You can use this site to get the information www.paycheckcity.com. First you need to register, no charges. It has many useful calculators. If you want to find out what your pay check will be then you can use this link: http://www.paycheckcity.com/netpaycalcreg/netpaycalculator.asp First select the year and State and then enter your income and deduction info.
Can anyone send me link to Free income tax calculator for financial year 2008 2009?
If you are looking for a tax calculator for assesment year 2009-2010 you can use the following link to download the excel sheet http://www.diskovery.co.in
Can anyone send me Income tax rate 2008-2009 and also income tax calculator for 2008 2009?
You can download the income tax calculator with the income tax rate in the excel sheet format from the following site http://www.diskovery.co.in
Where can I get Updated Best free Income Tax calculator for 2008 2009 as per 2008 Budget in India?
You can Download 2008 2009 Income tax calculator for free from the following website http://www.diskovery.co.in
Can anyone send excel file with 2008 2009 Income Tax calculator ,ULIP planner ,House loan calculator?
I found a excel attachment where you can calculate Income tax , ULIP planner , 178 year calender and Home loan Calculator from web please find the web address http://www.diskovery.co.in
Tuesday, December 29, 2009
Monday, December 28, 2009
How to avail income tax exemption in india?
I am paying around Rs. 250000/- as income tax there is any option to get exemption in paying tax.
Buddy, As per the IT regulations, there are certain deductions that are allowed on the income earned by an individual. These amounts can be subtracted while arriving upon the net taxable salary of an individual. They are HRA, LTA etc. The Income Tax laws allow all individuals who are assessed for income tax exemption from income tax under the following heads. Section 80C The section 80C of the IT laws provide exemption from income tax on amounts that are invested by the individual. This usually includes the amount the individual invests in certified instruments that are exempt from tax There are a lot of other section using which you can reduce your tax.
What is the exemption in Income Tax for repayment of Education Loan taken for Higher Studies of my son?
I have repaid Education Loan taken from a Bank for higher eduction of my son. How much tax exemption can I get this year and under which section ?
Under section 80E, If you are an Individual, for the assessment year 2008-09 and subsequent years, you can get deduction from your Gross total income, for all the interest paid on such loan (100%). But you cannot get any deduction for repayment of principal. The interest can be deducted for the initial assessment year and for seven successive years, or until the interest is paid in full, which ever is earlier.
Buddy, As per the IT regulations, there are certain deductions that are allowed on the income earned by an individual. These amounts can be subtracted while arriving upon the net taxable salary of an individual. They are HRA, LTA etc. The Income Tax laws allow all individuals who are assessed for income tax exemption from income tax under the following heads. Section 80C The section 80C of the IT laws provide exemption from income tax on amounts that are invested by the individual. This usually includes the amount the individual invests in certified instruments that are exempt from tax There are a lot of other section using which you can reduce your tax.
What is the exemption in Income Tax for repayment of Education Loan taken for Higher Studies of my son?
I have repaid Education Loan taken from a Bank for higher eduction of my son. How much tax exemption can I get this year and under which section ?
Under section 80E, If you are an Individual, for the assessment year 2008-09 and subsequent years, you can get deduction from your Gross total income, for all the interest paid on such loan (100%). But you cannot get any deduction for repayment of principal. The interest can be deducted for the initial assessment year and for seven successive years, or until the interest is paid in full, which ever is earlier.
Thursday, December 24, 2009
Income tax deduction u/s 88?
I Harindar Kumar Gupta want know about Deduction of Income tax under section 80 ccc to 80 u. I want know about other Deduction u/s 88 , Harindar Kumar Gupta Noida-201301
Sec.88 is a redundant section now
Income Tax Deduction as a Minor?
Hellos, Before reading: I'm 17 and I'm giving you a scenario of assumptions and accusations, reply accordingly if you will, it will be much obliged. Okay Assume I live in Arizona, and assume I apply for a job at Kohl's with no prior work experience (as it is not required.) Assume that they higher me and assume Arizona's Minimum Wage is $ 6.90 and assume that starting salary in this business is MW + $ 0.40, which is $7.30. Okay, and assume I work 32 hours a week, 32 * $ 7.30 = $ 233.60 Note: Remember I'm 17, I'm not sure if there's any bonus to being a minor in this area (tax returns, etc), if there is, do tell. My question to you: What would my income tax deduction be, and the finalized pay check would equal out to what? Now assume I'm employed for 15 weeks. Around what amount money would I rake in (I know it depends but, given that information, what can you conclude?)
Pub 15 (Circular E) will tell you more than you want to know. http://www.irs.gov/publications/p15/index.html But to answer-I am assuming that you are paid every other week. If not, just look it up in the table. 467.20 at single/0 is (31.90+5.73) income tax, 35.74 FICA (0.0765%) 467.20 - 74.37 = 392.83 take home pay. For two weeks. Filing, if your parents can claim you as an exemption, you have to file without claiming yourself, just a warning.
Sec.88 is a redundant section now
Income Tax Deduction as a Minor?
Hellos, Before reading: I'm 17 and I'm giving you a scenario of assumptions and accusations, reply accordingly if you will, it will be much obliged. Okay Assume I live in Arizona, and assume I apply for a job at Kohl's with no prior work experience (as it is not required.) Assume that they higher me and assume Arizona's Minimum Wage is $ 6.90 and assume that starting salary in this business is MW + $ 0.40, which is $7.30. Okay, and assume I work 32 hours a week, 32 * $ 7.30 = $ 233.60 Note: Remember I'm 17, I'm not sure if there's any bonus to being a minor in this area (tax returns, etc), if there is, do tell. My question to you: What would my income tax deduction be, and the finalized pay check would equal out to what? Now assume I'm employed for 15 weeks. Around what amount money would I rake in (I know it depends but, given that information, what can you conclude?)
Pub 15 (Circular E) will tell you more than you want to know. http://www.irs.gov/publications/p15/index.html But to answer-I am assuming that you are paid every other week. If not, just look it up in the table. 467.20 at single/0 is (31.90+5.73) income tax, 35.74 FICA (0.0765%) 467.20 - 74.37 = 392.83 take home pay. For two weeks. Filing, if your parents can claim you as an exemption, you have to file without claiming yourself, just a warning.
Where would I find an income tax deduction chart?
Tax Deduction Question? Can you claim water damages that Insurance Company didn't pay as loss on Income Tax?
I had water damage on the ceiling in my kitchen, according to the insurance company's estimate, the damages would cost about 850.00 to repair...my deductible was 1,000. Can I claim the 850.00 that I have to pay for repairs as a Tax Deduction/Loss on my income tax?
If your water damage was a "sudden event" and not the result of a slow leak, the damage could be claimed as a loss. However, the IRS has added a few rules. First you subtract $100 from the loss, your's is now $750. Then you subtract 10% of your adjusted gross income. If you made more than $7500 , then you would not be able to deduct any of the loss. There is no $1000 limit for casualty losses.
Where would I find an income tax deduction chart for the state fo Michigan?
I am planning to be a truck driver and need to deduct taxes from my paycheck myself.
contact the Franchise Tax Board or whatever agency is in charge of collecting taxes in Michigan. I live in California, and that's what California calls their tax collecting agency. You may also want to contact the IRS (Feds) to get a Fed tax deduction table.
I had water damage on the ceiling in my kitchen, according to the insurance company's estimate, the damages would cost about 850.00 to repair...my deductible was 1,000. Can I claim the 850.00 that I have to pay for repairs as a Tax Deduction/Loss on my income tax?
If your water damage was a "sudden event" and not the result of a slow leak, the damage could be claimed as a loss. However, the IRS has added a few rules. First you subtract $100 from the loss, your's is now $750. Then you subtract 10% of your adjusted gross income. If you made more than $7500 , then you would not be able to deduct any of the loss. There is no $1000 limit for casualty losses.
Where would I find an income tax deduction chart for the state fo Michigan?
I am planning to be a truck driver and need to deduct taxes from my paycheck myself.
contact the Franchise Tax Board or whatever agency is in charge of collecting taxes in Michigan. I live in California, and that's what California calls their tax collecting agency. You may also want to contact the IRS (Feds) to get a Fed tax deduction table.
Tuesday, December 22, 2009
How are securities tax under the Income Tax Act(India)?
Under the Income Tax regulations, how are capital gains from securities taxed. What is the process of filing tax for these transactions with the Income Taz department
Short Term Capital Gains (STCG) from sale of shares through recognized stock exchange or units of equity MFs with STT paid are taxed @ 15% Short Term Capital Loss (STCL) from sale of shares through recognized stock exchange or units of equity MFs with STT paid can be adjusted against any Short Term Capital Gains (STCG) or Long Term Capital Gains (LTCG). Long Term Capital Gains (LTCG) from sale of shares through recognized stock exchange or units of equity MFs with STT paid are tax free. Long Term Capital Loss (LTCL) from sale of shares through recognized stock exchange or units of equity MFs with STT paid can be adjusted against Long Term Capital Gains (LTCG) from sale of shares through recognized stock exchange or units of equity MFs with STT paid. In your ITR you have to declare Capital Gains under Schedule CG. HMT
Is All winnings from contests are subject to tax deduction at source under section 194B of Income Tax Act-1961?
My Question is: what are responsibiltes of Organizer/Host of such event. or is it all responsibilty of winner contestant to pay tax . What if contestant is student above 18 .
Short Term Capital Gains (STCG) from sale of shares through recognized stock exchange or units of equity MFs with STT paid are taxed @ 15% Short Term Capital Loss (STCL) from sale of shares through recognized stock exchange or units of equity MFs with STT paid can be adjusted against any Short Term Capital Gains (STCG) or Long Term Capital Gains (LTCG). Long Term Capital Gains (LTCG) from sale of shares through recognized stock exchange or units of equity MFs with STT paid are tax free. Long Term Capital Loss (LTCL) from sale of shares through recognized stock exchange or units of equity MFs with STT paid can be adjusted against Long Term Capital Gains (LTCG) from sale of shares through recognized stock exchange or units of equity MFs with STT paid. In your ITR you have to declare Capital Gains under Schedule CG. HMT
Is All winnings from contests are subject to tax deduction at source under section 194B of Income Tax Act-1961?
My Question is: what are responsibiltes of Organizer/Host of such event. or is it all responsibilty of winner contestant to pay tax . What if contestant is student above 18 .
Wednesday, December 16, 2009
Calculation of Income tax of a monthly salaried person?
How to calculate the income tax for the salaried persons? What are all the excemptions given to female employees?
what kind of benefits? You have to explain your question.
Can 18 years old apply for housing, income, council tax benefit while he/she is studying full-time university?
Is it possible if 18 years old can apply for council tax, housing benefit and income support to go to university full time.
Of course. There are all kinds of grants and the like to get into and to stay in all kinds of schools. Just because someone has bills should not and does not expel the chance to be in school. Hope this helps and God Bless.
I am claiming unemp. benefits, and I had Fed Income Tax withheld from them. Can I use 1040EZ and get credit?
I received $11,000 in Unemployment benefits last year, and had 10% already withheld for Federal (1099G, Line 4). Normally I use the EZ, do I have to use the standard 1040 now to get a credit for what I had withheld? There is something about subtracting contributions from the total on the EZ, but it doesn't seem appropriate here.
EZ is fine. Put the unemployment on line 3 and the withholding on line 7...
How can hiding state-paid benefits from your income tax be considered as "reform"?
It seem Palin has a problem with getting extra perks for her family at tax-dollar expense http://www.msnbc.msn.com/id/27310999/ And isn't revising travel expenes considered unethical?
Unethical? Try illegal. Some reformer!
Will moving to a bigger house affect my council tax/income support benifit?
I live in a small house, with a large family. If my current property was put on rent and I rent a bigger one, will it affect my council income tax benefits and income support benefit?
Your income support will stay the same but your council tax will be adjusted for a bigger property. They would also take into account that you are receiving rent as well as paying it.
what kind of benefits? You have to explain your question.
Can 18 years old apply for housing, income, council tax benefit while he/she is studying full-time university?
Is it possible if 18 years old can apply for council tax, housing benefit and income support to go to university full time.
Of course. There are all kinds of grants and the like to get into and to stay in all kinds of schools. Just because someone has bills should not and does not expel the chance to be in school. Hope this helps and God Bless.
I am claiming unemp. benefits, and I had Fed Income Tax withheld from them. Can I use 1040EZ and get credit?
I received $11,000 in Unemployment benefits last year, and had 10% already withheld for Federal (1099G, Line 4). Normally I use the EZ, do I have to use the standard 1040 now to get a credit for what I had withheld? There is something about subtracting contributions from the total on the EZ, but it doesn't seem appropriate here.
EZ is fine. Put the unemployment on line 3 and the withholding on line 7...
How can hiding state-paid benefits from your income tax be considered as "reform"?
It seem Palin has a problem with getting extra perks for her family at tax-dollar expense http://www.msnbc.msn.com/id/27310999/ And isn't revising travel expenes considered unethical?
Unethical? Try illegal. Some reformer!
Will moving to a bigger house affect my council tax/income support benifit?
I live in a small house, with a large family. If my current property was put on rent and I rent a bigger one, will it affect my council income tax benefits and income support benefit?
Your income support will stay the same but your council tax will be adjusted for a bigger property. They would also take into account that you are receiving rent as well as paying it.
What are the different tax benefits that I can claim from my house payments?
Can you guys list different income tax benefits that I can claim from my house payments? How can I deduct that from taxable income? All formulas for calculating taxes are welcome.
Hello, I recommend checking with your CPA, but the following is an example of the tax benefits for homeownership. John & Jane Home buyer purchase a home costing $150,000, and pay property taxes of $3,000 per year. Some deductions previously not used due to taking standard deduction may now be available. Example รข€“ charitable donations True effect can be seen by comparing tax effects: Adjusted Gross Income Standard Deduction $ 125,000 Itemized Deductions$ 125,000 Deduction Standard Deduction (10,000) Itemized Deductions(15,527) Income Tax Standard Deduction 20,480 Itemized Deductions19,098 Withholding Standard Deduction (21,500) Itemized Deductions (21,500) Refund/(Amount Due) Standard Deduction $ 1,020 Itemized Deductions $ 2,402 First Year net annual tax savings $ 1,382 Over the life of the loan, the tax savings can be substantial. The higher your marginal tax rate, and the higher the loan amount, the greater the savings! Net effect: It puts money in your pocket! The tax savings can help defray the cost of the home.
The govt promoted home loan and in the new income tax code wants to eliminate benefits. it is fair.?
the governement allowed all sorts of benefits on home loans and now in the new income tax code, it is to be eliminated. is it fair. how do you take it. besides all financial benefits including pensionary benefits are to be taxed. where is the incentive. there is no meaning for welfare savings. should not the home loan benefit be continued to promote housing sector.
Hello, I recommend checking with your CPA, but the following is an example of the tax benefits for homeownership. John & Jane Home buyer purchase a home costing $150,000, and pay property taxes of $3,000 per year. Some deductions previously not used due to taking standard deduction may now be available. Example รข€“ charitable donations True effect can be seen by comparing tax effects: Adjusted Gross Income Standard Deduction $ 125,000 Itemized Deductions$ 125,000 Deduction Standard Deduction (10,000) Itemized Deductions(15,527) Income Tax Standard Deduction 20,480 Itemized Deductions19,098 Withholding Standard Deduction (21,500) Itemized Deductions (21,500) Refund/(Amount Due) Standard Deduction $ 1,020 Itemized Deductions $ 2,402 First Year net annual tax savings $ 1,382 Over the life of the loan, the tax savings can be substantial. The higher your marginal tax rate, and the higher the loan amount, the greater the savings! Net effect: It puts money in your pocket! The tax savings can help defray the cost of the home.
The govt promoted home loan and in the new income tax code wants to eliminate benefits. it is fair.?
the governement allowed all sorts of benefits on home loans and now in the new income tax code, it is to be eliminated. is it fair. how do you take it. besides all financial benefits including pensionary benefits are to be taxed. where is the incentive. there is no meaning for welfare savings. should not the home loan benefit be continued to promote housing sector.
Tuesday, December 8, 2009
How to use Form 16 for filing the income tax return?
What does the letter with 142 (2) mean. What are the reasons we get such letters from from the Income tax office?
hi, What does the letter with 142 (2) mean. What are the reasons we get such letters from from the Income tax office.
What does the letter say?
This is the first time I am going to fill the income tax return for me.Company has provided me with the Form 16 for the Financial year 2008-2009,but I don't know how to use the values in Form 16 to fill them in ITR1.Can anybody please help me?
Is it possible to down load the latest circular showing rate of Income tax for handicapped pensioners
I am interested to know the latest income tax rates of income tax department.
Rate of Income Tax is made applicable as per your "status" as per the Income Tax Act e.g. Individual, HUF, partnership Firm, Company etc.,. There is no separate rate of tax for handicaps but they do have certain amount of deduction from income under section 80U. It is better you consult tax consultant.
How NRIs can fill forms for Income Tax returns?
We heard many time that submission of Income tax return has been simplified but most of the NRIs still do not know how to submit income tax return. designated bank suggest to hire CA. Can any body guide properly.
It is true. Even the simplified returns are difficult to understand for ordinary people who dose not have tax knowledge. Actually Saral 2-D was simple with 1 page. The advantage now is no need to enclose any thing, no need to prepare a statement of total income and other statements. If you do not know how to fill it, then you have to take the help of some one for free or you must contact a C.A and pay for his services.
Where can I find proscribed Form of Income Tax Assessment to submit to the employer for Ass.Yr2009-10?
I am a government employee and I have to submit Income tax assessment to my employer. So I an in need prescribed form for that.
If you want Income Tax return forms, the you can obtain it from the Income Tax web
The govt promoted home loan and in the new income tax code wants to eliminate benefits. it is fair.?
The government allowed all sorts of benefits on home loans and now in the new income tax code, it is to be eliminated. is it fair. how do you take it. besides all financial benefits including pensionary benefits are to be taxed. where is the incentive. there is no meaning for welfare savings. should not the home loan benefit be continued to promote housing sector.
hi, What does the letter with 142 (2) mean. What are the reasons we get such letters from from the Income tax office.
What does the letter say?
This is the first time I am going to fill the income tax return for me.Company has provided me with the Form 16 for the Financial year 2008-2009,but I don't know how to use the values in Form 16 to fill them in ITR1.Can anybody please help me?
Is it possible to down load the latest circular showing rate of Income tax for handicapped pensioners
I am interested to know the latest income tax rates of income tax department.
Rate of Income Tax is made applicable as per your "status" as per the Income Tax Act e.g. Individual, HUF, partnership Firm, Company etc.,. There is no separate rate of tax for handicaps but they do have certain amount of deduction from income under section 80U. It is better you consult tax consultant.
How NRIs can fill forms for Income Tax returns?
We heard many time that submission of Income tax return has been simplified but most of the NRIs still do not know how to submit income tax return. designated bank suggest to hire CA. Can any body guide properly.
It is true. Even the simplified returns are difficult to understand for ordinary people who dose not have tax knowledge. Actually Saral 2-D was simple with 1 page. The advantage now is no need to enclose any thing, no need to prepare a statement of total income and other statements. If you do not know how to fill it, then you have to take the help of some one for free or you must contact a C.A and pay for his services.
Where can I find proscribed Form of Income Tax Assessment to submit to the employer for Ass.Yr2009-10?
I am a government employee and I have to submit Income tax assessment to my employer. So I an in need prescribed form for that.
If you want Income Tax return forms, the you can obtain it from the Income Tax web
The govt promoted home loan and in the new income tax code wants to eliminate benefits. it is fair.?
The government allowed all sorts of benefits on home loans and now in the new income tax code, it is to be eliminated. is it fair. how do you take it. besides all financial benefits including pensionary benefits are to be taxed. where is the incentive. there is no meaning for welfare savings. should not the home loan benefit be continued to promote housing sector.
Tuesday, November 17, 2009
How could I be exempted from Income tax?
I am working for a pvt company and having 4.5 lac/yr.There is no any source of income for me other then the service. Am suffering from Kidney failure and am on dialysis. am spending about 3.5lac/yr on my treatment. I get just Rs 50,000 as income tax exemption. could anyone guide how could I be exempted from Income tax
Let me tell u that as per my calculation for the F.Y.2009-10 your tax calculation comes to Rs.45320. Thus if your worried about income tax deduction as you say above upto 50000 then there is no question if any tax.
Whether completion certificate is required for claiming for home loan benefit for income tax?
Home loan is exempted from income tax, whether completion certificate is required to be submitted for this purpose.
No completion certificate is required and nothing to be produced. Till last year, the completion date was mentioned in the computation of total income as a note. Now no computation of total income at all after the interdiction of ITR forms. If you start paying the home loan installments (EMI), you can take that date as completion date and in case of inquiry if any, you should be able to prove the completion date. That is all.
Let me tell u that as per my calculation for the F.Y.2009-10 your tax calculation comes to Rs.45320. Thus if your worried about income tax deduction as you say above upto 50000 then there is no question if any tax.
Whether completion certificate is required for claiming for home loan benefit for income tax?
Home loan is exempted from income tax, whether completion certificate is required to be submitted for this purpose.
No completion certificate is required and nothing to be produced. Till last year, the completion date was mentioned in the computation of total income as a note. Now no computation of total income at all after the interdiction of ITR forms. If you start paying the home loan installments (EMI), you can take that date as completion date and in case of inquiry if any, you should be able to prove the completion date. That is all.
Thursday, November 12, 2009
Duplicate copy of Form 16
What is the process to get duplicate copy of form 16 from income tax department?
I lost my form 16 and previous employer is not giving a duplicate copy.How can i appy a duplicate copy of form 16 from income tax department?
Form 16 will be available from the employer. You cannot apply to the Income tax dept. to obtain it. You can request your employer to obtain a duplicate copy
How to factor into income tax the loss incurred on share market.?
My income tax liability by end of FY09-10 will be about Rs 100000. During this stock downfall, I incurred a total loss of Rs 20000 due to sale of shares. Does this mean I should be paying a tax of 80K and not 100K ?
If you are treating your loss as business loss, then you can deduct Rs.20,000 from Rs.1,00,000. If you are treating the loss as capital gains loss, then you cannot set of the loss Rs.20,000. In any case, if your income is just 1,00,000 for the FY:09-10, your income is below taxable and no need to pay income tax. ( Rs.1,60,000 is tax free income for Male)
I lost my form 16 and previous employer is not giving a duplicate copy.How can i appy a duplicate copy of form 16 from income tax department?
Form 16 will be available from the employer. You cannot apply to the Income tax dept. to obtain it. You can request your employer to obtain a duplicate copy
How to factor into income tax the loss incurred on share market.?
My income tax liability by end of FY09-10 will be about Rs 100000. During this stock downfall, I incurred a total loss of Rs 20000 due to sale of shares. Does this mean I should be paying a tax of 80K and not 100K ?
If you are treating your loss as business loss, then you can deduct Rs.20,000 from Rs.1,00,000. If you are treating the loss as capital gains loss, then you cannot set of the loss Rs.20,000. In any case, if your income is just 1,00,000 for the FY:09-10, your income is below taxable and no need to pay income tax. ( Rs.1,60,000 is tax free income for Male)
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