I am a female. My total income is Rs. 4,70,000. Rs. 1,00,000 have been invested in Tax saving Mutual funds. What is my tax liability? Hi.. here is your tax computation for:
Financial year 2006-07
Assessment year 2007-08
Gross Salary Rs.470000.00
Less: Deduction U/S 80C Rs.100000.00
Rs.370000.00
less: basic exemption Rs.135000.00
Rs.235000.00
tax on first Rs.15000.00@10% Rs.1500.00
on next Rs.100000.00@20% Rs.20000.00
on balanceRs.120000.00@30% Rs.36000.00
Total Rs.57500.00
Add education cess @2% Rs.1150.00
Total Tax Rs.58650.00 470000 - 100000 = 370000
upto 150000 tax - 1500
upto 250000 - 20000
above 250000 - 36000
Total 57500/- + 2% Cess.
Payble in advance and before 31 March. Clarify
Residential status
Age
Is the amount given by you i.e 470000 is Gross total income (GTI) or net income.
GTI is the income before deduction of sec 80c to 80u
The amount after deduction is known as Net Income.
So taking 470000 as GTI and 1lac as deduction u/s 80c your NI will be 370000/-
Tax payble for AY 2006-07 if you are a senior citizen 49980/-
Tax payble for AY 2005-06 if you are a senior citizen 86700/-
Tax payble for AY 2006-07 if you are not a senior citizen 58650/-
Tax payble for AY 2005-06 if you are not a senior citizen 86700/-
Tax payables include surcharge and education cess
Tax rate is as follows
For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income tax rate
Upto 135000 nil
135000 to 150000 10% of (TI-135000) + 2% education cess
150000 to 250000 1500+20% of (TI-150000) +2% education cess
250000 to 1000000 21500+30% of (TI- 250000) +2% education
cess
above 1000000 246500+30%of (TI-1000000) +10% of income tax Surcharge + 2% of income tax and surcharge
For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 185000 nil
185001 to 250000 20% of (TI-185000)+2% edu cess
250001 to 1000000 13000+30% of (TI- 250000)+2% edu cess
above 1000000 238000+30% of (TI- 1000000)+10% sc
+2% edu cess
For any other individual, every HUF/AOP/BOI/Artificial juridical person
upto 100000 nil
100000 to 150000 10%of (TI- 100000)+2% ec
150001 to 250000 5000+20% of (TI-150000)+2% ec
250001 to 1000000 25000+30% of(TI- 250000)+2%ec
above 1000000 250000+30% of (TI-1000000)+10% sc+2%ec
From Next year the Minimum exemption limit will increase by 10000 and education cess by 1% rest slab will be same but amount will change.
Following are the different items where you can invest to get a maximum deduction of 1 lac u/s 80 C
1.LIC insurance premium (including payment made by govt employees to the central govt employees' insurance scheme and payment made by a person under children 's defered endowment assurance policy){subject to a maximum of 20% of sum assured}
2.Amount deposited as term deposit for a period of5 years or more accordance with a scheme framed by the govt (applicable from Assessment year 2007-2008)
3.Payment in respect of non-commutableDeffered annuity plan
4.Any amount paid as tuition fee (not including any payment towards development fees/donation/payment of similar nature) whether at the time of admission or otherwise to any university/college/educational institutions in india for full time education
5.Salary deducted by employer (incase of Govt employee)6.contribution to Statutory provident fund and RPF.
7.contribution towards 15yrs PPF
8.contribution towards approved superannuation fund.
9.Subscription to National Savings Certificate VIII issue.
10.contribution for participating in the ULIP of UTI
11.contribution for participating in the ULIP of LIC mutual fund
12.Payment for notified annuity plan of LIC or any other insurer.
13.Subscription towards notified units of Mutual Fund or UTI
14.contribution to notified pension fund set up by Mutual fund or UTI (i.e retirement benefit pension fund of UTI)
15.Any sum paid including accrued interest as subscription to home loan account scheme of the National Housing Bank or contribution to any notified pension fund set uo by the national housing Bank.
16.Any sum paid as subscription to any scheme ofa> public sector company engaged in providing long term finance for purchase/construction of residential house in India.b> housing board constituted in India for the purpose of planning, development or improvement of cities/towns.
17.Any amount towards the cost of purchase/construction of aresidential property (including repayment of loan taken from Govt. bank, cooperative bank,LIC,National Housing Bank,assessee's employer where such an employer is a public company/public sector company/university/co-operativ... society)18.amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of amutual fund proceeds of which are utilised for the developing, maaintaining,etc of a new infrastructure facility reema,
womens have tax benefits upto 1.20lac and as you have said that you have 1 lac in saving mf then your tax liabality will be aroun 2 lacs and tax panel will be up to 1.50 lac 10% up to 2.50 lac 20% and more than that 30% Your tax liability will
-depend on your Basic, HRA and rent you pay and the city you live(Metro/nonmetro)
but having invested Rs 1,00,000, I am sure you have done a substantial amount of tax plan to mitigate the liability
So there will be little cahnces of preventing the liability any way .... Just check if you could claim medical expenses and you could save on a couple of thousands
Also plan a housing loan to manage tax for the future | 