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Former Member
Jun 03, 2011 at 05:47 PM

tax calculation - indian payroll

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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