My question is that which are calculated income tax on salaried?

Question

supoose that my salaried is 169750=00 ctc per annum

so i want now that me which paid the actual income tax on my salaried

Answer 1

To calculate Tax on salaries you need to have the break up of your CTC.

your total income

Less deductions under section 10:

Medical allowance upto  15000 p.a.

Conveyance allowance upto 7200 p.a.

child hostel allowance upto Rs. 100 per child per month upto maximum 2 child

child education allowance save as above

HRA: approx 60% of basic in case of metro city and 50% in case of non-metro city

Than deduct your deduction u/s 80 C for investment in LIC, ULIP, mutual fund etc upto maximum 1 Lac

deduction u/s 80 D for mediclaim of Rs. 15000

Balance is your taxable income

Calculate tax at tax slab rates as per assessment year

Answer 2

You should read

Income From Salary http://mytaxes.in/index.php?topic=17.0

Salary TDS details http://mytaxes.in/index.php?topic=12.0

Income Tax rates for FY 2007-08 http://mytaxes.in/index.php?topic=16.0

Answer 3

the tax will be calculated on 19750,it will be of 10% means rs1975

Answer 4

Naveen - as suggested by others, you need to have the salary break-up to calculate your tax liability. Not all components attract tax (as already specified by Mehul). Since there is no tax pto taxable income of 1,50,000 an annum and assuming that PF is deducted, your tax liability could be around 1900 per year assuming 0 investments.

You could download the tax calculator from http://prrajan-tax.blogspot.com/2008/03/... and check your tax liability for this FY.