My Annual salary 180000/- and house rent income 24000/- and
for 2009-10.LIC paid Rs 18000/- annual and 3500/- mediclaim
so please explain me with detals how caluclate the tax
which is paid to department. Please give all details of
calucation.
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Answer Posted / packiaraj
Salary income Rs 180000.00
House rent income Rs 24000.00
total Rs 204000.00
Lic paid 80c (-) Rs 18000.00
Mediclaim 80d (-) Rs 3500.00
Taxable income Rs 182500.00
up to 160000.00
160000-182500 = 22500
22500*10%=2250
educational chess 3% = 2250*3%=67.5
total tax is = 2250+67.5= 2317.50
2317.5 (or) 2318
Rounded off = 2318/=
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