computataion of income tax on excell sheet in ITR-2

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  1. khannajk

    khannajk New Member

    After filling all the sheets in the ITR-2 ( excell ), when the request was made to compute tax the tax computed was 68184 on the taxable income of 740920 which i think is wrong
    740920 minus 3 lac (senior citizen) comes to 440920 the 10% comes to 44092
    that too without taking into consideration of sec 87

    Can anyone help me to find out the exact picture before i go for validating

    thanx
     
  2. ZED

    ZED Well-Known Member

    68184 is correct.
    Upto 300,000 NIl
    Next 200,000 @ 10% -Tax 20,000
    Next 240920 @ [email protected] -Tax 48,184

    Total = 68,184
    Rebate u/s 87 is not available since the total income has exceeded 500,000.
     
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