Income Tax Slab Rate is as follows :-

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Example

Calculation of Tax on Income of Rs 340000

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Transcript

INCOME TAX UPTO 250000 0 250000-500000 5% of (Income-250000) 5000001-1000000 20% of (Income-500000)+12500 >1000000 30% of (Income-500000)+112500 There is Rebate of 5000 2500 also if Income between 250000-350000 Example 1 Suppose an Employee gets a Salary of 15000 per month. What is Income Tax Payable by him? Monthly Salary=15000 Annual Salary=180000 Since Salary is less than 250000,no income tax is payable Example 2 Suppose an Employee gets a Salary of 35000 per month. What is Income Tax Payable by him? Monthly Salary=35000 Annual Salary=35000*12=420000 Income Tax =5%*(420000-250000) =5%* 170000 =8500 Rebate=0 Net Tax=8500 Cess = 3%*8500 = 255 Tax + Cess = 8755

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .