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Date Posted: 19:15:15 01/14/03 Tue
Author: Prashantha Rao U.B.
Subject: Re: Income Tax
In reply to: Deepak Jhala 's message, "Income Tax" on 11:53:25 01/12/03 Sun

Sec 88 benefit (now 15%) is on savings and not on income. Calculation of tax is as follows:

Salary income
less standard deduction
less prof tax
add other income (housing, interest, etc.)

We get total income.

Calculate tax on the total income.
On that tax, deduct benefit u/s88.
On the net amount, add surcharge (5%) and this will be the tax liability.

>Please clear whether to get benifit u/s 88 (20% or
>15%)which income is to be taken :gross income or net
>taxable income after deducting SD/Intt.on HTL etc.?

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