Re: Error in tax slabs
by neil boniface on Apr 08, 2013 11:00 AM
Sorry - to continue - the slab where income tax starts is at Rs.2,50,000 and not Rs.5,00,000 as mentioned for sr citizens over 60 yrs, less than 80 yrs.
Confused on mentioned subject ... I'm salaride, 37 years old & too poor on investment planning ... My gross income is 17 Lakh annualy & taxable income around 14 lakh ... my annual savings are : 2 lakh house rent (non-metro) 24000 tution fees 11000 Rs LIC premium FD around 10K for 5 years.... that's all ... where should I invest more to save tax ... current year's (2012-13) tax deduction is around 2.65 Lakh with similar investments ... pls help me out ... thnx in advance
for government, the taxes we are paying is direct income for them. If they increase the limit under 80c or any other section, their income will get reduce indirectly.
Re: 80C is still 1 lakh..
by Naimisha Parekh on Mar 06, 2013 11:25 AM
But on the flip side, investments done under sec 80C help in economic growth of the country.
Re: Re: 80C is still 1 lakh..
by santosh shilwane on Mar 06, 2013 10:22 PM
Yes agree. But over b**ls**t government doesnt understand that. That will reduce their direct income.
Whether your income is 5lakh or 1 crore deduction under 80C is only 1 lakh. It is useful to save some tax for low income group but does not matter much for high income group. It should be 1 lakh for income up to 5 lakh 2 lakh for income up to 10 lakh and 2 lakh 10 % of the income for income above 10 lakh. The budget should encourage people to save money then only inflation can be controlled. Moreover saved money is useful for the government.
Re: 80C?
by Naimisha Parekh on Mar 05, 2013 04:10 PM
Agree. But the saved money will be useful for the country only if it is invested in companies and not in Gold jewellery or bars :)
IF AN EMPLOY HAS TAKEN HOME LOAN AT A PLACE-"A" And working at another place and in receipt of HRA and paying HR to land lord, how he may get HR rebate?
Re: 14.HRA
by Naimisha Parekh on Mar 05, 2013 04:00 PM
If the two houses are in different cities then the person can claim both. But he will also need to adjust income from his un-occupied home.
If the annual income is 450000, then after the exception of 200000 the balance taxable income is 250000, and the tax liability is 10% of that, that is 25000. after deducting 2000, it will be 23000/- Who taught you maths?
Re: Wrong calculaton
by Prasad Nayak on Mar 05, 2013 03:13 PM
No, you need to also deduct following components from your salary : 1. HRA (50% of your basic approx.) 2. Conveyance (9600/-) 3. Medical bills (15000)
After deducting these all, you still need to pay around 2500/-. As per new policy, you need to pay only 500/- as tax.
