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March 1, 2013 at 2:17 am #68550
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-
Edu. Cess @3% = 240/-
Total Tax = 8,240/-
or, anything else. I think Case-2 will be acceptable.March 2, 2013 at 4:15 pm #77138
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.
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.March 3, 2013 at 1:57 am #77141
Collected from the daily news paper: Eisamay, 01/03/2013March 3, 2013 at 4:58 am #77144
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.March 5, 2013 at 12:59 am #77184
I am also in confusion. I think I am right.March 10, 2013 at 10:08 am #77292
Case 2 is correct as the tax calculator in the official website of income tax dept support it.March 10, 2013 at 4:03 pm #77298
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.March 11, 2013 at 2:03 am #77303
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.March 11, 2013 at 3:08 am #77305
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.htmlMarch 11, 2013 at 2:59 pm #77315
@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.March 11, 2013 at 4:56 pm #77320
Income Tax Calculator for the current financial year of 2013-2014 prepared by Sri Somnath Das. Uploaded on instruction of Sri Nemo and-
With THANKS to Sri Das.
Source:March 12, 2013 at 1:47 am #77322
A sweet thanks to Dear Somnath Da , Mr. J. Misir and Mr. nemo.
Mile sur MERA TUMHARA to sur bane HAMARA.March 12, 2013 at 4:31 pm #77346
just a sweet reply.April 8, 2013 at 6:26 pm #77692
Tax credit under section 87A is kind of a deduction same as under section 87 and same would be reduced from the tax payable amount (before education and higher education cess).April 10, 2013 at 2:55 pm #77724
What is section 87/87A. Please discuss.April 10, 2013 at 5:11 pm #77730
Thanks to all…
Som da we are missing you…
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