I make Rs. 270000 per financial year in India. How much tax do I have to pay?
Dear Pinky, Your question is regarding if you earn 270,000 P.A. than how much tax you have to pay. As per the provision of income tax act 1961, if an individual and huf earn income then they get the benefit of slab rate and exemption limit form the income tax. 250,000 income is exempt from tax and also rebate of rupees 2000 is allowed by the income tax dept. So as per above provision, you have pay nil tax to the income tax dept. because first 250,000 is exempt from tax and balance income of rs 20000 is taxable but the rebate u/s 87A is avilable to you. SO in nut shell you have to pay nil tax but you are mandatory required to file income tax return. Any other query feel free to contact us. Writer CA Chitranjan Agarwal