Apr to oct 324000 and nov to march 400000 income for the current year pl let me know the amt of tax payable?
Answers: it will be to the tune of 68,000/- for the financial year
any further details as to what do you do, your profession.
Nature and source of income.
Any tax saving exercise you are involved in.
these details will give you the exact tax payable and also will provide avenues to save tax if any.
Your total income = Rs. 724000
Tax will be computed in three slabs, i.e.
For Rs. 40000 (150000-110000)*10% = Rs. 4000
For Rs. 100000(250000-150000)*20% = Rs. 20000
For Rs. 474000(724000-250000)*30% = Rs. 142200
So your total tax amount is = Rs. 166200
3% Edu cess on tax amount = Rs. 4986
Total Tax Liability = Rs. 171186
If you claim deduction u/s 80C upto Rs. 100000, your tax amount would be as under:
Your total income after Deductions u/s 80C = Rs. 624000
Tax will be computed in three slabs, i.e.
For Rs. 40000 (150000-110000)*10% = Rs. 4000
For Rs. 100000(250000-150000)*20% = Rs. 20000
For Rs. 374000(624000-250000)*30% = Rs. 112200
So your total tax amount is = Rs. 136200
3% Edu cess on tax amount = Rs. 4086
Total Tax Liability = Rs. 140286
This amount can be further reduced, if you claim HRA, Conveyance, Food Coupons, Education Allowances i.e. Max to 2400 for two children(1200 per child)
324000 April to Oct
400000 Nov. to March
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724000 total salary
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I am treating you as a Male for calculation purpose.
Tax----------Slab
0,00,000 0,00,000 to 1,10,000 Tax (a)00% on 1,10,000
0,04,000 1,10,001 to 1,50,000 Tax (a)10% on 40,000
0,20,000 1,50,001 to 2,50,000 Tax (a)20% on 1 lakh
1,42,200 2,50,001 to 7,24,000 Tax (a) 30% on 4,74,000
------------
1,66,200 Gross Tax.
0,04,986 Add Education Cell
------------
1,71,186 Net tax payable by you: (Male)
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If you are a Female: Net Tax payable= Rs.1,67,581
Haven't have a commission surrounded by a couple years, should I profile taxes?
I only have a job for just about 3 months before my dad get sick and I had to stay home and bear care of him for the ultimate two years. (He's 100% now and I'm looking for one even so have not gotten one yet)So, since I haven't have a job for over 2 years and the ultimate job I have lasted for 3 months, do I report my taxes or what do I do?
BTW I know how to file taxes (I've done my dad's for the end 2 years)
Answers: If you haven't had a opening and thus no income for the past two years, what would put ont he form?
If you know how to profile taxes, you should be aware that you don't have to record if you have no income.
Still folder, because if the $600 thing go through Congress, I believe they base it on who have filed.
I attempted to enjoy taxes done and told gov't. delayed updating their computers. Anyone hear of this?
I could not file, because the special mortgage credit I usually receive isn't contained by the gov't. computers yet. It is a substantial amount of money to loaf, but for another week. I was planning on paying my property taxes near my refund.This is so disappointing, especially, since I enjoy been let go for the last month. The longer I skulk for them, the longer it will take to seize my refund. Why surrounded by the middle of tax season would gov't. do this?
Answers: If you use one of the following forms
o Form 8863, Education Credits.
o Form 5695, Residential Energy Credits.
o Form 1040A's Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.
o Form 8396, Mortgage Interest Credit and
o Form 8859, District of Columbia First-Time Homebuyer Credit.
you can’t efile until 2/11, and if you transport your return by mail formerly that, they’ll just hold it and not process it until after.
The reason this happen is because Congress fooled around and didn't make some needed change to the tax law until late December, and it took that long after the law were changed to win the computers updated.