Let us discuss about the “tax credit Rs. 2000/-“, whose income will fall in between 2 to 5 lac according to Budget-2013.
Let us consider a person of age with in 60yrs, whose taxable income is 3 lac. Now acc. to current rule (F.Y: 2012-2013) his/her tax calculation is as follow-
Tax @ 10% for the amount 1 lac (300000-200000=100000) = 10,000/- Edu. cess @ 3% = 300/-
So, total tax = 10,300/- Now as per Budget-2013 (F.Y: 2013-2014), whether his/her tax will be- Case-1
10300-2000=8,300/- ,or Case-2
10000-2000=8,000/- Edu. Cess @3% = 240/-
Total Tax = 8,240/-
or, anything else. I think Case-2 will be acceptable.
This is the falacy. But I think you are wrong. Case 1 is right. Because if case 2 is right, then Mr. P.C. could change the slab. He may do the slab like below.
Taxable income<220000 - tax nil.
220000
Then your calculation will be equal to the actual result.
But I think Mr. P.C. is not so fool. He had keep a door to take more education cess, which is not understandable to most of the tax payer.
Era pichan theke chorer moto chhuri mare.
I also had the same opinion like saij. But, the above newspaper says different. I am still in confusion. Waiting for further clarification from Income Tax department.
Yes, you are correct. As for example, if your net taxable income be Rs.4,00,000, then your I.tax=18000, Edu cess is Rs. 540 (360+180) i.e. total tax liability=Rs 18540. But one thing is not understandable to me is that, why he had not said that if the taxable income is less than Rs. 2,20,000 then tax=0? This is the confusion.
why he had not said that if the taxable income is less than Rs. 2,20,000 then tax=0?
As I understand, if he told taxable income less than 2.2Lac is imply income tax is NIL, then there is a possibility to think for all person taxable income up to 2.2Lac is tax free.
I think the utility prepared by Mr Som is correct in all respect. He has posted such utility in
To download the utility please visit the following link-
… 4-t87.html
@jmmisir: I would appreciate if you don’t mind to upload the utility for ready reference. Thanks.
I know the utility is surely a very good one as it is made by beloved friend som.
