THanks for the wonderful update on How Tax is Calculated. It really helps us to improve our knowledge on these financial issues which are not so easily understandable.
A very good work keep it up and do post more such issues which would help.
I read your article with great interest. It is very informative and educative. I think it is worthwhile if you also spell out the taxation as applicable to NRIs. Thanks.
Dear sir, I joined to a company around 6 months back. My annual income is Rs.1,38,000 ( Monthly income is Rs. 11,500). It is being paid as a consultancy Fee and hence it doesn't include any allowances. And They are deducting an amount of Rs. 586 as TDS at 5.1%. Means my take home salary is Rs. 10,914/month.
So do i need to pay again the tax for remaining 4.9%. if i have to pay, When should i pay it?
I am runing my own Recrutiment firms .This year my gross receipt income in bank is more than 9lacs ,How do i shave myself from paying so much of tax.As per your culculation my tax will be over 2 lac which is a very hefty amount for me.
Please suggest what step should be take in advance ,any tax saving bond need to be buy,or any further step which can save me from so much of TAX amounts,
Max. payee does not know about i.t. sec.88D. Most know that upto income of rs.111240/- there is no any tax. In my veiw they are in dark .Limit is only Rs. 1.00Lac. above that rebate u/s.88D will be as follows : fORMULA IS AS:
Toatal Tax Payable - ( Toatal Income-Rs.100000)=Rebate of Tax from tax payable if income comes within Rs.111240.Pl. circulate to each and your comments to me in this regards and oblige. Rs.111240/- is nothing that isonly a window dressing . Pl. inform e-mail Id of Finance minister and CBDT etc who are concerned with I.T.
keyman insurance policy was made in name ofpartner or directer oftthe co. LIP is deductable from P/L A/c. But on maturity all entire money shall be the income of that firm /co. Than pl. suggest how can we save the tax on maturity and/or before maturity there is any way to save the tax on amount which will receive on maturity or on death claim. most urgent pl.
