Computation of Total Income for the Financial Year 2012-13
To compute the total income for the financial year 2012-13, you need to consider several factors, including salary, deductions, and applicable tax rates. Here's a step-by-step guide:
1. **Salary Calculation:**
- Annual Salary: $256,380
- Monthly PF Deduction: $780
- Total PF Deduction for the Year: $780 x 12 = $9,360
2. **Gross Income:**
- Calculate the gross income by subtracting the total PF deduction from the annual salary.
- Gross Income = $256,380 - $9,360 = $247,020
3. **Taxable Income:**
- Determine any other deductions or exemptions applicable to the individual.
- Subtract these from the gross income to find the taxable income.
4. **Tax Calculation:**
- Apply the relevant tax rates for the financial year 2012-13 to the taxable income to determine the total tax liability.
Please ensure to check the specific tax slabs and exemptions applicable for the financial year 2012-13, as these can vary.
Regards,