * 20%
Greater than 5,00,000 46,000 + (TI – 5,00,000) * 30%