TAX
by altaf wani on Mar 04, 2007 07:07 PM Permalink | Hide replies

MY ANNUAL SALALRY IS RS 276000.HOW MUCH TAX I HAVE TO PAY

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RE:TAX
by Rajneesh Mehta on Mar 04, 2007 07:38 PM Permalink
1st 1,00,000.00 is exempted. Then if u save 1,10,000.00 in any of the specified instruments like ppf, premiums for insurance principal amount of the loan taken etc then your taxable income is 66,000.00. 10% for first 50,000.00 = 5000.00. 20% for balaance ie 16,000.00 = 320.00. your effective tax rate is 5320.00 3% edu cess = 160.00
ur tax is therefore about 5480.00.

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RE:RE:TAX
by anil kumar on Mar 04, 2007 09:35 PM Permalink
Hi
The calculation is wrong since 20% of 16000 is 3200so effective tax rate is 8320 3%edu cess=246 . Total becomes Rs.8566.
Anil - Jammu

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