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what is the rate of income tax, if a person gets 200000 per
annum, what are entries in tally? what is the income tax to
be deducted?
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Answer / gulzar singh ( gulzar.thpl@gma
Rate For Tax as ( Union Budget 2012-13)( for All
individuals)
Up to 200000 tax is - nill
Rs. 200001 to 500000 -10%
Rs. 500001 to 1000000 -20%
Above Rs. 1000000 -30%
as Abobe Tax Rate Slabe Rs. 200000/- come under Tax free
Limit. So No Tax and TDs will Deduct or Charged.
| Is This Answer Correct ? | 10 Yes | 2 No |
Answer / sandeep joshi
there is no amount deducted from person account bcsz they
will be under free slab . in tally . . . no income tax
entry create,
| Is This Answer Correct ? | 1 Yes | 0 No |
I don't know who asked is question, he/she is not specific
about the doubt. In income tax person includes,
Individual,HUF(Hindu Undivided Family),Company,Firm and
Association of Persons etc.....
The tax rate is different for all this category of persons.
I'm just assuming he/she require tax rate for the
assessment year 2012-13 for "Male" person who is below 60
years so tax rate as follows
0 to 1,80,000 tax rate is 0%
1,80,001 to 5,00,000 tax rate is 10%
5,00,001 to 8,00,000 tax rate is 20%
8,00,001 and above tax rate is 30%
If it's female person who is below 60 years tax rate for
A.Y.2012-13 is
0 to 1,90,000 tax rate is 0%
1,90,001 to 5,00,000 tax rate is 10%
5,00,001 to 8,00,000 tax rate is 20%
8,00,001 and above tax rate is 30%
In case of senior citizen i.e more than 60 years (male or
female)tax rate as follows
0 to 2,50,000 tax rate is 0%
2,50,001 to 5,00,000 tax rate is 10%
5,00,001 to 8,00,000 tax rate is 20%
8,00,001 and above tax rate is 30%
So coming to our question, lets apply above tax rate for
male individual(less than 60years age) who earned 2,00,000
for the Assessment year 2012-13 is 2,00,000
As we know upto 1,80,000 no tax or tax rate is Nil and we
have to apply 10% rate to remaining 20,000 (2,00,000-
1,80,000) that will be Rs.2000 (20000*10%)
and plz dnt forget to add Education Cess@2% and Secondary
Higher Educations Cess(SHEC)@1% on income tax payable.
To total income tax payable is 2000(20000*10%)+40(2000*2%)
+20(2000*1%)= 2060
For further queries you can catch me at
karthik.dale@gmail.com
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / ak.com57
incom tax act 1961 now corrent year below 300000 rp tax fully
exempted
| Is This Answer Correct ? | 0 Yes | 3 No |
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