my salary is 3,00,000 pa, so what will be tax deduction?

Question

my salary is 3,00,000 pa, so what will be tax deduction?

Answer 1

if computing Tax directly on this income = 300000



No Tax for 0 to 200000 so

Taxable income = 300000 - 200000 =100000 Taxable,



Tax Rate = 10%

so tax on Taxable Income = (100000 X 10 ) /100 = 10000 R.S.



So tax deduction is 10000 R.S. for that financial year.



if you show Rent Receipt , PPF amount,LIC,Loans or PF cutting by your employer etc

then this amount can be reduced.

Answer 2

Yesterday The finance minister of india presented the union budget 2013-2014. In that budget there were no change in tax slab means same as in 2012-2013. If i calculate how much tax would be deducted from 300000 per annum without any investment is INR 10000. If will invest in mutual funds, NSC, FD, LIC and PF then the person who is earning INR 3lac Per annum, then he had no need to pay tax.



Income tax slab (in Rs.) Tax

0 to 2,00,000 No tax

2,00,001 to 5,00,000 10%

5,00,001 to 10,00,000 20%

Above 10,00,000 30%

Answer 3

You got a whole series of very good answers to this question already. When I looked back, it seems you had additional questions. The answer below is good for the calculations. FICA is your share of social security and medicare tax. FED WT is federal income tax withholding. VA ST must be Virginia income tax withholding. At the end of the year, you will file tax returns to calculate your federal and state income taxes. If your withholding is greater than the tax, you will get a refund. If your withholding is less than the tax, you will owe additional tax. "others" can say what they want, but their circumstances may be different. They may have deductions such as mortgage interest, real estate tax, medical expenses, charitable contributions which reduce their taxable income, and therefore their tax. They may have children and therefore have exemptions, which reduce their taxable income, and therefore their tax. If their children are young enough, they can get tax credits, which directly reduce tax. You can't use other people's taxes to estimate your own.

Answer 4

Which financial year?

Anyhow 2012-13 and 2013-14 there is no change in tax slab for income below 1 Crore.



if you have not done any investment, no PF deduction then your income tax is 10000 and education cess is 300. Total of 10300 INR only.



You can calculate with all such parameters in the below reference for yourself :)

Answer 5

Your tax free income is limited to Rs.2,00,000. The balance Rs.1 lakh is taxable @10%. So you have to pay Rs.10,000 tax plus 3% Surcharge on it. The total tax to be paid will be Rs.10,300/-

Answer 6

upto 2 lacs ther is no tax. in balance 1 lac you have to deduct your PF,house rent and other 80

C and 80CC savings. for balance amount you have to pay10% of the taxable income.

if you donot have any savings in 80c or 80cc you have to pay full 10,000/- for 2012-13.

Answer 7

Hi dear, I couldn't understand that what is PA ????