i Have earned 1 lac as a Medical Practitioner and earned another 1.27 lacs as Insurance Advisor from 1.04.2007. to 31.03.2008 . I am paying Insurance premium 85000/- per annum . Whether i have to pay any taxes . Plz advice .
RE:income tax
by a on Jul 07, 2008 06:51 PM Permalink
as ur total iconome is appx 2.27 lac. after adjusting SD of 1 lac (or 1.1 lac not sure). ur taxable income is around 1.27 . 1.27lac - 85 K . your taxable income is 42K which has tax liability of 42oo Rs
RE:income tax
by ranjish haridas on Jul 07, 2008 10:56 PM Permalink
hmm din get ur calculation...!!!whts this SD of 1 lac...???
hmm wht i feel is since his gross in come is 2.27...!!and after the deduction of 85000..his taxable income comes up 2 142000..!!and since tht now comes under the slab rate...he dosn't hav 2 pay any tax...!!!
RE:income tax
by ranjish haridas on Jul 09, 2008 10:40 PM Permalink
hey ur a female ryt...i mean if u r..!!u don hav 2 pay tax..but if ur a male...ur tax slab goes down 2 110000...so 4 the excess u hav 2 pay up...!!
