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http://tax.justans wer.com/questions/bbu5-calcula te-expenses-percentage


Gr oss income = Income from salary+ business+ property+ interest on investment+ short-termcapital gain from stock and mutual funds
----------------------- ------------------------------ --------------------
minus Deductions U/s. 80C
Limit for deduction U/s. 80C = Rs. 1 lakh in a year
------------------------ ------------------------------ ------------------------
minu s Premium for medical insurance
Limit for medical insurance premium = Rs. 10,000 in a yr.
------------------------- ------------------------------ -----------------------
minus House rent exemption
House rent exemption = least of these options: (i) Actual HRA received
(ii) Actual rent paid-10% salary
(iii) 50% of salary in metros (40% in other places)
_____________________ __________
= Your taxable income

After getting taxable income you calculate tax on the basis of this table

1,10,000 – 1,50,000==== 10
1,50,001 – 2,50,000==== 20
2,50,001 – 1,000,000=== 30
1,000,001 upwards=== 30*

Answered by Om Prakash , an ibibo Master, at 1:51 PM on September 12, 2008

ask your ca for this

Answered by Vipan Thapar , an ibibo Master, at 8:17 PM on August 30, 2008

tell me your income i will let you know. why you are wasting your time

tulsi gupta

Answered by tulsi gupta , an ibibo Citizen, at 4:52 PM on August 30, 2008

You can calculate in this way-

Your Gross income for the year

Gross income = Income from salary+ business+ property+ interest on investment+ short-termcapital gain from stock and mutual funds
----------------------- ------------------------------ --------------------
minus Deductions U/s. 80C
Limit for deduction U/s. 80C = Rs. 1 lakh in a year
------------------------ ------------------------------ ------------------------
minu s Premium for medical insurance
Limit for medical insurance premium = Rs. 10,000 in a yr.
------------------------- ------------------------------ -----------------------
minus House rent exemption
House rent exemption = least of these options: (i) Actual HRA received
(ii) Actual rent paid-10% salary
(iii) 50% of salary in metros (40% in other places)
_____________________ __________
= Your taxable income

After getting taxable income you calculate tax on the basis of this table

1,10,000 – 1,50,000==== 10
1,50,001 – 2,50,000==== 20
2,50,001 – 1,000,000=== 30
1,000,001 upwards=== 30*

*A surcharge of 10 per cent of the total tax liability is applicable here the total income exceeds Rs 1,000,000.
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.

Answered by Nagendra , an ibibo Master, at 8:14 AM on August 30, 2008