Ostroff, Fair and Company
*Ostroff, Fair and Company>>>India Taxes

How income tax calculated if annual aanual incum is 1,07,000 Rs?


How income tax calculated if annual aanual incum is 1,07,000 Rs?

If Assessee is Male(not a senior citizen) taxliability is
I 1,00,000/- not taxable.
II 7000/- taxable@10% and Education cess @2%
Total 700+14 = 714

If Assesee is Woman(not a senior citizen) no tax
As exemtion available upto 135000/-

If Assessee is senior citizen no tax

As exemption available upto 150000/-
Income tax on 107000/- for the financial year 2005-06 will be 700/- add to it education cess @ 2% i.e. 14. the total liability for income of 107000/- will be 714/-
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