My business income is 4 lakh for 07-08.income from share is 1 lakh.calculate my tax

Question

My business income is 4 lakh for 07-08.income from share is 1 lakh.calculate my tax

Answer 1

Read about India Income tax rates for financial year 2007-08 (assessment year 2008-09): http://mytaxes.in/index.php?topic=16.0

Answer 2

Your question dose not have full details.

1. Your business income 4 lakhs is O.K

2. Your income from shares 1 lakh. You have to give further details for shares income. Trading ?, short Term capital gains ? or long term capital gains ?

If your income is 4 lakhs from business and 1 lakh on shares (trading), total income Rs.5 lakhs, then you have to pay a tax of Rs.1,11,851 (Including interest on tax due).  The interest is calculated till 31.8.2008.

(Calculated in Winman's Saral Tax, one of the Income tax returns preparation software)