What is the income tax on a salary of Rs.12 lakhs per annum?
Dear Mr.Gunesh, Tax shall be calculated as follows for the FY 2015-16 i.e.AY 2016-17 Indiaviduals below 60 years: Rs.25000+Rs.100000+Rs.60000=Rs.185000 plus 3%SHEC RS.5550 TOTAL TAX=rS.190550/- INDIVIDUAL 60 TO 80 YEARS. RS.20000+RS.100000+RS.60000+3% SHEC RS.5400. TOTAL TAX=RS.185400/- INDIVIDUAL ABOVE 80 YEARS RS.100000+RS.60000+SHEC 3% 4800. TOTAL TAX=RS.164800/- THANKS