Hi,
Find below the required details:
Income Tax (%)
Upto Rs.1,10,000 NIL
Rs.1,10,000 to Rs.1,50,000 10%
Rs.1,50,000 to Rs.2,50,000 20%
More than Rs.2,50,000 30%
-10% Surcharge on the tax amount is calculated if taxable salary is more than Rs.10,00,000
-3% Education cess is applicable for all on the tax amount (and is applicable on surcharge also).
-In case of women, the minimum limit is Rs.1,45,000 instead of Rs.1,10,000 mentioned above
Also find below the calculation of Tax as per above in case if taxable earnings are 3LAC
Tax calculation assuming taxable income as Rs.3,00,000/-
Upto Rs.1,10,000 NIL
Rs.1,10,000 to Rs.1,50,000 Rs.4,000
Rs.1,50,000 to Rs.2,50,000 Rs.20,000
More than Rs.2,50,000 Rs.15,000
Total Tax Liability Rs.39,000
Add: 10% Surcharge Rs.0000
Total: (tax + Surcharge)
Add: 3% Education Cess Rs.1,170
Final Tax Liability Rs.40,170