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income tax calculation for assessment year 2015-16

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

income tax calculation for assessment year 2015-16

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

If you are individual and want to make payment of tax to the govt than you should calculate tax as follows. gross total income: xxxxx 155,00,000/- (-) deduction u/c VIA xxxxx 5,00,000/- Net Income xxxxx 150,00,000/- Tax calculation: First 250,000/- nil nil Next 250,000/- 10% 25,000 next 500,000/- 20% 1,00,000 For balance income 30% 42,00,000

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

First 250,000/- nil nil Next 250,000/- 10% 25,000 next 500,000/- 20% 1,00,000 For balance income 30% 42,00,000

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**INCOME TAX CALCULATION FOR A.Y. 2015-16** For calculating income tax for individual Add all the income under all heads then deduct all the deductions applicable to you Then you will get Net Income After that calculate your income tax payable as per slab rate which is as follows Upto 2,50,0000 -- nil 2,50,000- 5,00,000- 10% 500,0000-10,00,000- 20% Above 10,00,0000-- 30% Add Education Cess @ 3% to the taxable amount Add surcharge if applicable i.e if your income exceeds 1 crore rupees. Thanks

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Kruthika, If you are individual and want to make payment of tax to the govt than you should calculate tax as follows. gross total income: xxxxx 155,00,000/- (-) deduction u/c VIA xxxxx 5,00,000/- Net Income xxxxx 150,00,000/- Tax calculation: First 250,000/- nil nil Next 250,000/- 10% 25,000 next 500,000/- 20% 1,00,000 For balance income 30% 42,00,000 Total 43,25,000 Education cess: 3% 142725 Surcharge: 10% if total income exceed 1 Crore. 432,500 Total tax liability 49,00,225 Any other query feel free to contact us. Writer CA Chitranjan Agarwal

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