Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Calculate salary I. tax for a person
04-15-2010, 08:21 PM,
#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.

Reply
04-15-2010, 09:28 PM,
#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
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)

Contact Us | Accountancy | Return to Top | | Lite (Archive) Mode | RSS Syndication