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| *Ostroff, Fair and Company>>>India Taxes |
Can any one tell me the step by step tax calculation procedure in INDIA? |
Can any one tell me the step by step tax calculation procedure in INDIA? Re. 135000 is maximum amount of income not chargeable to tax for women Re. 185000 is maximum amount of income not chargeable to tax for senior citizens Re. 100000 is maximum amount of income not chargeable to tax for other individuals and HUF. From 1-100000 is tax free. From 100001-150000 is of 10% (for men 5000, women 1500 senior citizens nil). From 150001-250000 is of 20% (for men and women 20000, for senior citizens 13,000) Above 250001 upto 1000000 is of 30% to all individuals Above 10,00,000 is of 30% and excess of 10% (equal to 33%) Educational tax excess 2% on tax payable amt. Provisional tax is apart from this. This tax goes to local muncipality. This approx 1% of earnings. Computation of tax liability Income from salary**** Income from House property **** Income from Business and profession**** Income from capital gain**** Income from Income from other source**** Gross total income ****** Less:Deduction u/s 80CCC to 80U ------- U/s 80C(Upto 100000 Rs investment Can be done) Total taxable income +++++ Tax calculation On LTCG20% On casual income30% On STCG 111A10% On normal income Up to 100000nil Next and upto 15000010% Next and up 25000020% Above 25000030% Gross tax payable**** Less:-Rebate u/s88D----- Net tax payable++++ Add surcharge 10% of NTP++++ Add:Education cess 2%++++ Total tax payable++++ Consult your tax consultant or chartered accountant. Do not take risks of calculating income tax just like that. Or refer books of Taxmann - singhania, T.N. Manoharan, etc. |
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