Do I still have to file a tax if my annual income is below 5 lakhs ?
If I am right, the tax should be paid if the annual income is 3 Lakhs. So if this right, then you will have to pay your tax.
P.S.
Tax calculation 7 years ago. It was approx. 1.1 Lak :
For tax calculations you should tell your status. Male, Female or Senior Citizen (>65 years). You did not tell your tax status. So I am giving tax for all of them.
The basic tax exemptions and tax payable on Rs.3.5 lakhs income is as follows for this running financial year 2007-08 (1-4-2007 to 31-3-2008)
1) Male <65 years of Age: Tax free amount Rs.1,10,000: Tax payable on 3.5L= Tax 54,000 + Education Cess 1,620= Total Rs.55,620/-. If you save Rs.1 lakh in 80C investments then your tax liabulity will be reduced to Rs.24,720/-
2) Female <65 years of Age: Tax free amount Rs.1,45,000: Tax payable on 3.5L= Tax 50,500 + Education Cess 1,515= Total Rs.52,015/-. If you save Rs.1 lakh in 80C investments then your tax liability will be reduced to Rs.21,115/-
3) Seniour Citizen >65 years of Age: Tax free amount Rs.1,95,000: Tax payable on 3.5L= Tax 41,000 + Education Cess 1,230= Total Rs.42,230/-. If you save Rs.1 lakh in 80C investments then your tax liabulity will be reduced to Rs.11,330/-
Note: For last year (FY:2006-07) the basic exemption limits was Male 1 lakh, Female 1.35 Lakhs. Sen.Cit.Rs.1.85 Lakhs. That means the tax limit was raised by Rs.10,000 to all for this year (FY:2007-08)
Current tax calculation:
- Assessment Year : 2014-15
- Tax Payer : Individual
- Male/Female/Senior Citizen : Male/Female
- Residential Status : Resident
- Net Taxable Income : 3,50,000
- Income Tax : 13,000
- Surcharge : 0
- Education Cess : 260
- Secondary and higher education cess : 130
- Total Tax Liability : 13,190
~~MZ~~
