*Loan,banking and credit>>>tax calculation

May please give calculation of income tax on salary for Rs.550000.00?

Tax on 550000= 25000+(550000-250000)*0.3= 115000
Edu cess @ 2% = 0.02 x 115000 = 2300
total tax = 117300

If you have saving then sec 80D upto 100000 can be deducted from income. Other deductions as per rules applicable if any

Upto 1lakh to tax
100001 to 150000 @10% = 5000
150001 to 250000 @20% =20000
250001 to 550000 @30% =90000
Total =115000
Education Cess 2% on 115000 = 2300

Total Tax Payable =117300

If u have any amount which can be available in u/s80 upto maximum of Rs.100000 then such amount can be deduct from the total income of rs.550000
Rs 115000 + 2 % S.Charge = 117300
Upto 100000 0 tax
From 100000-150000 10% = 5000
From 150000-250000 20 %=20000
above 250000 30%=90000

If you have saving then sec 80D upto 100000 can be deducted from income. Other deductions as per rules applicable if any.
If you are salaries employee, then all responsibilities of compnay/firm for tax deducted(T.D.S.).

If your salaries taxble. then TDS deducted from your salaries as per under.

Your salaries for Rs. 550000 (1) Upto 1 lac exempted (2) If you save 1 lacs under section 80C then other 1 lac exempted (3) your responsibilities for income tax for only rs. 350000/- which as per under

(1) for Rs. 50000 @ 10% = Rs. 5000
(2)for rs. 100000 @ 20% = Rs. 20000
(3)for Rs.200000@ 30% = Rs. 60000

tax Rs. 85000/-+ 2% Cess Rs. 1700 = Total I.T. 86700/-

Please note that this resposiblities of your company or firm. Your firm deducted this tax in 12 installment = 7225 & give to you certy 16-A.