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?
Answer Posted / kartik
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 |
Post New Answer View All Answers
Any body tell me about VAT (Karnataka)shortly because, iam reading vat book but iam not able to understand that. if any body tell me shortly about karnataka vat, retursn, tax collectng, tax payment, CENVAT utilizing etc. pleseeeeee
Where can i get IFAM Banglore details, i came to know that there they are giving Accounts & Taxation Training on Real Projects, and they are providing Job after training. I got one number that is not reachable i.e 9591777526. Please give me if any one knows this Institute details.
if any civil contractor provide service to education institute, then there is an exemption for service tax liability, and he should be quoted it on its invoice, can u provide me sample invoice formats
WHEN I AM DOING 1ST TIME VAT RETURN E-FILLING, WHAT IS PROCESS FOLLOW HOW GET E-RETURN FILLING PERMISSION HOW APPLY FOR GET THE USER I.D & PASSWORD FOR E-RETURN FILLING IF ELSE, PLEASE GIVE ME THE RIGHT ANSWER ON MY E-MAIL ADDRESS ON sonidilip87@yahoo.com
What is Stock Reconciliation Statement , why we make the Stock Reconciliation Statement.
How to Prepare Balance Sheet for Annual Tax Assessment. Do You Have any Format, Please send on (Pankajica15@gmail.com)
What are the treatment & implications in case interstate sales transaction if party is not registered (Individual or other then individual)
Our company is engaged in a business of Real state developer in andhra pradesh. we want to purchase some material from other states. we have central sales tax registration. whether we are eligible for issuing a form 'c' to the supplier being a deeloper.
what is cost taxation
if the goods are purchased against H Form, is there any specified time limit winthin which they should be exported?; if yes then wat is that limit?
If we want to do online PT registration it starts from 2007-08. But our firm started 2005-06. What is the procedure? Manually we have to submit the documents. Can any one let me know.
Dear All, We are a trader and doing one E-1 sales. Supplier send the material by To-pay basis, we endorse the LR and sold to Customer. Customer has given the purchase order for Basic amount and freight amount also. That means we have to pay the freight and getting the reimbursement from customer. In E-1 sales Invoice can we show the freight amount separtely as freight ? Since the customer need the freight head should be shown separetly. Or can we raise the separate debit note for this. Is it create any tax implifications in E-1? Please claify the same at the earliest. regards Regards Thananjeyan.P
what is the proccesor to caculate the firm assement
i want to know about Form c,D,E, E-1,E-2,F,G,H,I.WHEN IS LIABILITIES OF ISSUE OF ALL RELATED FORM ON SELLER AND BUYER.PLZ SEND THE ANSWER OF THIS QUESTION ON MY E-MAIL
Excise duty applicable for Handmade Production?