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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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Your income tax: How it works now