My salary is 3.2lac pa,& i am paying a premium of 7000 for my policy,whats my income tax?

Question

My salary is 3.2lac pa,& i am paying a premium of 7000 for my policy,whats my income tax?

Answer 1

The answer cannot be in a single word. The salary split is necessary. Assuming 320000 as basic (which by itself is wrong) and with 7000 as your only savings, in addition to PF, your tax liability is 12843 (1069 per month). I suggest you download a tax calculator from http://prrajan-tax.blogspot.com/2008/03/... and use it to get the correct value.

Answer 2

premium of Rs.7000/- should be on which mode, if it is on yearly mode you have to deducted the premium from your total annual salary for check your salary income tax slab

Answer 3

Normally a salary has basic salary and various allowances. Some of the allowances are not taxable. What are your allowances? Read: http://mytaxes.in/index.php?topic=35.0

For income tax rate, read:

http://mytaxes.in/index.php?topic=16.0

Answer 4

PY 2007-08 n AY 2008-09

income 320000 less 7000 u/s 80c so taxable income Rs 313000.

0-110000 nil

110000-150000 10% i.e 4000

150000-250000  20% i.e 20000

250000-313000  30% i.e 18900

Total tax laibility 4000+20000+18900 = Rs 42900.