Hi Experts,
I have a query around tax calculation for employees as per the new tax slab:
I understand that any male with salary between 180001- 500000 is taxed at 10%
but there is a problem while i am calculating tax amount for emplloyee for the month of april 2011
The details are:
Gross salary = 493924.80
balance = 493924.80
Inc under head salary = 493924.80
gross tot income = 493924.80
agg of ch VI = 9360
Total income = 484560
tax on total income = 30456
tax payable and surcharge = 31370
income tax = 2614
but as i understand tax on total income should be 484560 *10% , pls help me resolve this query.
Regards,
Jyoti