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| *Ostroff, Fair and Company>>>India Taxes |
What are the Income Tax Rates in India as applcable for FY 1-4-05 to 31-3-06? |
If gross taxable income is say Rs.4.5 lakhs & PPF Investment is Rs.50000,what will be the tax liability & how to calculate it for the last financial year? General Rates applicable are: upto 1 lacs - Nil 1Lac-1.5 Lac - 10% 1.5 Lac - 2.5 Lac - 20% > 2.5 lac - 30% Surcharge - 10% if total income> 10 lacs Education cess - 2% In your case your GTI is 4.5 and after deduction U/s 80C for 50K towards PPF, TI will be Rs. 4 Lacs and tax shall be Rs. 71400 (5000+20000+45000+1400). In case of women assessee tax liability shall be reduced by Rs. 3570. Source(s): http://www.incometaxindia.gov.in/... Contact www.incometaxindia.gov.in for details upto 1 lac = 0% 1lac -1.5lac = 10% 1.5lac -2.5lac = 20% after 2.5lacs = 30% Surcharge = 10% Education Cess = 2% of the net tax liability In your case its like below your net taxable income shall come to Rs.4lacs (450000-50000) tax on it shall amount to Rs.(5000+20000+45000)=60000/- + Education Cess of Rs.1200/- Therefore net tax liability shall come out to be Rs.61200/-. For free Consultation on tax matter join my group at tax_investment_group@yahoogrou... CA |
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