Computation of Taxable Income for AY 2012-13.
Assessment Year 2012 -13
If person is individual and below 60 years and his total income after deductions is 12,00,000 :
Step 1: on calculator (12,00,000 – 8,00,000) = 4,00,000 *30% = Rs. 1,20,000
Step 2: then (8,00,000 – 5,00,000) = 3,00,000 *20% = Rs. 60,000
Step 3: then (5,00,000 – 1,80,000) = 3,20,000*10% = Rs. 32,000
Step 4: then add (Rs. 1,20,000+ Rs. 60,000+ Rs. 32,000) = Rs. 2,12,000
Step 5: then Rs. 2,12,000 *3% = Rs.
6360
Step 6: then (Rs. 2,12,000 + Rs.
6360) = Rs. 2,18,360
- Net tax payble = Rs. 2,18,360
If person is a resident woman and below 60 years and her total income after deductions is 7,00,000 :
Step 1: On calculator (7,00,000 – 5,00,000) = 2,00,000 *20% = Rs. 40,000
Step 2: then (5,00,000 – 1,90,000) = 3,10,000*10% = Rs. 31,000
Step 3: then add ( Rs. 40,000+ Rs. 31,000) = Rs. 71,000
Step 4: then Rs. 71,000 *3% = Rs.
2130
Step 5: then (Rs. 71,000 + Rs.
2130) = Rs. 73,130
- Net tax payble = Rs. 73,130
If person is a resident senior citizen (either man or woman) and above 60 years and his total income after deductions is 4,50,000 :
Step 1: then (4,50,000 – 2,50,000) = 2,00,000*10% = Rs. 20,000
Step 2: then Rs. 20,000 *3% = Rs.
600
Step 3: then (Rs. 20,000 + Rs.
600) = Rs. 20600
Net tax payble = Rs. 20600
Very good to every body tax rates
Please provide me detail of Income Tax deduction U/S 80CCF & 80TTA
Thanks & Regards
Deepak Sainani
Jaipur