Regarding Income Tax for 2012-2013

Hi Pankaj,

The excel sheet is really helpful and would like to check whether I am missing something here.

After filling all the details My Net Taxable income is 7,28,444. As per the new rules it is

0 - 2,00,000 No Tax. So the remaining amount is 7,28,444 - 2,00,000 = 5,28,444 2,00,001 - 5,00,000 10% Tax. 5,00,00010% = 50,000. Remaining amount 28,444 Rs. 5,00,001 to Rs. 10,00,000 20% Tax. 28,44420% = 5688.8.

Total taxable amount is 50,000 + 5688.8 = 56880.8.

From the tool it shows as 75,688.

Is something I am missing somewhere. Could you please let me know.

Thanks and Regards, Maddy

asked Apr 04 '12 at 18:37 by Maddy4you 1111


You need to understand tax slabs correctly.

As per tax slabs, there is no income tax for first 2 lakh, 10% on amount between 2 and 5 lakhs, 20% on amount between 5 and 10 lakhs and 30% on all amount above 10 lakh.

728444 = 200000 + 300000 + 228444

Income tax = (200000 X 0%) + (300000 X 10%) + (228444 X 20%) = 0+30000+45688 = 75688

answered Apr 04 '12 at 23:57 by Pankaj Batra 5.2k320

link
Thanks a lot for the explanation.
(Apr 05 '12 at 15:13) Maddy4you

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Asked: Apr 04 '12 at 18:37

Seen: 1,559 times

Last updated: Apr 05 '12 at 15:25