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  • Income Tax Working

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    This document contains income tax workings for two individuals, Prabhu and Elangovan, for the period of April 2012 to February 2013. It shows their monthly and total earnings including basic salary, HRA, allowances and deductions. It calculates their total income, deductions under section 80C, and income tax payable. Elangovan's total income was Rs. 1426746 with a tax payable of Rs. 298050 after deducting Rs. 100000 under section 80C. Prabhu's total income was Rs. 916663 with a total tax of Rs. 93500.

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    Income Tax

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    This document contains income tax workings for two individuals, Prabhu and Elangovan, for the period of April 2012 to February 2013. It shows their monthly and total earnings including basic salary, HRA, allowances and deductions. It calculates their total income, deductions under section 80C, and income tax payable. Elangovan's total income was Rs. 1426746 with a tax payable of Rs. 298050 after deducting Rs. 100000 under section 80C. Prabhu's total income was Rs. 916663 with a total tax of Rs. 93500.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    38 views2 pages

    Income Tax Working

    Uploaded by

    prabhu85
    This document contains income tax workings for two individuals, Prabhu and Elangovan, for the period of April 2012 to February 2013. It shows their monthly and total earnings including basic salary, HRA, allowances and deductions. It calculates their total income, deductions under section 80C, and income tax payable. Elangovan's total income was Rs. 1426746 with a tax payable of Rs. 298050 after deducting Rs. 100000 under section 80C. Prabhu's total income was Rs. 916663 with a total tax of Rs. 93500.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    of 2

    PRABHU INCOME TAX WORKING

    Aug-12
    Sep-12
    Oct-12
    Nov-12
    42211
    42211
    42211
    42211
    16884
    16884
    16884
    16884
    2500
    2500
    2500
    2500
    800
    800
    800
    800
    18438
    18438
    18438
    18438
    1250
    1250
    1250
    1250
    1250
    1250
    1250
    1250

    Basic
    HRA
    Attire Allowance
    Conveyance Allowance
    Management Allowance
    Medical
    LTA

    Apr-12
    42211
    16884
    2500
    800
    18438
    1250
    1250

    May-12
    42211
    16884
    2500
    800
    18438
    1250
    1250

    Jun-12
    42211
    16884
    2500
    800
    18438
    1250
    1250

    Jul-12
    42211
    16884
    2500
    800
    18438
    1250
    1250

    Deductions
    HRA
    PF - 80 C

    20000
    780

    20000
    780

    20000
    780

    20000
    780

    20000
    780

    20000
    780

    20000
    780

    Tax
    Income Tax

    8500

    8500

    8500

    8500

    8500

    8500

    8500

    Dec-12
    42211
    16884
    2500
    800
    18438
    1250
    1250

    Jan-13
    42211
    16884
    2500
    800
    18438
    1250
    1250

    Feb-13 TOTAL
    Inabensa Total
    42211
    464321
    44500
    508821
    16884
    185724
    22250
    207974
    2500
    27500
    27500
    800
    8800
    4500
    13300
    18438
    202818
    40080
    242898
    1250
    13750
    13750
    1250
    13750
    13750
    916663
    111330 1027993

    20000
    780

    20000
    780

    20000
    780

    20000
    780

    220000
    8580

    8500

    8500

    8500

    8500

    93500

    20000
    5340

    240000
    13920

    93500

    Basic
    HRA
    Attire Allowance
    Conveyance Allowance
    Management Allowance
    Medical
    LTA

    Deductions
    HRA
    PF - 80 C

    ELANGOVAN INCOME TAX WORKING


    Aug-12
    Sep-12
    Oct-12
    Nov-12
    90724
    90724
    90724
    92815
    32360
    32360
    32360
    38673

    Apr-12
    90724
    32360

    May-12
    90724
    32360

    Jun-12
    90724
    32360

    Jul-12
    90724
    32360

    21112
    4400
    7560

    21112
    4400
    7560

    21112
    4400
    7560

    21112
    4400
    7560

    21112
    4400
    7560

    21112
    4400
    7560

    21112
    4400
    7560

    23204
    4400
    7735

    23204
    4400
    7735

    156156

    156156

    156156

    156156

    156156

    156156

    156156

    166827

    166827

    32000

    32000

    32000

    32000

    32000

    32000

    32000

    32000

    32000

    Tax
    Income Tax

    Total Amount
    minus HRA
    Total Amount - HRA
    minus PF - 80C
    Tax Payable Amount
    Net Tax
    Already Tax Paid
    Balance Tax Payable

    Dec-12
    92815
    38673

    Jan-13

    Feb-13 TOTAL
    Inabensa Total
    820698
    60000
    880698
    303866
    30000
    333866
    40% 352279.2
    0
    0 Actual
    333866
    194192
    6000
    200192 Rent - 10% Basic
    295930.2
    39600
    88470
    128070
    68390
    68390
    0
    1426746
    184470 1611216

    32000

    32000

    352000

    298050

    1611216
    295930.2
    1315286
    100000
    1215286
    200424
    298050
    -97626

    HRA LOWEST
    40% 352279.2
    Actual
    333866
    Rent - 10% Basic
    295930.2

    32000

    384000
    100000

    298050

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