Hi friends,
I just need clarification on LIC. Can I show my parents' LIC account for tax saving, including mine account also? Could any of you brief this to me?
My taxable income is 1,50,000. What is the tax amount for me this year?
Best regards,
K. Murugan
From India, Madras
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I just need clarification on LIC. Can I show my parents' LIC account for tax saving, including mine account also? Could any of you brief this to me?
My taxable income is 1,50,000. What is the tax amount for me this year?
Best regards,
K. Murugan
From India, Madras
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Hi Shiva,
Please find below the tax slab for the current financial year based on the taxable salary of Rs. 150,000:
- Up to Rs. 110,000: NIL
- Rs. 110,000 - Rs. 150,000: 10%
- Rs. 150,000 - Rs. 250,000: 20%
- More than Rs. 250,000: 30%
Additionally, there is a 3% Cess to be added to determine the final tax liability, which in this case amounts to Rs. 4,120 per annum.
Regards,
Murugan
From India, Pune
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4Please find below the tax slab for the current financial year based on the taxable salary of Rs. 150,000:
- Up to Rs. 110,000: NIL
- Rs. 110,000 - Rs. 150,000: 10%
- Rs. 150,000 - Rs. 250,000: 20%
- More than Rs. 250,000: 30%
Additionally, there is a 3% Cess to be added to determine the final tax liability, which in this case amounts to Rs. 4,120 per annum.
Regards,
Murugan
From India, Pune
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