What would be the net pay for a salary of £20,000?

I got salary 20000 per month, how much incometax i have to pay?

• i have insurance upto 20000 in year. i have pf 20000 in a year. then my sal is 20000 per month then how much income tax i have to pay

• Answer:

  You did not tell you are a male or female. I am treating you as male and calculating tax. The tax exemptions for this financial year 2007-08 is as follows: 1,10,000 for HUF 1,10,000 for Male <65 years 1,45,000 for Female <65 years 1,95,000 for Seniour Citizens (Male or female >65 years) Now tax for Male (for you) ----------------------------------- 2,40,000 This year salary @20,000 p/m 0,40,000 Less 80c deduction (Insurance 20K+ PF 20K=40K) ------------ 2,00,000 is your net income for this year. ======= 04,000 Tax @10% between 1,10,000 to 1,50,000=On 40,000 10,000 Tax @20% between 1,50,001 to 2,00,000= on 50,000 --------- 14,000 Gross tax 00,420 Add education cess @3% on Rs.14,000 tax. ---------- 14,420 is the net tax payable by you.