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RE:Tax calculation
by
R Seshadri
on Mar 01, 2008 11:59 AM
It is 50000 30% of the income exceeding 500,000. Thus, if the taxable income is 600,000 his tax liability is 50,000 0.3*(600,000 - 500,000) = 50,000 30,000 = 80,0000. To this educational cess will be added to arrive at the total tax to be paid
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The above message is part of the Discussion Board:
Your income tax: How it works now