Hello Everybody,
I am working in a Pvt Ltd company as a Team Leader. Basically, it's an Export-oriented unit. My annual salary is Rs. 1,56,000/-. Can anyone let me know what should be the breakup of my salary shown in the salary slip and also ensure that my salary does not fall into the Tax Bracket?
Awaiting a reply.
Thank you, :)
Umesh
From India, Ahmadabad
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I am working in a Pvt Ltd company as a Team Leader. Basically, it's an Export-oriented unit. My annual salary is Rs. 1,56,000/-. Can anyone let me know what should be the breakup of my salary shown in the salary slip and also ensure that my salary does not fall into the Tax Bracket?
Awaiting a reply.
Thank you, :)
Umesh
From India, Ahmadabad
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Kindly find attached the Tax Calculator which will be of some use to you,,, Regards MPMS :D :D :D
From India, Coimbatore
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746From India, Coimbatore
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Hi Umesh,
For males, there is no tax until the income reaches 1,50,000 INR. After that, a 10% tax rate applies for income between 150,000 and 300,000 INR, a 20% rate for income between 300,000 and 500,000 INR, and a 30% rate for income above 500,000 INR. Essentially, the tax is calculated based on your net take-home pay, not your Cost to Company (CTC).
To calculate your tax liability, first determine your take-home pay for the entire year. If it exceeds 150,000 INR, you are required to pay tax. Additionally, if you have professional tax or Provident Fund (PF) deductions, multiply that total by 12 (the number of months in a year), and subtract it from your total take-home pay. The remaining income is then taxed accordingly.
Regards, Nicks
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For males, there is no tax until the income reaches 1,50,000 INR. After that, a 10% tax rate applies for income between 150,000 and 300,000 INR, a 20% rate for income between 300,000 and 500,000 INR, and a 30% rate for income above 500,000 INR. Essentially, the tax is calculated based on your net take-home pay, not your Cost to Company (CTC).
To calculate your tax liability, first determine your take-home pay for the entire year. If it exceeds 150,000 INR, you are required to pay tax. Additionally, if you have professional tax or Provident Fund (PF) deductions, multiply that total by 12 (the number of months in a year), and subtract it from your total take-home pay. The remaining income is then taxed accordingly.
Regards, Nicks
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SALARY CALCULATOR & INCOME TAX.zip
Income Tax Calculation 2009-10 - Salaries.xls