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How to calculate my income tax for the current FY 2005-06? I am a senior citizen.? |
How to calculate my income tax for the current FY 2005-06? I am a senior citizen.? If u have already computed ur total income for the year and given the Deductions u r eligible for under Chapter VI A (normal deductions for investments etc.) then u can calculate ur income tax a under: Senior citizens are eligible for a basic exemption limit of Rs. 1,85,000 from their Total Income. U need to pay taxes only on the amt exceeding 1,85,000. The rates of taxes are: For 185000 to 250000 rate of tax is 20% For above 250000 rate of tax is 30% If ur income is 300000 then on Rs65000 u will pay 20% and balance 50000 u will pay 30%. Also, if ur total income exceeds 10,00,000 then a surcharge of 10% of the gross tax computed as above is payable.. This will be of help to u if ur return and income is simple but if it is complicated having many sources then i guess u'll need professional help. Source(s): I m a tax student!! Since you are using a computer simply type in irs.com. This site you will find very helpful and you can even fill out the necessary forms on-line. |
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