I'm now employed with a private company and earning Rs 30000/ per month. what tax exemptions I 'm allowed on this income. is exemption of rs one lac permissible .
2007-02-23 23:07:12 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ India
Consult any experienced chartered accountant or refer to
I.T.Rules published in the Govt.of India website of Income Tax Department.
2007-02-23 23:14:32 · answer #1 · answered by balakrishnan c 3 · 0⤊ 0⤋
Gallantry award winner pension is exempt.However, other than that other Income is fully taxable.Ur Gross income will be 360000/-If ur 65 years or old , u will be entitled to higher basic exemption limit of Rs1.85 LAcs.i.e upto Rs.1.85 u won't have to pay taxes.if u r not 65 yrs or more u will be enttled to Rs1 lacs basic exemption limit.Invest in Sec 80 C investments to avail another Rs.1 Lacs exepmtion.
2007-02-26 19:35:40 · answer #2 · answered by The Consultant 1 · 0⤊ 0⤋
Sore winners If you win, you should be able to celebrate it in a CIVILIZED manner, you don't go around rubbing it in people's faces (unless you win like 45-2, then I guess you have somewhat of a right to rub it in). Being a sore winner won't get you anywhere; more or less it will minimize your credibility and you'll lose respect. Heck, if anything a sore winner will make their losing opponent into sore losers actually, because by rubbing it into their faces they'll only get mad and ticked off and they'll become sore about it too.
2016-05-24 05:16:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
as an ex serviceman myself I salute your achievement.
but the pension is taken as income.I do not think the gallantry award exempts you from paying tax on pension.
i am reemployed in state bank of india,and,pay tax on my salary plus pension.Please check whether a rule exists exempting gallantry award winners from paying IT.Tell your company accountant to confirm it from his tax consultant.computation of tax is a big table.no space to guide you further.all the best
2007-02-24 01:44:01 · answer #4 · answered by pvrkprasad 2 · 0⤊ 0⤋
Rs.2,60,000 ON WHICH HE HAS PAY TAX
SANDARD DEDUCTION HAVE WITHDREW IN PY 2005-2006& THERE IS NO ENTERTAINMENT ALLOWANCE ALLOW TO PRIVATE EMPLOYEE IF YOU HAVE PAID ANY AMT FOR PROFESSION TAX THEN ONLY EQUAL AMT YOU ACN CLAIM AS DEDUCTION U/S 16 (III).
2007-02-23 23:18:27 · answer #5 · answered by GANESH G 1 · 0⤊ 0⤋
Minimum exemption, allowed for everyone, is eligible for you also. You can check here: http://incometaxindia.gov.in/
2007-02-23 23:17:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋