Fire your tax related queries and i would get it solved!!!

[Nishit_]

Unfortunately Wrong, Wrong, Wrong

It is not to be done in this manner.... See the example below

Income - 4.9 Lacs; Intt Income - 20 K; Total Income - 5.1; TDS - 2K

His total tax payable (gross) would be
1.6 - 3 - 14K
3 - 5 - 20K
5 - 5.1 - 3K

Thus total tax liability would be Rs. 37K. Now out of this 37K 2K has already been deducted and paid as TDS hence he would need to pay the difference of Rs. 35K.

SIMPLE !!!

As income Tax for the the slab 3 - 5 LK is 20% then total will be.
total tax liability would be Rs. 57K right ?

Regards,
Nishit.

 

[magnet]

Unfortunately Wrong, Wrong, Wrong

It is not to be done in this manner.... See the example below

Income - 4.9 Lacs; Intt Income - 20 K; Total Income - 5.1; TDS - 2K

His total tax payable (gross) would be
1.6 - 3 - 14K
3 - 5 - 20K
5 - 5.1 - 3K

Thus total tax liability would be Rs. 37K. Now out of this 37K 2K has already been deducted and paid as TDS hence he would need to pay the difference of Rs. 35K.

SIMPLE !!!

Yup now its simple got it...

And ya as nishit pointed out ..it should be 40k not 20k sirjee

 

[diosys]

As income Tax for the the slab 3 - 5 LK is 20% then total will be.
total tax liability would be Rs. 57K right ?

Regards,
Nishit.

thanks for pointing out the mistake.

 

[TaxSaver]

Tax Saving Tips :

1. The last date for filing a tax return for 2009-10 would be 31st July 2010. You can still file a belated return by 31st March 2011. However after that, there would be a penalty of Rs. 5,000.
2. To get a deduction, the trust or association to which you donate should be certified under section 80G and you must receive the receipt and an 80G certificate.
3. Even if you have a PAN Card, it is not compulsory for you to file a tax return if your income is below taxable limits.
4. You can file your tax return even if you have not done that for the last 4 years by just declaring that the reason behind that was lack of taxable income.
5. The maximum amount which can be claimed for insurance premium under 80C is 20% of the actual capital sum assured provided under section 80C.
6. You can claim an 80C deduction for the amount paid for the insurance of your children.
7. Tuition fees for maximum two children can be claimed under 80C up to Rs.100, 000.
8. Insurance premium paid on life of spouse can be claimed under 80C.
9. Only the interest received from Post office saving a/c will be taxable in the current year provided the same has not already been taxed in previous years on an accrual basis.
10. The Tax implications are not affected by Residential Status. Also whether NRI is from US or any other country is of no consequence.

 

[diosys]

Tax Saving Tips :

1. The last date for filing a tax return for 2009-10 would be 31st July 2010. You can still file a belated return by 31st March 2011. However after that, there would be a penalty of Rs. 5,000.
2. To get a deduction, the trust or association to which you donate should be certified under section 80G and you must receive the receipt and an 80G certificate.
3. Even if you have a PAN Card, it is not compulsory for you to file a tax return if your income is below taxable limits.
4. You can file your tax return even if you have not done that for the last 4 years by just declaring that the reason behind that was lack of taxable income.
5. The maximum amount which can be claimed for insurance premium under 80C is 20% of the actual capital sum assured provided under section 80C.
6. You can claim an 80C deduction for the amount paid for the insurance of your children.
7. Tuition fees for maximum two children can be claimed under 80C up to Rs.100, 000.
8. Insurance premium paid on life of spouse can be claimed under 80C.
9. Only the interest received from Post office saving a/c will be taxable in the current year provided the same has not already been taxed in previous years on an accrual basis.
10. The Tax implications are not affected by Residential Status. Also whether NRI is from US or any other country is of no consequence.

Rest is absolutely fine.... BUT your point 10 absolutely baffles me "The Tax implications are not affected by Residential Status"

 

[magnet]

Sir

Mom and my sis got tds letter from bank saying to fill 15g form if they fall under it

Sister do fall under tax gambit

But my mom after investing in 80c investments have nil return should she file tds or people whose income is less than 1.9L(ladies) with no investment in 80C investment should fill it?Mom is housewife and have part time income within tax limits

 

[diosys]

Sir

Mom and my sis got tds letter from bank saying to fill 15g form if they fall under it

Sister do fall under tax gambit

But my mom after investing in 80c investments have nil return should she file tds or people whose income is less than 1.9L(ladies) with no investment in 80C investment should fill it?Mom is housewife and have part time income within tax limits

Very technically if you ask me then it cannot be given since she is above the basic exemption limit though no tax is required since she has 80C investments....

BUT, practically no one bothers and cares for such cases. Hence taking practical considerations into being i would suggest go ahead and file 15G it should not be a problem at all.

 

[joshi_s_p]

Hi:

I have one tax related question. If I am staying in India and want to play in both Indian Market and US market, what tax implications will be. Do I have to pay US tax for US market trading and Indian Tax for Indian Market?

 

[magnet]

1 more question

I have liabilities related to house buy of around 6lakhs in my balance sheet

From last year onwards my dad have transferred our business on my name on proprietorship

Now we have our current account on our shop name

I wanted to know can i pay cheque from that account(to clear my old liabilities of 6 lakhs) and delay payment of lenders for business ?
if yes
ALso can a person by cutting cash memo instead of directing that amount to bank pay to the liability lender directly? or is it necessary to transfer it to the account first than cut a cheque?

 

[diosys]

Hi:

I have one tax related question. If I am staying in India and want to play in both Indian Market and US market, what tax implications will be. Do I have to pay US tax for US market trading and Indian Tax for Indian Market?

For both income clubbed together you would need to pay tax in India