income tax
by bipinsanju on Jan 07, 2009 08:32 PM Permalink | Hide replies

i am serving in the army. my annual income is around 560000. what will be my tax after standard deduction my saving is crossing 100000 per annum. please sugggest

Forward | Report abuse

Re: income tax
by Hitesh Singh on Feb 16, 2009 02:16 PM Permalink
560,000
-100,000
-150,000
---------
=310,000

for first 150,000 = 15000
then for next 160,000 lac = 32000

total tax = Rs. 47,000

Forward | Report abuse

Re: income tax
by Farooq Khan on Feb 16, 2009 02:09 PM Permalink
if it is less than 150000 then Tax is 0.

Forward | Report abuse

Re: Re: income tax
by ramesh wasudeo on Feb 16, 2009 02:25 PM Permalink
it is surprizing that u are getteing STANDARD DEDUCTION of Rs.4,60,000. upper exemption ceiling is 1,00,000/- plus 15,000/- for mediclaim for parents.

you are laible to tax for income exceeding 2,50,000/-.

Forward | Report abuse