Example 1 For Assessment Year 2013-14 (A) Calculation of Income tax in the case of an employee below the age of sixty years and having gross salary income of: (i) Rs. 1,50,000/-, (ii) Rs.2,00,000/-, (iii) Rs.5,00,000/-, (iv) Rs. 10,00,000/-and (v) Rs.20,00,000/-. (B) What will be the amount of TDS in case of above employees, if … Read more
RATES OF INCOME-TAX AS PER FINANCE ACT, 2012: As per the Finance Act, 2012, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head "Salaries" for the financial year 2012-13 (i.e. Assessment Year 2013-14) at the following rates: 2.1 Rates of tax A. Normal Rates … Read more
The new income slabs and rates of income tax on total income shall be as under: Income-slab Rates of income tax (a) Total taxable income upto Rs.2,00,000/- NIL (b) Total taxable income exceeding Rs.2, 00,000/- but does not exceed Rs.5, 00,000/- 10% of the amount by which the total income exceeds Rs.2, 00,000/- (c) … Read more