I am a girl of 24years of age I have a salary of 1,44,000/- Rs. P.A. I want to know is my income taxable?

Question

I am a girl of 24 years I am financing my education and I want to know can i use that expenses for tax redemtion.
If yes, then how . If no, in what scheme i should invest and how much

Answer 1

Income is taxable on the whole income u earned for the assessment year...and you will have to pay the tax for that income in the next year...
actually income is calculated under 5 heads for taxation
1. income form salary( for employed)
2.income form house property( this is from the rents that u get from the house property u have).
3Income from Business or profession( from the business that u have and the profession means..the income of professional like doctors , advocates, archites who work on their own)
4.Income from capital gains ( income from the selling os assets like property, shares n securities etc)
5. income for other sources( under this all the income other than the above 4 comes like the income from lottery winning, horse races...etc even the income earned fro smuggling comes here as the it department is only concerned with the income not the source)
According to the current taxation limits a person will have to pay the tax only if his TAXABLE income( taxable income is different from that income u earn..it is the income that u get after all the discounts and rebates and the other deductions are made) exceeds 1,10,1000 rupees per annum for male
and rs.1,45,000 for female.
as u told me that u are female and yr income is 1.44 lacs u doesnt come under the tax bracket...even if u come...after taking the deductions like the HR allowance..meals allowance transportation allowance...your investments like insurance...
ull not have to pay any income tax

For further information check out these links :

http://finance.indiamart.com/taxation/income_tax/rates.html

http://incometaxindia.gov.in/general/computation.asp

http://finance.indiamart.com/taxation/income_tax/taxableincome.html

Hope this information was useful...
i wish u good luck...!!!!!!!!!!!!!!!!

Answer 2

Mr. Lakraj.. answer is correct. You are not in tax bracket as your income is below taxable. You can earn tax free income upto Rs.1,45,000 for this year. (Men Rs.1,10,000: , Women Rs.1,45,000/- for Senior Citizen (men or women >65 years) Rs.1,95,000/-.

Bacause your income is below taxable, now there is no question of tax savings. If your income exceeds the tax free limit, then you can think about investing in tax savings schemes like purchase of NSC, Depositing in bank FD, PPF, LIC premiums etc., All these comes under Sec.80c. Max. tax deduction will be Rs.1 lakh per year for this 80c.

There is no tax benefits for self financing for education. But if you take a loan from a bank or from an institution for the same then you can claim some deductions from your income. The web link given below will tell you everything in detail.

http://www.rediff.com/getahead/2006/feb/02loan.htm

Answer 3

It depends. You can make it tax free by showing expenses that are allowed under certain provisions in the IT Act for which you need to show some documentary evidence. I don't think your income comes under the Tax limit, but you could have been more specific, by saying that it is the gross salary or net salary (net salary means, the salary you get after all deductions). Contributions to PF, ESI are exempted from tax.

Answer 4

yes your salary is taxable. As per Income Tax Act, Under section 192 , Up to 1 lakh 35 thousand Per Annum for women is exempt from from tax and above that mark is taxable.

In your Case ur income from salary exceeds 1 lakh 35 thousand mark so it is definitely taxable

Answer 5

you income of Rs.144000.00 is not taxable as for the current year basic exemption limit for a women is 145000.00.

for your financing your education and getting the deduction its depends on certain things.

you can still have option to invest in specified investment option and also have more income without any tax implication.

Answer 6

no tax for females upto annual income of 145000.
u r not in taxable range.
however file ur IT return , claim exemption for ur education loan ( i suppose u have a education loan ) . pay installment thru ur own cheques of ur own personal account

Answer 7

if your total/gross income is less than rs 1,45,000 no tax is payable by you. and also please note that since your income is less than the taxable limit you need not retrun the income tax returns for the year in which you income is less than rs 1,45,000/-

Answer 8

Young girl...I think u wont get any tax problem.

Answer 9

u need not pay anything,
u r fully exempted

Answer 10

dont pay anything. Enloy with your money.