The 30% tax slab in increased to 5lakh. How will be tax calculated for a person earning more than 5lakhs. Flat 30% of his income or 50,000 plus 30% of his income in excess of 5lakhs? Can someone clarify this....
RE:Tax calculation
by R Seshadri on Mar 01, 2008 11:59 AM Permalink
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
RE:Tax calculation
by AnandKumar Srivastava on Mar 01, 2008 12:02 PM Permalink
as already seen in chart 52000 for his income below 5 L and for above 5L 30 % of the amount exceeding 5L
