Computation of Income

Computation of Income

Computation of Income Tax
========================

1) Salary Income
2)House Property Income
3)Capital Gain
4)Income From Other Source
5)Business/Profession Income
====================
Gross Total Income
====================

Less Deduction:
Under Chapter VI A (80C to 80U)
====================
Taxable Income
====================

Calculate Tax on Above at the rate stated below:


A. Male/Female (individual)
====================
Zero to 2.5 lac = Nil
2.5 lac to 5 lac = 10%
5 lac to 10 lac = 20%
10 lac - above = 30%

B. Senior Citizen (above 60 age)
========================
Zero to 2.5 lac = Nil
2.5 lac to 5 lac = 10%
5 lac to 10 lac = 20%
10 lac - above = 30%

C. Super Senior Citizen (above 80 age)
============================
Zero to 5 lac = Nil
5 lac to10 lac = 10%
10 lac - above =20%

In addition to above TAX, there is an additional levy of 2% Education cess and
1% Secondary and Higher Secondary Education Cess.