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computation of monthly income tax?
example;-salary of male employee below 65 yr. of age the yrs
inclusive of all perquisites is Rs.450000/- out of which
rs.50000/- is account of non monetary perquisites and the
employer opt.to pay the tax on such perquisites as per the
provision?discusson above with reply
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Answer Posted / guest
in my opinion; the Answer is
0-160000 nil
160000 to 300000/- 14000/-
300000 to 450000/- 30000/
now 14000+30000=44000+ E.cess 3% 1320
44000+1320=45320
average rate of tax=45320/450000*100=10.07%
now may be= 45320/12=3777
Add:10.07% of Rs.50000=5035/12=420each month
note: tds paid by the employer on Rs.50000 perquisite shell
be deemed to be tds made from the salary of employee
total monthly tds=3777+420= 4190/-
now pls tell me is it right or wrong if its wrong then pls
suggest me right answer in detailed
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