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I am a salaried employee, do I need to enclose bank statement along with form 16 while submitting income tax return on July 31' 2007.

2007-03-17 04:28:29 · 4 answers · asked by dsp 1

rebate of money paid by me to Co. Can I get tax refund?

2007-03-17 02:02:16 · 1 answers · asked by Anonymous

2007-03-16 05:22:15 · 3 answers · asked by Anonymous

Could someone please verify if my calculation of India income tax below is correct? If not, I would appreciate if the correct detailed calculation & explanation could be provided. Thanks!

April Income Tax Calculation (Male employee < 65 yo):

Basic Salary (Regular Income): 22,500
Overtime (Irregular Income): 1,500
Annual Regular Income (after projection) = 22,500*12 = 270,000
Annual Taxable Income = 270,000 + 1,500 = 271,500
Based on tax slab, Marginal Tax Rate: 30%

Income Tax Calculation on REGULAR INCOME:
Annual tax on regular income = 5,000 + 20,000 + (270,000 - 250,000)*30% = 31,000
Education cess = 31,000*2% = 620
Annual tax = 31,000 + 620 = 31,620
Income Tax in April for Regular Income = 31,620/12 = 2,635

Income Tax Calculation on IRREGULAR INCOME:
Tax on irregular income = 1,500*30% = 450
Education cess: 450*2% = 9
Income Tax in April for Irregular Income = 450 + 9 = 459

So, Income Tax in April that the employee has to pay = 2,635 + 459 = 3,094

2007-03-15 15:37:52 · 2 answers · asked by chan_tp79 1

if you compare individual and corporate tax rates with rest of the world, especialy when you compare with U.S. , China, Russia, Jpan etc.

How much low tax rate indians and indian industry can expect in next 5-7 years. (by 2014)

2007-03-15 07:37:20 · 15 answers · asked by Anonymous

2007-03-14 18:05:49 · 4 answers · asked by s_kannan_79 1

My father is a retired teacher. He is not filing IT returns since he gets Rs.3,000 per month as pension.

2007-03-14 15:26:14 · 9 answers · asked by Yogesh S 1

2007-03-14 07:03:08 · 3 answers · asked by vijay s 1

I have a partnership firm and i have been told to pay FBT on Rs.8000 thats Rs.2800 odd.
But why on partnership firms? There are only 2 partners and why this FBT on travelling, telephopne & advertising?
Where all the money is used for business purposes only. The employees ont get anything form this

2007-03-14 05:20:32 · 4 answers · asked by ukmad 3

I was working in Merchant Navy for past 8 years. Since July 2006 I have taken up a job in India and drawing a net Salary of Rs. 15,000 per month in cash from my Employer. In year 2002, when I was holding my NRI status I took a NRI Loan of Rs. 800000 to buy Apartment. Since then I have been paying my EMI regularly.
But as I have started working in India at present, I have changed the status of the taken Loan from NRI to Resident Loan.and paying the calculated EMI for the remaining amount of the Loan.
I wish to seek your advice that do I need to pay Income Tax on my net Salary? I also would like to know that in case if I have to pay Tax, how will this Home Loan help me to get excemption on the Tax?

2007-03-14 03:46:43 · 5 answers · asked by SAGAR 1

Is it imperative to get a PIO card first ?

Is this a MUST for buying a residential house?

Any advice / guidance will be highly appretiated. thanks

2007-03-14 03:13:17 · 1 answers · asked by down7up 2

Eg;- If the index of bse (sensex) is 10,000, how it is changing to 12000.. How the basic calculation is done?

2007-03-14 00:44:53 · 4 answers · asked by sujmagovsai 1

I have takn a term loan from IDBI of 1105 cr, but fro some govt. policy I got some losses but now my unit is growing , now I have to repay of 705 cr to IDBI plz tell me some friendz name who can help me in this , I will me much tannkfull .

2007-03-13 05:49:42 · 4 answers · asked by danis _ 1

2007-03-13 01:32:12 · 3 answers · asked by sadashiv p 1

2007-03-12 23:45:35 · 2 answers · asked by Indranil B 1

hello,
I have esops of my company and want to know tax implication in following scenario:-
1> if I transfer my shares (off market) to brother before 31/03/2007, what tax I need to pay and how much tax my brother need to pay when he sells it in next/thisFY?
2> would brother need to pay any FBT, when he sells these shares in next FY/this FY?
I have these shares for less than one year.
thanx
khushi

2007-03-12 12:17:06 · 1 answers · asked by khushi 1

what are the implications of FBT on ESOPS as per the current Indian budget? Who is supposed to payup? employee or the employer? Is it clearly defined?

2007-03-12 06:53:44 · 2 answers · asked by anonymous 2

Hi,

I have been in the US for the last 2 yrs, first on a F-1 and now on an H-1B visa.

I recently sold a property in India and had some capital gains which I plan to invest in another residential property there. As a result I am claiming a capital gains exemption in India.

Is there any tax liability on these capital gains in the USA? I would appreciate if you could also send me the sources for your response.

Thanks

2007-03-11 19:42:41 · 2 answers · asked by itq 2

i have one jweler who kept two floors vacant which could fetch him rs. 100,000 per month. you can imagin his income he does not care 2 lakh per month. shame if they dont pay income tax. money is every thing for them. they work 24 hours a day. why for whom what they do with the money. money spent is yours money saved is others plz note . every body

2007-03-10 22:22:35 · 2 answers · asked by Anonymous

2007-03-09 21:34:17 · 3 answers · asked by SONAL P 2

I am male and my age is 27 yrs, and my annual CTC is 2.75 lkh and i have invested 18000/- in LIC. Kindly let me know. How much I have to pay the tax???? Exactly how nmuch I need to pay this financial yr?

Thanks

2007-03-09 21:19:51 · 4 answers · asked by Anonymous

2007-03-09 20:50:21 · 9 answers · asked by nuttydelight2426 1

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