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Calculate salary I. tax for a person
04-15-2010, 08:21 PM
Post: #1
Calculate salary I. tax for a person
Please! how to calculate salary income tax for a person who join the service in April-2010,for tax year 2009-10 with a firm ?
is it consider his total income of three months for tax year 2009-10 with a firm ? or
on the base of Apr-10 salary calculate salary of whole year and deduct income tax at the ratio of monthly package.
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04-15-2010, 09:28 PM
Post: #2
 
I think if his three months salaries cross the exempted limit of Rs. 200,000/- and meeting the other criteria then it should be deducted as prescribed rate.

Suppose the Salary is 80,000/- per month
then its three months income is 240,000/-

I. tax 240,000/- x 0.5% = 1,200/-
Rs. 400/- per month tax
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