| Income Slab | Tax Rate |
| Up to Rs.1,50,000 (Male) / Up to Rs 1,80, 000 (Female) / Up to 2,25, 000 (for resident individual of 65 years or above) | NIL |
| Rs. 1,50,001 to Rs. 3,00, 000 (Male)/ Rs 1,80,001 to Rs 3,00, 000 (Female) | 10% |
| Rs. 3,00,001 to Rs. 5,00, 000 | 20% |
| Rs. 5,00,001 and above | 30% * |
* A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 10,00,000.
- Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any..
- Agricultural income is exempt from income-tax.
I you have any doubt regarding calculate of your tax, feel free to ask your query in below comment form. I will definitely help you within 24 hours.
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{ 85 comments… read them below or add one }
IF AN EMPLOYEE JOIN IN A COMPANY IN THE MIDDLE OF THE FINANCIAL YEAR AND LEFT THE JOB IN THE MIDDLE OF THE FINANCIAL YEAR WHAT IS THE EFFECT OF TDS
It seems from your question that you have joined new company left behind you old company in the middle of the financial year. If your question is about that then your answer is
that TDS is deducted on salary on monthly basis. so you can take TDS certificate from your old employer for getting your Claim.
i have worked in a inidan company upto june2009 and joined in a company in saudi arabia. until 2008march i have submitted my returns with it. now what is the procedure to follow in future.
Yes you are going right because you have submitted your income tax return up to march 2008. It has cleared, but now you have joined in saudi arabia. It means you have no income in india. So you must follow the procedure of Income tax law in that country. if remain doubtful plz free to ask question in detail. thanks
Hi. I needed to know about the tax deduction incase i have a home loan on my name. Thanks
Hi, Please ask your question in detail. if you have a home loan on your name then what is the problem.
What is Security Transaction Tax?
Securities Transaction Tax (STT) is a tax being levied on all transactions done on the stock exchanges.
Securities Transaction Tax is applicable on purchase or sale of equity shares, derivatives, equity oriented funds and equity oriented Mutual Funds.
Current STT on purchase or sell of an equity share is 0.075%.
When you have paid security transaction tax at the time of selling securities (shares), then,
If you are an investor and not trader:
1. If you are selling the shares after 12 months, then it comes under long term capital gains and you need not have to pay any tax on that gain.
2. If you are selling the shares before 12 months then you have to pay short term capital gains @10% flat on the gain.
If you are a trader and not an investor:
All your gains will be treated as trading (Business) and you have to pay tax as per tax sables. In this case the transaction tax paid by you can be claimed back/adjusted in tax to be paid.
Is there any change of TDS Rates from 01 – 10 – 2009 ?
Any changes please tell me the same.
TDS on professional fees
TDS on Contractors / Sub-Contractors
TDS on Rent.
whats about donation given to any registered tarust sanstha .religies center how to do this.
I have hard fom my friend that, From next year the Tax will be deducted @10% of (total income-1,50,000), no deduction(like HRA, deduction under Sec-80C etc.) will be considered at that time of deduction.Is it true?
New Income slab rate in which date will be applicable. What has Surcharge aboilished on all type of income above 10 lakhs
It is clear that if my yearly income is Rs. 3,00,000/-, Rs. 1,60,000/-
is deducted as income slab. Further if I pay Rs 60,000/- for PPF yearly and Rs 1,00,000/- towards home loan, what amount will be taxable and tax amount please.
Thanks
Dear Sir,
I am now working in Singapore and will be joining an Indian company from oct 1.
I want to know what are the components in the salary package are subjected to tax………I will tell you what are the components that have been mentioned in the letter……… basic, HRA , conveyance, Medical, LTA, Telephone, PF, Bonus @20%, Gratuity, Hospitalization policy and once every year incentive.
Can you kindly help me to give the details by return email.
Thanks
Dear All
firstly thanks for updated information related to Income tax.
I request you please update below:
1. Tax Holiday ( Jammu Area )
2. Tax Compution of Company.
3. When applicable tax audit.
4. Hilight of Company law & Industry law.
pls send me the updated income tax slabs
i am working abroad and as per my understanding i won’t be taxed for my income. However, i have purchased a flat in India on loan basis. the possession of the flat has not be done so far. do i have any tax liability? where can i get more information on taxes for NRI for investments done in india.
thanks
Who is responsible to file TDS quaterly return?
PLS TELL ME ABOUT ASSESSMENT PROCEDURE,BELATED RETURN…
AND
ADVANCE TAX RATE FOR ALL ASSESSE….AND DATE OF FILLING ADVACE TAX…
AND
TDS….TDS RATE AND DATE FOR DEPOSITED THE TDS AND DATE OF FILLING THE RETURN OF INCOME TAX
In TDS, Form 17 is applied from which period
MY Form 16 is misplaced how can i submit the returns .
unable to download income tax slab for Ass Yr 2009-10
sir
I did not take care any steps to avoid undue tax .
I heard that there is aprocedure called carry it Forward by which we can avoid this loss by filing it in next year.
Sir,
What could be the salary break up if a person’s CTC comes to Rs 60,000 & IT per month
what is the expanses per day accured in firms
is real estate under income tax liability?
what is the current limit of savings for avail tax benefits
hi
very gudevening
sir my package is 4.5 lac, i hav invested in 15000 in 80(c)
so plz tel me how much invest in 80(c)
Thanks
which type of perks and allowances are exempted and taxable
after deducting partners remunaration the total income is rs.215450. Advance is 35000 what is the amount of tax payable.
Dear Friend,,
I required to know about new textation U/S 10 ( 10 ) D….
I am Investor in diffrent life insurance company . As i heard about that now Govt New planing for get tax on maturiety benefit ? Please let me know about New salb for U/S 10 (10 ) D…
I am working in sez area should I paid the Income tax
If yes what is the rate IT
New slab for 2009-10
what can a person do if he was employee of an insurance co.{PRIVET CO.}
he had return filed for to get back TDS but by mistek in wronge ward.
how he can get back his TDS ?
he had filed return for asst yr 2008-2009. but yet not getback TDS.
Although I have an Income tax file, I failed to file my returns since last 6(six) years.
Now how can I regularize my IT-file this fiscal
I have an IT file. But I could not file my IT returns for the last six years due to seriuos ailments of my family member. Now how can I regularize my IT ? Kindly advice
I am house wife . I gained Rs 40,000 in a year as a shortterm gain by seeling shares through online transaction . As per new IT tax , no need to pay IT if women income lessthan Rs 1,80,000 in a year. Based on this point , I would not pay any IT . Whether my approach is correct or not . Please clarify it
Moreover my husband is paying his IT Separtely based on his salary income
Yes, You are right you don’t need to file any income tax return. You have option to file or not, its all up to you
Please clarify my following two doubts
1.RPL SHARE PURCHASED TWO YEARS BACK NOW IT WAS REPLACED YESTERDAY BY RIL DUE TO AMAGLMATION .If i sell RIL ,which date will be taken for short term gain .Whether short term gain tax is applicable or not
2. How can adjust long term share loss against short term gain . I am a online share investor .Please clarify
I RETURN FILE FOR THIS FINANCIAL YEAR,TILL DATE NOT REFUND RETURNED AMOUNT,I AM BLIND PERSON
Hello Madana
Please provide all detail along with PAN. I will get your refund from income tax department without any fees.
thanks
my salary is gross rs 360000/=per annum+arrear from nov 2007 rs 80000
investment in tax saving scheme rs 100000/=
housing loan interest in three loan rs 23000+2000+20000=45000
what will be my tax libility?
pls send me the updated income tax slabs
please informs me slab of income tax under clause 88.
I am a central govt employye reaced arrears of 6th pay commn as 40%
last year and 60% now. i have paid tax for the last year.
my taxable income was 2,20000 last year. Can I show this arrears 60%
in last year ,because still 80,000 left for 20% (slab) ie below 3 lac.
pl clarify.
tks
Hi,
I am currently working with an MNC and I earn around 2 lacs p.a. Am I exempted from tax being a female and earning below 3 lacs?
I don’t have much people around to assist me with the concept of tax with regards to my salary. Also how important is it to file my returns?
Dear Sir/Madam,
Please provide current Slab of Income tax & also provide Other taxes rates.
Thanks.
Kailas.
UP TO WHAT EXTENT I HAVE TO INVEST IN TO SAVING ACCOUNT IN BANK.
I am a foreigner licving in new delhi.
I make approx 450000 per month and my tds is 117000.
Is this correct and does being a single arent allow me a tax break, additionally can i claim my accomodation which is i my name and also my daughters education
please help
Dear Sir
we are supposed to sell our grandfather land for an amount of 15,000,00.pls advice me whether we have to pay tax for this and if so how much is applicable for this income thru property.expecting your reply at the earliest
Hi Sir,
I am working in USA and would like to invest some money in indian FD, do i need to pay any taxes for the interest earned? Please advise asap. I have no source of indian income at this moment.
The investment amount would be around 5 Lakhs.
Hi ashraf here,
Please tell me how to save the tax.
my current package is 5.3
i am not filling last two years income tax return, i need filling all my pending & current year income tax return please advice how can i filling my return.
or any rule change for filling of return. please advice.
i am not filling last two years income tax return, i need filling all my pending & current year income tax return please advice how can i filling my return.
or any rule change for filling of return. please advice.
I want set up a new business in nature of Bear Bar with a resturent .
what is the process for licensing for same and what would government charges
Dear Sir,
I am now working in Kolkata and will be joining an Indian company from oct 1.
I want to know what are the components in the salary package are subjected to tax………I will tell you what are the components that have been mentioned in the letter……… basic, HRA , conveyance, Medical, LTA, Telephone, PF, Bonus @20%, Gratuity, Hospitalization policy and once every year incentive.
Can you kindly help me to give the details by return email.
Thanks
Rabisankar Gayen
what is the maximum amount taken for the home loan interest and home loan principle for the income tax for the accounting year 2009-2010
Clarification needed :
1. What was the maximum limit of exemption on Food Coupon / Meal coupon obtained from Accor services through employer?
2.Can we claim exemption for coaching fee paid for child’s Cricket/football coaching?
3. Re imbursemnet allowance /perquisites – Please brief me about all perquisites/reimusement allowance
dear sir/mam, my gross salary is 285000. in that my PF is 850 every month. for this year i have taken 3000 worth mediclaim, 2500 monthly rent, 4250 insurance, 70000 MF tax saver fund. In this case, how much should i have to pay IT for 2009-2010
Hi,
I am ravi.this is my first time i am going to give income tax.So,people please guide me how much i shoulkd invest in savings.I know that 100000 rs we can show in saving but look at my salary & benefits. can you peole guide me after deducting pf and like hra how much i have to show in saving,i have totally no idea about it.Second thing I want to know that which is the best scheme that you people that I can invest in,please give some specific name and policy names so then i could make it.
Waiting for hear from you people.
Thanks in advance………….
Below is the strucure of my salary
Yearly
PF & Gratuity Contribution 26,166
BASE SALARY 445,000
BASIC 155,750
HRA 93,450
CONVEYANCE 9,600
MEDICAL 15,000
LTA 12,979
SPECIAL ALLOWANCE 156,457
GROUP LIC 1,764
TOTAL 445,000
Monthly
BASIC 12,979
HRA 7,788
CONVEYANCE 800
MEDICAL 1,250
SPECIAL ALLOWANCE 13,038
TOTAL (Rounded off) 35,855
Monthly PF Deduction 1,557.50
form no 16 is necessary to issue by employer to employee in 2010-11 assesment year
how to income tax calculate from pay bill register
we want income tax calculator from excel format simply method
my total income is 5 lac & saving of 1.5 lac.show total tax and calculations with rebates allowed
I am US citizen of Indian descent, and has been offerred an position in india, with an annual salary around 8o lakhs, which will be taxable in india. According to my understanding, I am supposed to pay about 30% tax on my income, which means a lot in terms of amount?
Would you please kind enough to let me know, if I am correct or not? And what kinds of deduction I can seek once i am living here.
regards
gs
Sir,
I have joined a new companey in Dec 08 &I have recieved arear of my salary for the period Dec.08,Jan.09,Feb.09&March09 in april 09 ie. finencial year 2009-10.
My office is treating this salary towards finencial year 2009-10.
Can I book this salary in previous years income by revising my ITR( I have not included this amount in previous years income then)
Sir
I have a question about incometax. about artical 269
sir what happened when i give a loan to any body of 50000/- by bank and he repaid to me 1000/-p.m. in cash. if its not allowed and the person can not have a cheque book or a bank account then how can he repay me the amount of loan.
Sir i saw many companies that having taken amount cash in installments and after taken the amount they repay coustomor by bank. How can they do so.
Please replay as same
Yours sinserly
Rishi Bhatt
9425487005
Dear Sir,
I am an Govt.Employee. Is the House Rent Allowance received by me is also treated as Income? Is it also taxable? Pl.clarify it.
below is the details of my income and savings.will you pls tell me what will be my tax caculation? also, tell me how i could get max tax rebate from savings. pls tell me specifically where should i save and in what amount?
Yearly Gross Income : Rs. 252542.00/
” H.R.A. : Rs. 27810.00/
” D.A. : Rs. 32932.00/
” M.A. : Rs.3400.00/
” D.P. : Rs. 3000/
” P.F. : Rs. 11218.00/
” P.T. : Rs. 1540.00/
i hv a FD. in bank of Rs. 100000.00/
N.S.C. of Rs. 20000.00/
K.V.P. of Rs. 20000.00/
i shall be obliged if you guide me and provide me with the details.
Hi,
I left India on Oct’09 first Week and I want to have sent some money from USA for my family maintainance and loan emi payments.
Will the amount which I will send to my own a/c will be treated as Income for me.
Thanks,
Raja Babu
Dear sir / madam,
At present I joined in a new company my CTC is
Rs.1,68,000/-.
Details of Salary
Basic : 6720
HRA : 3024
E.A. : 1150
C.A. : 1150
M.A. : 300
GROSS.: 12344
AFTER DEDUCTION OF PF
PF .: 806
NET SALARY .: 11538
PERKS
LTA.: 560
BONUS .: 290
PF .: 806
HOW TO CALCUATE MY SALARY IN INCOME TAX
KINDLY GIVE UR HUMBLE SUGGESTION.
REGARDS
SURESH.P
What are the Exemption in INCOME TAX.
WHEN WE CALCUTATING PF CONTRIBUCTION
WE CAN ADD EMPLOYEE CONTRIBUTION + EMPLOYER CONTRIBUTION
GIVE UR HUMBLE SUGGESTION
REGARDS
SURESH.P
I need all tax rate & when we have to return file,Rules & Regulation’s.
Plz send it.
If any body joins in 1st Sept 2009 in company . How many months income tax should be calculate, for 8 months or full year.
Thanks
Regards
Balbir Singh
i have borrowed a home loan on second home after repaying a first home borrowed home loan in previous year.
pl sir guide whether i can avail the tax benefit on second home or not??
second home is in the name of my wife and we have borrowed loan of 1050000 jointly. i m the main applicant and she is the co-applicane and she pays EMI from his salary.
can i avail tax benefit on this borrowed home loan??
Hi,
I Joined Company in Oct-09 and My Total Salary is 162000/-
Monthly Salary Details as below
Basic Salary—- 3,750.00
HRA————- 1,875.00
Conveyance Allowance——– 800.00
Holiday Allowance——– 313.00
Adv Monthly Perfr. bonus ——–2,700.00
Lifestyle Allowance——– 2,419.00
Advance Statuatory Bonus ——-700.00
Please Tell me how much Income tax I should pay
Regards
Saurabh
PLEASE TELL ME EXEMPTION LIMIT ON TOTAL SALARY.
Hi,
A new staff joined in our company in jan-2010.His net salary is 16447,how can i deduct tax from his salary.please help me.
Prasanta
SALARY DETAILS NAME : Mr. Vineet Singh
COMPONENTS Rs. Remarks
Monthly – direct
Basic salary 14400.00
HRA 7200.00
Conveyance 3600.00
Spl.Allowance 333.00
Performance incentive (paid quarterly) 7600.00
TOTAL DIRECT 33133.00
Monthly – indirect
PF 1728.00
TOTAL INDIRECT 1728.00
Total Monthly (Dir + inidrect) 34861.00
Total annualised 418332.00
Annual payments
Medical / health care – reimbursement 5000.00 Will be reimbursed subject to production of voucher / receipts
Medical / insurance 10000.00 Will be reimbursed subject to production of voucher / receipts
LTA 12000.00
Gift coupons 5000.00
Total Annual 32000.00
CTC 450332.00
can you help in accesssing my tax deduction and what salary i will be getting in hand…..thanks for your help…my email id is vin_v4u86@yahoo.co.in
Hello, we are a 15 people pvt ltd bpo company. I would like to know what should be the salary components and what percentage, how do we calculate this. keeping in mind each employee earns 8000 salary plus 3000 as performance incentive. Is there a format to calculate salary break up and when is the PF compulsory (i mean after 50 employee’s or 20).
Awaiting for your reply. Thank you
please see the attached file
hi please inform me that what is the income tax on arearfrom1996 to 2010 of rs 300000
hi i am working as profeesor in a college. i am earning of rs.30000 p.m. i know about my salry deductions. what’s the tax rate… what basis they calculated…
pf – 780 per month
pp-2000 per month
TDS-4600 per month
hello,
i have just entered my very first job of life,i have done architecture and have no clue of TDS, my monthly salary is Rs.10000,and my salary gets deducted at 10.33%, i have been told that if your annual salary is more than 20000,you have to pay TDS at the rate of 10.33%,which by the end of the financial year,will be refunded by the government.
please can someone guide me on this,ssince i have no clue.
thanks.
Dear Sir,
Our company staff was joined on sep’2009, he is getting per month salary Rs.20,000/-, the breakup details is given below
October Month = 6,667.00
November Month = 20,000.00
December Month = 20,000.00
January Month = 20,000.00
Feburary Month = 20,000.00
March Month = 20,000.00
————-
Total = 1,06,667.00
————-
can u please advice for above calculation not covered for TDS (2009 -2010), my question is F.Y (2010-2011) salary calcualtion taken for old current year.
Regards
Sundar
Is there any changes in the new direct tax code for the markets related taxes like STT Etc.
I would like to know the appropriate form for Resident Individual Women with Homemaker status with interest income and other income as the source of income. Could you please tell which form should be used ITR1/ITR2/ITR3/ITR4 to file the income tax return?