Income tax
Querist :
Anonymous
(Querist) 20 October 2011
This query is : Resolved
pls tell me about income tax as my yearly income is 2 lakh rupees should i liable for tax ?
prabhakar singh
(Expert) 20 October 2011
If you refer to FY2010-2011 AY2011-12 then out of Rs.2,00,000/=Rs.1,80,000/= is non taxable in case of males and in case of females it is Rs.1,90.000/= as non taxable.To go non taxable savings under section 80c can be utilised.
Querist :
Anonymous
(Querist) 20 October 2011
thanks to all reply to me
jatin sharma
(Expert) 20 October 2011
if you are senior citizen then 2 lakhs 40 thousands non taxable income.
prabhakar singh
(Expert) 21 October 2011
A good value addition by Mr.jatin sharma ,thank you.
Sailesh Kumar Shah
(Expert) 21 October 2011
Author without quoting facts, get all relevant information.
prabhakar singh
(Expert) 21 October 2011
Because it was possible to answer even without facts.
malipeddi jaggarao
(Expert) 22 October 2011
What is the source of income? Employment? Consultancy? Business?
As experts rightly explained upto Rs.180000 in case of male, 190000 in case of female and 240000 in case or senior citizen is exempted as standard deduction. Even on the balance also you need not pay tax if you have any savings under 80-c upto Rs.100000 - if you are in employment, even your PF and PT contribution will take care of this gap. Investments in LIC, Mediclaim, PPF, NSCs, etc., etc., will fill this gap.
Sailesh Kumar Shah
(Expert) 22 October 2011
it advisable to author to come with full details. suppose if your total income rs.2 lacs for the period 1/1/10 to 31/12/10, then no meaning of above answer.
Guest
(Expert) 22 October 2011
The income tax is calculated on the income pertaining to the previous/assessment year, which denotes a financial year, i.e., from April to March next. So, the querist needed to clarify whether his income of 2 lakhs was for the period January 2010 to December 2010 or from April 2010 to March 2011.
