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March 28, 2000

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Fools guide to basic tax computation?

Want to know in which tax bracket you fall? Interested in figuring out what it actually amounts to? Read on to find out.

Repayment tenure (years)

 

Income per annum

Tax

Surcharge

Total

Upto Rs 50,000

Nil

Nil

-

Rs 50,000 to Rs 60,000

10%

Nil

10%

Rs 60,000 to- Rs 1,50,000

20%

10%

22%

Over Rs 1,50,000

30%

15%

34.5%

 

Annual income of Rs 2,00,000

Percent of tax

Amount

Rs 60,000 - Rs 50,000 = Rs 10,000

10% of Rs 10,000

Rs 1,000

Rs 1,50,000 Rs 60,000 = Rs 90,000

22% of Rs 90,000

Rs 19,800

Rs 2,00,000 - Rs 1,50,000 = Rs 50,000

34.5% of Rs 50,000

Rs 17,250

Total tax

 

Rs 38,050

 

The above calculation is based on the assumption that no investment has been made in any tax saving instrument.

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