For the AY2008-09 for a non senior citizen woman,is the taxable income calculated network of deduction underneath 80c?
Answers: Please go through a example subtraction given below on 3 lakhs income
AY:2008-09 (FY:2007-08) 1.4.2007 to 31.3.2008
.Tax Calcu. for FEMALE -Tax free Amt. Rs.145000
CALCULATION WITH DEDUCTION U/S 80c
300,000 = Gross Total income (Regular)
100,000 = LESS: Deductions U/Chapter IV-A (80C Etc.,
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200,000 = Net total income taxable (a) Slab Rates
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000,500 = Tax (a)10% between 1.1 to 1.5 lakhs on005,000
050,000 = Tax (a)20% between 1.5 to 2.5 Lakhs on050,000
000,000 = Tax (a)30% on > 2.5 lakhs on Rs.000,000
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010,500 = Gross Tax (As per slabe rates) on 055,000
000,000 = ADD: S.T.C.G Tax-Shares/ M.F (a)10% on 000,000
000,000 = ADD: L.T.C.G Tax on Property (a)20% on 000,000
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010,500 = Total of Narmal + Spl. Rate Tax.
000,315 = ADD: Education cess (a) 3% on tax.
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010,815 = Net Total Tax Payable. (After 80C deduction)
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CALCULATION WITHOUT DEDUCTION U/S 80C
Tax Calcu. for FEMALE -Tax free Amt. Rs.145000
300,000 = Gross Total income (Regular)
000,000 = LESS: Deductions U/Chapter IV-A (80C Etc.,)
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300,000 = Net total income taxable (a) Slab Rates
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000,500 = Tax (a)10% between 1.1 to 1.5 lakhs on005,000
100,000 = Tax (a)20% between 1.5 to 2.5 Lakhs on100,000
015,000 = Tax (a)30% on > 2.5 lakhs on Rs.050,000
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035,500 = Gross Tax (As per slabe rates) on 155,000
000,000 = ADD: S.T.C.G Tax-Shares/ M.F (a)10% on 000,000
000,000 = ADD: L.T.C.G Tax on Property (a)20% on 000,000
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035,500 = Total of Narmal + Spl. Rate Tax.
001,065 = ADD: Education cess (a) 3% on excise.
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036,565 = Net Total Tax Payable. (Without 80C deduction)
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Yes.