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How will I know how much Income tax I have to pay?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Hello, I am a CA Intermediate | CA IPCC student from Bangalore. I want to know the ways in which I get to know about the Income Tax to be paid. Sarath

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Here you will se the example

Nature Amount Exemption/Deduction Taxable(Old regime) Taxable(New regime)
Basic Salary 12,00,000 - 12,00,000 12,00,000
HRA 6,00,000 3,60,000 2,40,000 6,00,000
Special Allowance 2,52,000 - 2,52,000 2,52,000
LTA 20,000 12,000 (bills submitted) 8,000 20,000
Standard Deduction - 50,000 50,000 -
Gross Total Income from Salary     16,50,000 20,72,000

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Open uri20170510 32134 1ive9a3?1494421760 answered

Hello You can use mentioned procedure for calculation of tax if you can or you can simply use readymade calculator if you have calculated your net taxable income by just [click here] & calculate amt of tax incl surcharge & education cess. or you may calculatenet total income incl tax by [click here] **It will provide you easy & accurate answer & reduce your work to a greater extent.** Thanks & Regards, Purvi Vass http://incometaxindiaefiling.gov.in/ http://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

You can use the income tax caluator of teh income tax department for the pupose of knowing the income tax payable by you. http://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Income Slab - Tax Rate Up to Rs.2,50,000 - No Tax Rs.2,50,000 - Rs.5,00,000 - 10% Rs.5,00,000 - Rs.10,00,000 - 20% Rs.10,00,000 and beyond - 30% Income tax calculation for the Salaried Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as medical reimbursements, telephone bills reimbursement. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA, by using this HRA Calculator Transport allowance is given to employees as part of their salary to meet travel expenses from residence to work & back. Starting financial year 2015-16, limit of exemption on transport allowance is 1,600 per month or Rs 19,200 per annum. For example - if you receive Rs 2,000 as transport allowance every month, Rs 1600 shall be exempt from tax and remaining Rs 400 per month or Rs 4,800 per annum shall be taxed as salary income. To calculate income tax, include income from all sources. Include: •Income from Salary (salary paid by your employer) •Income from house property (add any rental income, or include interest paid on home loan) •Income from capital gains (income from sale purchase of shares or house) •Income from business/profession (income from freelancing or a business or profession) •Income from other sources (saving account interest income, fixed deposit interest income, interest income from bonds)

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