My gross income is more that Rs.1,50,000. How much tax m is suposed to pay? Or which tax bracket do i come in?

Question

My gross income is more that Rs.1,50,000. How much tax m is suposed to pay? Or which tax bracket do i come in?

Answer 1

download a simple tax calculator for ay 2008-09 and 2009-10 from the link given below

http://simpletaxindia.blogspot.com/2008/...

Answer 2

It is more than 1,50,000 then yes you are liable to tax. The tax slabs are as under for FY2008-09:

General:

Up to Rs.150,000--------------NIL

Rs.150,001 to Rs.300,000-----10 per cent

Rs.300,001 to Rs.500,000-----20 per cent

Rs.500,001 and above---------30 per cent

Women:

Up to Rs.180,000--------------NIL

Rs.180,001 to Rs.300,000-----10 per cent

Rs.300,001 to Rs.500,000-----20 per cent

Rs.500,001 and above---------30 per cent

Senior Citizens:

Up to Rs.225,000--------------NIL

Rs.225,001 to Rs.300,000-----10 per cent

Rs.300,001 to Rs.500,000-----20 per cent

Rs.500,001 and above---------30 per cent

For tax liability, download the calculator from http://prrajan-tax.blogspot.com/2008/03/...

Answer 3

1. Which financial year ?

2. What is your status (Male ?, Female ?, Senior Citizen ?.)

3. More than 1.5 lakhs means how much exactly ?

If you can tell the above, than any one can answer your question easily.

Answer 4

If you are a male resident or nonresident, then the tax is $4,120.

If it is a salary income and you know breakup of your salary (conveyance allowance, medical allowance, HRA...) then you may have nil or much less tax.

Read Income From Salary:

http://mytaxes.in/index.php?topic=17.0