Assessment Year 2010-11
Tax Liability :-How to find Out
Tax Liability for the assessment Year 2010-11 shall
be calculated as follows:-
Rs
Rs
1.Find Out Gross Total Income
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2.Less:Deduction U/S 80C to 80U
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3.Find Out Net Income[(1)-(2)]
4.Divide the net Income Into the following:-
4.1.Income
subject to special tax rate mentioned in Para 0.1-6
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4.2.Remainin income subject
to normal rate *** ***
5.Find out income tax on net income:-
5.1.Tax on income
specified in 4.1 (Supra) at the rate given
in para 0.1-6
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5.2 Tax on remaining income at the
normal rate given in para 01-1 or
0.1-2 or 0.1-3 or 0.1-4 or 0.1-5
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6.Add :-Surcharge @ 0%,10%,2.5%
7.Find out Total[(5)+(6]
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8.Add education cess [2%of (7)]
9.Add:-Secondary and higher education cess [1% of (7)]
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10.Find Out total[(7)+(8)+(9)]
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11.Deduct:-Rebate U/S 86,89,90,90A or 91
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12.Tax Liability [(10) –(11)]
13. Add: Interest/Penalty,etc
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14. Less:-Pre-Paid Taxes [i.e. advance Tax, Self assessment
Tax,TDS,TCS] ***
15.Tax Payable [(12)+(13)-(14)]
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NOTE:-
1.(2) cannot exceed (1).,
2.Surcharge is applicable as a % of income tax [i.e,(5)].These
rate are:- |
