INCOME TAX SUPER SENIOR CITIZEN

TAX ON SUPER SENIOR CITIZEN

C. Super Senior citizen (above 80 age)
Zero to 5.0 lac      = NIL
5.0 Lac to 10 Lac = 20%
10 Lac to Above   = 30%

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Example No. 1
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Calculate Tax of Mr.A Whose Total Taxable income earned is Rs. 300000/- Per annum ??

Solution : Tax Liability is Nil. since any income earned upto Rs. 500000/- by Individual is EXEMPTED from TAX.


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Example No. 2
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Calculate Tax of Mr.B Whose Total Taxable income earned is Rs. 500000/- Per annum ??

Solution : Tax Liability is Nil. since any income earned upto Rs. 500000/- by Individual is EXEMPTED from TAX.

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Example No. 4
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Calculate Tax of Mr.E Whose Total Taxable income earned is Rs. 600000/- Per annum ??
Solution : Tax Liability is 20600/-. As income above Rs. 500000/- is Taxed at 20% = Rs. 20000/-
 (600000-500000)= 100000/-
Plus 20000/-
Plus 3% Cess and E. Cess = Rs. 600/-
Thus, Rs. 20600/- is Tax Payable by Mr. E

Taxable Income = 600000
 Income = (100000*20%)= 20000/-
at 12% Rate = 20000/-
PLUS 3% Cess and E. Cess = 600
Thus, Rs. 20600/- is Tax Payable by Mr. E



**********PLEASE NOTE************
Where the taxable income of an individual exceeds rs. 1000000/- the calculation is simle and started as under :
Taxable income above Rs. 1000000/- is taxed at 30% Rate Plus 125000/-
(1000000-500000)= 500000/-
(500000*20% Rs. 100000/-)
Plus 3% cess and E.cess

************ NOTE END*************
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Example No. 4
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Calculate Tax of Mr J Whose Total Taxable income earned is Rs. 1100000/- Per annum ??

Solution : Tax Liability is 159650/-. As income above Rs. 1000000/- is Taxed at 30% = Rs. 125000/-
 (500000-250000)= 250000
  250000*10% =. 25000/-
  500000*20% = 100000/-
  100000*30% = 30000/-

Plus 155000/-
Plus 3% Cess and E. Cess = Rs. 1350/-
Thus, Rs. 46350/- is Tax Payable by Mr. E

Taxable Income = 600000
 Income = (250000*10%)= 25000/-
Tax is payable on Rs. 100000*20%=20000/-
at 10% Rate = 25000/-
PLUS 3% Cess and E. Cess = 4650
Thus, Rs.159650/- is Tax Payable by Mr. J