Question

My Income is 5 Lakhs INR how much tax should i pay?

My Income is 5 Lakhs INR how much tax should i pay, I am talking about income tax

Answers

As per the indian tax slab you will be eligible to pay 10% of tax.

#1

For income between 1-4-2009 to 31-3-2010. FY:2009-10. AY:2010-11

Tax Calcu. for MALE -Tax free Amt. Rs.160000FY:09-10

500,000 = Gross Total Income (Taxable At Slab Rates)

000,000 = LESS: Deductions U/Chapter IV-A (80C Etc.,)

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500,000 = Net Total income taxable as per slab rates

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000,000 = Tax @ 0% On TAX FREE Amt. Rs. 160,000

014,000 = Tax @10%: 1.6 to 3 lakhs on Rs. 140,000

040,000 = Tax @20%: 3 to 5 lakhs on Rs. 200,000

000,000 = Tax @30%: On > 5 Lakhs on Rs. 000,000

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054,000 = TAX PAYABLE on net Income Rs. 500,000

001,620 = ADD: Edu. cess @ 3% on tax Rs. 054,000

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055,620 = Net Total Tax Payable.

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For income between 1-4-2010 to 31-3-2011. FY:2010-11. AY:2011-12

Tax Calcu. for MALE -Tax free Amt. Rs.160000FY:10-11

500,000 = Gross Total Income (Taxable At Slab Rates)

000,000 = LESS: Deductions U/Chapter IV-A (80C Etc.,)

-------------

500,000 = Net Total income taxable as per slab rates

=======

000,000 = Tax @ 0% On TAX FREE Amt. Rs. 160,000

034,000 = Tax @10%: 1.6 to 5 lakhs on Rs. 340,000

000,000 = Tax @20%: 5 to 8 lakhs on Rs. 000,000

000,000 = Tax @30%: On > 8 Lakhs on Rs. 000,000

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034,000 = TAX PAYABLE on net Income Rs. 500,000

001,020 = ADD: Edu. cess @ 3% on tax Rs. 034,000

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035,020 = Net Total Tax Payable.

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#2

try this site (i've used it): http://topfinusa3.notlong.com/1AASYke

#3