Hi,
My salary for 2011-12 is approx 5.50 Lacs.
1)For current year I have paid 1.30 Lacs againt intrest on Housing Loan & 10250 against principal amount on housing loan.

2)I have paid 1.48 Lacs as premium for LIC & other insurance companies

Please let me know what should be my Tax payable for year 2011-12.

Thanks



Admin’s Response:

Rs 5.50 less 1.30 less 10250 less 1.00 lacs i.e Rs. 309750 would be your taxable income on which tax would be applicable as per your age and gender.