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what is the rate of income tax, if a person gets 200000 per
annum, what are entries in tally? what is the income tax to
be deducted?
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Answer Posted / kartik
I don't know who asked is question, he/she is not specific
about the doubt. In income tax person includes,
Individual,HUF(Hindu Undivided Family),Company,Firm and
Association of Persons etc.....
The tax rate is different for all this category of persons.
I'm just assuming he/she require tax rate for the
assessment year 2012-13 for "Male" person who is below 60
years so tax rate as follows
0 to 1,80,000 tax rate is 0%
1,80,001 to 5,00,000 tax rate is 10%
5,00,001 to 8,00,000 tax rate is 20%
8,00,001 and above tax rate is 30%
If it's female person who is below 60 years tax rate for
A.Y.2012-13 is
0 to 1,90,000 tax rate is 0%
1,90,001 to 5,00,000 tax rate is 10%
5,00,001 to 8,00,000 tax rate is 20%
8,00,001 and above tax rate is 30%
In case of senior citizen i.e more than 60 years (male or
female)tax rate as follows
0 to 2,50,000 tax rate is 0%
2,50,001 to 5,00,000 tax rate is 10%
5,00,001 to 8,00,000 tax rate is 20%
8,00,001 and above tax rate is 30%
So coming to our question, lets apply above tax rate for
male individual(less than 60years age) who earned 2,00,000
for the Assessment year 2012-13 is 2,00,000
As we know upto 1,80,000 no tax or tax rate is Nil and we
have to apply 10% rate to remaining 20,000 (2,00,000-
1,80,000) that will be Rs.2000 (20000*10%)
and plz dnt forget to add Education Cess@2% and Secondary
Higher Educations Cess(SHEC)@1% on income tax payable.
To total income tax payable is 2000(20000*10%)+40(2000*2%)
+20(2000*1%)= 2060
For further queries you can catch me at
karthik.dale@gmail.com
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