sir, i am male nurse.is there any provision of rebate for nurses in calcution of income tax.my particulars are as below; BASIC SALARY 120000 NURSING ALLOWANCE 19200 WASHING ALLOWANCE 1800 UNIFORM ALLOWANCE 3000 NATIONAL HOLIDAY ALLOWANCE 1400 TRAVELLING ALLOWANCE 9300 TOTAL ANNUAL INCOME 154700 DEDUCTION FOR NEW PENSION SCHEME 12000
SO PLEASE SIR TELL ME HOW MUCH TAX I HAVE TO PAY. HOW CAN I SAVE MY INCOME TAX. PLEASE REPLY SIR
RE:calculation of income tax
by hksrikanth on Mar 05, 2007 09:36 AM Permalink
Hi The tax calculation is simple Upto 1010000 -> There is no tax for next 40000 -> 4000 @ 10% Education cess @ 2% on the taxable amount
Your Travelling Allowance is not taxable. HRA is not taxable if you submit ur house rent receipts
RE:RE:RE:calculation of income tax
by Amitabh on Mar 06, 2007 02:19 AM Permalink
Pl note that the limit of Rs 1,10,000 will be applicable from assessment year 2008-09(previous year 2007-08).for previous year 2006-07 it will be Rs 1,00,000 only.
RE:calculation of income tax
by tabrez mulla on Mar 05, 2007 08:25 AM Permalink
you can save tax by investing in good schmes for that contact to Mr.Tabrez Mulla mob:9343843720 and mail id :sync_rock@rediffmail.com
RE:calculation of income tax
by venkatramana d on Mar 05, 2007 02:05 AM Permalink
Dear Mr. Sharma,
I am a financial advisor based in Andhra Pradesh. May I please know your contact number or preferable your contact number so that the query you have raised can be solved. My email is venkatramana15@gmail.com.
RE:What is the max. that I can save ?
by rock sync on Mar 05, 2007 08:28 AM Permalink
dear rohan i am Tabrez Financial adavisor if you want you can contact to my Mob:9343843720 or mail id:sync_tabrez@rediffmail.com
Dear Friends I am not a finance man but logically it tell me that both your incoem and expenditure are taxed.... i think think this is absoluletly wrong........... income tax on income and sales tax / service tax on expenditure. the politicians are all scot free to do what ever and how ever they want at our cost..... let me know if i am corret friends .. take care .........earn more and enjoy ur day ........
RE:INCOME AND EXPENDITURE TAXED
by Padmanabhan M on Mar 05, 2007 09:07 AM Permalink
Yes sir, the essential problem is corruption at all levels and poor delivery of welfare measures. WE must insist on the finance minsiter to present what exactly are the government expenditures and whether they have been correctly spent each year. No MP seems to be asking for this, and no citizen seems to be electing MPs who can do this. So, they simply tax the average man more and more, knowing that no one will ask relevant questions. People only get upset when the prices rise, and they think it is because the businessman is earning a lot. It is really not true. Business men should earn well, in a fair way. It is government's job to make sure everyone is given a level playing field. These businesses create jobs for those who want monthly salaries. More important however is that government takes concrete steps to ensure corruption is eliminated, and guilty are quickly punished, police force is reformed to look after the common man. Unless each citizen demands these instead of seeking exemptions and reservations, nothing will improve for the common man.
RE:RE:INCOME AND EXPENDITURE TAXED
by vijay kumar on Mar 05, 2007 09:30 AM Permalink
If its not corruption check these details.
Monthly Salary: 42,000 Expense for Constitution per month :10,000 Office expenditure per month : 14,000 Traveling concession (Rs. 8 perkm) : 48,000 ( eg.For a visit from Kerala to Delhi & return: 6000 km) Daily DA TA during parliament meets : 500 Charge for 1 class (A/C) in train : Free (For any number of times) (All over India ) Charge for Business Class in flights : Free for 40 trips / year (With wife or P.A.) Rent for MP hostel at Delhi : Free Electricity costs at home: Free up to 50,000 units Local phone call charge: Free up to 1,70,000 calls. TOTAL expense for a MP per year : 32,00,000 TOTAL expense for 5 years : 1,60,00,000 For 534 MPs, the expense for 5 years : 8,54,40,30,000 (nearly 855 cores)
Sorry that i am so ignorant, correct me if i am wrong please.
RE:INCOME AND EXPENDITURE TAXED
by b gopalan on Mar 05, 2007 08:26 AM Permalink
This reflects my feelings as well as many others. We are not able to enjoy the fruit of our hard earned money. Income tax and expenditure taxes ( various forms like sales tax, service tax etc) eat away abig chunk of earnings! The govt is NOT justified in taxing interest earned from Post Office deposits, GOI bonds RBI bonds etc. After all it is the Govt that utilises our deposits and not any commercial firm until the maturity periods. The upper limit of TDS on interest earned from such schemes should go.
RE:INCOME AND EXPENDITURE TAXED
by Jasdeep on Mar 04, 2007 11:36 PM Permalink
absolutely right unitech, and i would like to add that the arrogance with which our FM and this UPA govt. is adding the tax burden on its citizens with all kinds of double taxation, its not long when they will be gone from our political scene...my vote is surely not for this UPA govt. any longer.
RE:RE:INCOME AND EXPENDITURE TAXED
by Chandra Ojha on Mar 05, 2007 03:09 AM Permalink
The whole point of taxation is to improve community services and bring quality of life to a standard that every one has a fair go at life. But the whole problem with Indian system is that they tax as if they gonna do some wonderful things but it doesn't really get implemented. I think partly we need to blame ourself becasue wecan't give a good government to our own country.
I work in private colege as Astt. Professor and my basic is Rs. 12000. My college just give me basic and 50% DA. No other allowance of any type. Plese tell me if I can save my tax by showing some house rent or kids education or something like this? Thanks in advance. Anil
RE:income tax
by ArulKumaran on Mar 04, 2007 10:16 PM Permalink
You can save by having 1) Rs.60,000 (max) in PPF 2) House Rent (showing some proof) 3) Kids Education (rs.12,000 per Child) 4) LIC 5) ICICI Pension Scheme 6) United India Insurance - Family Health policy 7) Bonds
RE:tax saving
by Sanjay Singh on Mar 04, 2007 10:05 PM Permalink
its depend on allowence you get with salary i)eg 800rs pm for convence allowence 2)1250 rs pm for medical allowence 3)HRA will be min amount with following rule rule 1) max 40 or 50 % of basic 2) actual rent paid 3) rent paid - 10% of basic
4) 1 Lac u can save in insurance poicy 5) 10000 saving for 80 D
if u salary is divide in above allowence then u can save else :-(
RE:RE:tax saving
by Sanjay Singh on Mar 04, 2007 10:27 PM Permalink
take the example you are getting 3 LPA and it divided in 1 LPA and 2 LPA allowence Out of 2LPA its again divided in Conve/Travel allowence , medical allowence and other allowence Basic 1 LPA HRA 40000 peranum(for non metro city) Conve /Travel all 9600 peranum medical allowence 15000 per anum if u are paying rent of 50,000 per anum taxable income will be 300000 - (40000 15000 9600)= 235400 if you are saving 1 LPA in LIC etc 10,000in medical insurance 80D Taxiable income will be 235400 -110000 = 135400 Total Taxiable income = 135400 Tax calculation upto 1 Lac 0 % remaing you check slab and calculate
RE:RE:RE:tax saving
by Rajesh S on Mar 04, 2007 11:10 PM Permalink
Check out "Do it yourself Tax Planner" in ICHP portal. You can find out your tax outgo and make your tax plan yourself.
RE:RE:RE:RE:tax saving
by sreenivas murthy on Mar 04, 2007 11:29 PM Permalink
hey rajesh, how do i enter the taxable income column in ichp portal, it is not accepting any combination i am trying, words or numbers
RE:RE:RE:RE:RE:tax saving
by Rajesh S on Mar 05, 2007 08:45 AM Permalink
Hi Sreenivas, You have to enter just the number (amount of your taxable income) without any comma or prefixes or words.
For instance, your Taxable income is Rs.5,00,000 pls key in as 500000
RE:TAX
by Rajneesh Mehta on Mar 04, 2007 07:38 PM Permalink
1st 1,00,000.00 is exempted. Then if u save 1,10,000.00 in any of the specified instruments like ppf, premiums for insurance principal amount of the loan taken etc then your taxable income is 66,000.00. 10% for first 50,000.00 = 5000.00. 20% for balaance ie 16,000.00 = 320.00. your effective tax rate is 5320.00 3% edu cess = 160.00 ur tax is therefore about 5480.00.
RE:RE:TAX
by anil kumar on Mar 04, 2007 09:35 PM Permalink
Hi The calculation is wrong since 20% of 16000 is 3200so effective tax rate is 8320 3%edu cess=246 . Total becomes Rs.8566. Anil - Jammu
