I thank you very much for the article on income tax and it is very usefull for me. I understood how to calculate tax for me. I love this kind of articles.
Nice piece of information. Please continue giving information which are useful and one can benefit from them. i believe there are a lot of people who can benefit from them and would really appriciate.
please send me any advance version if available with you.
2nd example calculates education cess on surcharge also. I think it is wrong. Education cess is calculated on Gross Tax minus Rebate income. That means including surcharge it works out 12% of income but example first adds surcharge and then again calculates education cess. Please confirm it with IT officials.
well.. the article gives a nice illustration of calculation of Tax to a layman. But I expected something more i.e., the ways to reduce one's tax burden. If it was just to tempt you to go scouting for a tax consultant, better put it as advertisement.. huh..
This article was a good and simple one, providing an introduction to tax for dummies. Should follow up with similar articles which will advise on instruments which will reduce the tax payable and the comparative benefits or disadvantages of different instruments.
Thanks. I would prefer if you clarify what is income. Is it gross or net income? When do yoy deduct Std. deduction? Are Mediclaim- and Jeevan Suraksha premia, donatios to CRY/HelpAge deductible before computation of ITax? Is Edu. Cess payable after availing of rebates or before. Please clarify the above by suitable examples. Thanks again.
The article was nice and depicts the fundas of tax calculation wonderfully. It would have been a great help if the topic wud have been presented with few more links to have more details of the same..Thanx
