Monday, February 13, 2012

INCOME TAX RATES 2011-12 EXEMPTION DEDUCTION TAX CALCULATION INCOME TAX READY RECKONER FREE


on Monday, February 13, 2012

SMALL FREE INCOME TAX READY RECKONER 2011-12INCOME TAX RATES 2011-12 FY ,INCOME TAX RATES 2012-13 AY, INCOME TAX DEDUCTION AT A GLANCE 80C TO 80U , CAPITAL GAIN EXEMPTION AT A GLANCE 54 ,54B, 54EC,54F,SET OFF AND CARRY FORWARD LOSSES, DUE DATES , CHALLAN FORM ,OTHER TAX RELATED INFORMATION RELATED TO FINANCIAL YEAR 2011-12, INCOME TAX SLAB RATES , INCOME TAX CALCULATION , INCOME TAX READY RECKONER 2011-12 
Download Link for full post is given at the end

ASSESSMENT YEAR 2012-2013
RELEVANT TO FINANCIAL YEAR 2011-2012



I TAX RATES FOR INDIVIDUALS  OTHER THAN II, III & IV BELOW
Upto 1,80,000                         - Nil
1,80,000 to 5,00,000               - 10% of the amount exceeding 1,80,000
5,00,000 to 8,00,000               - Rs.32,000 + 20% of the amount exceeding 5,00,000
 
8,00,000 & above                    - Rs.92,000 + 30% of the amount exceeding 8,00,000


II TAX RATES FOR RESIDENT WOMEN BELOW 60 YEARS
Upto 1,90,000                         - Nil
1,90,000 to 5,00,000               - 10% of the amount exceeding 1,90,000
5,00,000 to 8,00,000               - Rs.31,000 + 20% of the amount exceeding 5,00,000
8,00,000 & above                    - Rs.91,000 + 30% of the amount exceeding 8,00,000


III TAX RATES FOR INDIVIDUAL RESIDENTS  AGED 60 YRS AND ABOVE & BELOW 80 YEARS (SENIOR CITIZEN)
Upto 2,50,000                         - Nil
2,50,000 to 5,00,000               - 10% of the amount exceeding 2,50,000
5,00,000 to 8,00,000               - Rs.25,000 + 20% of the amount exceeding 5,00,000
8,00,000 & above                    - Rs.85,000 + 30% of the amount exceeding 8,00,000


IV TAX RATES FOR INDIVIDUAL RESIDENTS  AGED 80 YRS AND ABOVE  (VERY SENIOR CITIZEN)
Upto 5,00,000                         - Nil
5,00,000 to 8,00,000               - 20% of the amount exceeding 5,00,000
8,00,000 & above                    - Rs.60,000 + 30% of the amount exceeding 8,00,000
There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.


EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of  3% on Income-tax.


Tax calculator simple for financial year 2011-12 assessment year 12-13 is available here


EXEMPTIONS/DEDUCTIONS FROM SALARY
1.  VOLUNTARY RETIREMENT – 10(10C)

Amount received or receivable (ie.,in instalments) by an employee on his voluntary retirement in accordance with any scheme of Voluntary Retirement is exempt to the extent of Rs.5,00,000, provided the VRS is in accordance with Rule 2BA of IT Rules.  However no 89(1) relief can be claimed.


2.  HOUSE RENT ALLOWANCE EXEMPT U/S.10(13A) – Read with Rule 2A of   IT Rules 1962

a)   Actual HRA received                                     :  Rs.xxxx
b)   Rent paid in excess of 10% of Salary             :  Rs.xxxx
c)   50% of Salary  in Metro Cities or
40% of Salary in other cities                           :  Rs.xxxx
Least of a), b), c) is exempt.

NOTE : Here Salary means Basic Salary as well as DA if the terms of employment so provide.According to the notification issued by the Income tax department, now landlord PAN card is must to get tax exemption against HRA allowance. One will have to submit PAN card as a proof if he is applying for more than 15000 per month.read here.


3.  CONVEYANCE ALLOWANCE : Any allowance granted to meet the expenditure incurred wholly, necessarily and exclusively on conveyance in performance of the duties of office and so certified by the employer is exempt u/s.10(14).

4.  TRANSPORT ALLOWANCE : Any allowance granted to an employee to meet the expenditure for the purpose of commuting between the place of his residence and the place of his duty to the extent upto Rs.800/- per month is exempt u/s.10(14). 

5.   MEDICAL REIMBURSEMENTAn amount of Rs.15,000  or the actual  amount reimbursed by the employer whichever is less is exempt u/s.17(2).


6.     PROFESSION TAX : Profession Tax levied by the State Government is allowable as a deduction from Gross Salary provided it has been paid.
7. Valuation of perquisites rules are available here
8. Exempted /Taxable allowance List is available here 


DEDUCTIONS FROM HOUSE PROPERTY
1.   DEDUCTION U/S.23(1)   : For let out property, amount actually paid by the owner towards taxes levied by any local authority in respect of the property is deductible from Annual value(taxes pertaining to any previous years). 
2.  DEDUCTION U/S.24(a) : For let out property, deduction of 30% of the Net Annual Value is allowed.  No separate deduction for Repairs, Collection Charges, Insurance Premium, Annual Charge and Ground Rent.

3.   INTEREST ON BORROWED LOAN(U/S.24(b)):
a.   If Property is acquired or constructed with loan taken after 01/04/99 and construction is completed within 3 years from the end of the financial year in which the capital was borrowed – Rs.1,50,000 or actual interest paid/payable whichever is less is deductible.

b.   If new housing loan is taken for repayment of old loan (old loan taken after 1/4/99) – Rs.1,50,000 or actual interest paid/payable whichever is less is allowed as deduction.

c.   If Property is acquired or constructed with loan taken before 01/04/99, Rs.30,000 or actual interest paid/payable whichever is less is allowed as deduction.

d.   If loan taken for Repairs, renewal, reconstruction of property, Rs.30,000 or actual interest paid/payable which ever is less is allowed as deduction.
FOR LET OUT PROPERTY, actual interest paid/payable can be claimed as deduction.
ONLY OWNER OF THE HOUSE PROPERTY CAN AVAIL THE ABOVE DEDUCTIONS.


CAPITAL GAINS:
With effect from 01/10/2004, Long Term Capital Gains arising on sale of equity shares or unit of equity oriented fund through recognized stock exchange is exempt if such transaction is chargeable to Securities Transaction Tax (u/s.10(38)).
Short Term Capital Gains arising on sale of equity shares or unit of equity oriented fund through recognized stock exchange is subject to tax at the rate of 15% if such transaction is chargeable to Securities Transaction Tax.
The Capital Gain arising out of sale of long term capital asset can be invested in  National Highways Authority of India, Rural Electrification Corporation Limited, within six months from the date of sale subject to a ceiling of Rs.50 lakh during any financial year. (Lock-in period is 3 years)
Cost Inflation Index for the F.Y.2011-12 is 785.


check exemption 54,54b,54ec,54f at a glance

Long Term Capital Gain - Exemption
a.
Who can claim exemption
Ind/HUF
Individual
Any person
Ind/HUF
b.
Eligible assets sold
A residential
House property
(minimum holding period 3 year)
Agriculture land which  has been   used   by   assessee himself or by his parents for agriculture purposes during last 2 yrs of transfer
Any   long-term capital assets (minimum holding period 3 years) 
Any long term asset (other  than  a residential  house    property ) provided on the date of transfer the taxpayer does not own more than one residential house property from  the assessment year 2001-02 (except the new house)
c.
Assets to be acquired for exemption
Residential house property
Another agriculture land
(urban or rural)
Bond of NHAI or
REC
Residential house property
d.
Time limit for acquiring the new assets
Purchase :1 year   back or
2    y e a r   f o r w a r d , Construction:   3   year forward
2 yrs forward
6 months forward
Purchase :1 year back or 2 year forward, Construction:
3 year forward
e.
Exemption Amount
Investment in the new assets or capital gain, which ever is lower
Investment in
the agriculture land or capital gain, which ever is lower
Investment   in     the new assets or capital gain,  which  ever  is lower (Max. Rs.  50
Lacs in Fin. Yr.)
Investment in the new assets / Net
Sale consideration X capital gain
f.
Yes
Yes
not applicable
Yes


Set off and carry forward of losses at a glance

CARRY FORWARD & SET -OFF OF LOSSES:
Set-off
During the year
Carry Forward & Set - off Next year(s)

Same
Head
Another head
Against
C/F
Years
Agst Profits From
Yes
Yes
-
Yes
8 years
same head
2. Speculation Business
Yes
No
From Speculation
Profits
Yes
4 years
Same/ another
Speculation Business
Unabsorbed  Depreciation  / Cap Exp on SR/FP
Yes
Yes
any
income
Yes
No limit
any income
(other than salary)
Non-speculative Business or Profession
Yes
Yes (except salary)
Yes
8 years
same head
3. Long Term Capital Losses
Yes
No
LTCG
Yes
8 years
LTCG
Short Term Capital Losses
Yes
No
STCG/LTCG
Yes
8 years
STCG/LTCG
4. Owning / Maintaining race horses
Yes
No
same item
Yes
4 years
same item
5. Income from Other Sources (except if exempt)
Yes
Yes
NA
No
NA
NA
6. Specified Business u/s 35AD
Yes
No
Specified Business
Profits
Yes
No Limit


STANDARD DEDUCTION FOR FAMILY PENSION U/S.57(iia):
An amount of Rs.15,000 or 33&1/3% of family pension whichever is less is allowed as deduction. If an assessee receives arrears of family pension, then Relief u/s.89(1) can be claimed by him.

Family Pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces(including para-military forces) of the union, where the death of such member has occurred in the course of operation is exempt. 


EXEMPTIONS – OTHER SOURCES
Any income by way of Dividends from company, Income received in respect of units from the Unit Trust of India, Income received in respect of the units of a mutual fund are exempt.

DEDUCTIONS FROM GROSS TOTAL INCOME (CHAPTER VIA):

Sl.No.
I.T. Sec.
Nature of Deduction
Amount of deduction
1.
a.




b.
c.
80 CCE
80 C




80 CCC
Limit on Deduction u/s.80C, 80CCC & 80CCD              
Life Insurance Premia, PF, PPF, NSC, ELSS, Units of Mutual Fund referred to u/s.10(23D), Tuition Fees(max. 2 Children), Repayment of Principal of Housing loan, Bank Fixed Deposit of 5 yrs period, notified Bonds of NABARD, Deposit in an account under Senior Citizens Savings Scheme rules, 5 year time deposit in an account under Post Office Time Deposit Rules, 1981 etc.
Premium paid towards approved Pension Fund (like LIC’s Jeevan Suraksha) max. 1 lakh.
Contribution to Central Government Pension Schemes. Upto 10% of salary with matching contribution from Government.                                                     

Maximum overall
Deductions
allowed u/s. 80C,
80CCC & 80CCD
is Rs. 1,00,000
      (Employer contribution is deductible without any limit from fy 2011-12)
2.
Amount paid/deposited as subscription to long-term infrastructure bonds being notified by the Central Government.
Rs. 20,000
3.
(a) Medical Insurance Premium paid by an individual/HUF by any mode of payment other than cash to effect or keep in force an insurance on the health of the assessee(self) or his family(spouse & dependent children) for policies taken from General Insurance Corporation /other approved Insurance Regulatory and Development Authority or any contribution made to the Central Government Health Scheme.
(b) Medical Insurance Premium paid by an individual/HUF by any mode of payment other than cash to effect or keep in force an insurance on the health of his/her parent or parents for policies taken from General Insurance Corporation /other approved Insurance Regulatory and Development Authority or any contribution made to the Central Government Health Scheme.
(c) For Senior Citizens
Upto Rs.15,000





Upto Rs.15,000




Upto Rs.20,000
3.
(a) Any expenditure for Medical, Nursing & Rehabilitation incurred on dependant suffering from permanent disability including blindness, mental retardation, autism, cerebral palsy or multiple disabilities   
(b) Deposits under LIC, UTI’s Scheme & other IRDA approved insurers for the benefit of physically handicapped dependent
Rs.50,000 (Rs.1,00,000 if the disability is severe exceeding 80%)
4.
(a) Actual expenditure incurred on Medical treatment of Self or dependant or a member of HUF suffering from terminal diseases like Cancer, AIDS, Renal failure etc. 
(b)  For Senior Citizens(self or dependent on whom expenditure on medical treated is taken)
Upto Rs.40,000


Upto Rs.60,000
5.
Interest on loan taken from Financial/Charitable Institutions for Self/Spouse/Children for pursuing Higher Education (for a max. period of 8 yrs)
Actual Interest repaid

6.
(a) Donations made to National Defence Fund, Prime Minister’s Relief Fund, approved Funds of reputed Educational Institutions, National Trust for Welfare of persons with Autism, Cerebral Palsy etc.
(b) Donations made to Jawaharlal Memorial Fund, PM’s Drought Relief fund, Any approved Charitable Institution/Trust, Religious Institutions, a corporation established by the Government for promoting interest of the members of a Minority Community
100% of Donation



50% of Donation restricted to 10% of Adjusted Gross Total Income 
7.
Deduction in respect of rents paid, provided the assessee is not in receipt of HRA and no house is owned by self, spouse, minor child or HUF in the place of work subject to filing of declaration in Form No.10BA   
25% of income 
or rent paid in excess of 10% of income
 
or ceiling of Rs.24,000 p.a whichever is less
8.
80 U
Persons suffering from Permanent Physical Disability as specified in Rule 11D
Rs.50,000 (Rs.1,00,000 in case of severe disability)


PENALTY U/S.271F:  If  a person who is required to furnish a return of income as required under section 139(1) or by the proviso to that sub-section, fails to furnish such return before the end of the relevant assessment year, shall be liable to pay by way of penalty a sum of Rs.5,000.so no penalty if no tax payable and you file your return by end of financial year.


INTEREST U/S.234A: Where in any financial year, the return of Income of any assessment year u/s.139(1) or 139(4) or in response to a notice u/s.142(1), is furnished after the due date as specified in sub-section 1 of section 139, or is not furnished, the assessee shall be liable to pay simple interest at the rate of one percent for every month or part of a month comprised in the period commencing on the date immediately following the due date.


INTEREST U/S.234B: Where an assessee who is liable to pay advance tax(where tax liability exceeds Rs.10,000 after TDS) under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest at the rate of one percent for every month or part of a month comprised in the period from the 1st day of April following the financial year.


INTEREST U/S.234C: Where an assessee other than a Company, who is liable to pay advance tax (where tax liability exceeds Rs.10,000 after TDS)under section 208 has failed to pay such tax or,

1)   The advance tax paid by the assessee on his current income on or before the 15th day of September is less than 30% of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than 60% of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one percent per month for a period of three months on the amount of the shortfall from 30% or, as the case may be, 60% of the tax due on the returned income.

2)   The advance tax paid by the assessee on his current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one percent on the amount of the shortfall from the tax due on the returned income.


DUE DATES FOR FILING RETURN OF INCOME : All Individuals/HUF/Firms deriving Income from Salary, House Property, Capital Gains, Business or Other Sources and  not covered under section 44AB are required to file the Return of Income by 31st July of the assessment year.  All Tax Audit Cases covered under section 44AB & Companies are required to file the Return of  Income by 30th September of the assessment year.  In the case of an assessee being a company, which is required to furnish a report referred to in section 92E(Transfer Pricing), the due date is 30th November of the assessment year. 


MODE OF FILING INCOME-TAX RETURNS :  All Individuals, HUFs & Partnership Firms who are required to get their accounts audited u/s.44AB are required to compulsorily file their income-tax return electronically with digital signature.  All companies are also required to compulsorily file their income tax return electronically with Digital signature. 


Return up to 5 Lakh income is exempted subject to few conditions.
PERMANENT ACCOUNT NUMBER: Every person who is required to furnish a return of income u/s.139 is required to obtain 10 Alpha numeric Permanent Account Number (PAN) and quote the same in his returns, challans & correspondence.  PAN can be obtained by applying in new Form No.49A at the designated Service Centres of UTITSL OR NSDL(Log on to our website).  PAN is essential for processing the Return of Income and for giving credit for taxes paid. If a person who is required to quote his Permanent Account Number fails to do so or intimates or quotes false number which he either knows or believes to be false or does not believe to be true, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of Rs.10,000.(S.272B)


To Know Your PAN, with name and dob visit knowyourpan.org


For PAN Grievances :  UTITSL – e-mail – isw.bangalore@utitsl.co.in
                                        NSDL -   e-mail – tininfo@nsdl.co.in




TAX PAYMENTS : Advance tax payments and Self-assessment tax payments have to be made in Challan No.280.(download chall and check how to fill)  The BSR Code and the Serial No. on the counterfoil of the challan has to be quoted in the return  of income.


CENTRALIZED PROCESSING CENTRE (CPC) : ITR-V(where returns are efiled) has to be sent to CPC, Post Bag No.1, Electronic City Post Office, Bangalore – 560 100 by ORDINARY/SPEED POST only.

FORM NO.26AS : Assessees can view their Annual Tax Statement (Form No.26AS) online by logging on to www.incometaxindia.gov.in orwww.tin-nsdl.com

Download Income Tax ready Reckoner for Financial year 2011-12 (as shown above) (click on the link and select save target as or save link as)

61 comments: Post Yours! Read Comment Policy ▼
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  1. Thanx a lot, very very useful for all. Especially to students.

    Soumendra

    Gurgaon.

    ReplyDelete
  2. sathish kondalamMay 18, 2012 at 5:21 PM

    good information

    ReplyDelete
  3. Would be very thankful and i guess it would be very useful to all.

    Nagesh

    Bangalore.

    ReplyDelete
  4. VERY GOOD INFORMATION OBTAINED FROM YOUR WEBSITE.

    THANKING YOU SIR,

    B.RAMU, MANCHERIAL.

    ReplyDelete
  5. 2 June 2012

    As a Sr.Citizen, I got all the information I wanted to calculate my incometax, from this website. I am sure this will be helpful to all taxpayers.

    Thank you.

    K.Hariharan Kartha
    Jamshedpur.

    ReplyDelete
  6. Excellent piece of crisp and required information

    ReplyDelete
  7. 1-I am a male.
    2-I retired on 31/01/2012 after attaining age of 60 yrs.(Senior citizen)on 02/01/2012.
    3-My annual income from salary from Mar.2011 to Jan.2012[=11 months] (Retired on 31/01/2012) is about Rs.6,00,000/-.
    4-NowI have to file Income Tax Return during AssessmentYear 2012-13. 5-I want to know that :-
    (i)Should deduct Rs.2,50,000/- as a Standard deduction from my
    annual income to get amount of Taxable Income.
    - Or -
    (ii) I should deduct Rs. 1,80,000/-as a Standard deduction from my
    annual income to get amount of Taxable Income.
    6- E mail Id.of PK SAHU is < pksahu02011952@gmail.com >
    Mob. No. 09990056939

    ReplyDelete
    Replies
    1. As your age is 60 year during the financial year 2011-12, You are eligible to claim 2.5 lakh basic exemption .

      Delete
  8. Very good & usefull information .....

    ReplyDelete
  9. I am a housewife under 60yrs of age. Totalling all my income from FDs, Post Office MIS, Savings Bank interests, LIC less 30,000/- premium paid and 30% discount calculated on income from rent
    my total income for year 2011-2012 works out to Rs2,50,500/-.

    I have made a donation of Rs.1,72,000/- to government approved charitable Trust during 2011-2012 period. Please tell me urgently how much incometax, if at all, I am required to pay.

    ReplyDelete
    Replies
    1. Nothing , no income tax due on your income.

      Delete
    2. u/s 80-c Life Insurance premium requires at least 10 time coverage or 10% of actual sum. where premium exceeds 10% of actual sum what will be the effect? deduction will limited to 10% or fully denied?

      Delete
    3. Where premium is more than 10% of sum assured ,deduction will be available up to 10 % not fully denied.

      However in such policies ,maturity -premium amount will be taxable in your hands

      Delete
  10. Payment received from approved Superannuation Fund after resigning from service of a Public Ltd. Company.

    I resigned from the service of a company and opted for full payment standing to my credit in the company managed recognized Trust Fund in the year 2007 and joined a new service in India. However, after lot of follow up, I finally received payment from the Trust Fund in April 2011 after deduction of TDS at the average rate of tax of preceding 3 years before my resignation in 2007. Incidentally, I resigned from my last service in October 2011 and at present is unemployed. My present age is 50 years.
    1.Is the full payment received including TDS is taxable at normal full rate of tax in AY 2012-13 or, is the TDS deducted at average rate is the final tax payable in AY 2012-13 ?
    2.If the above is fully taxable, can I claim tax relief u/s 89(1) based on year wise contribution received in the Trust Fund by the Company and every year’s interest accumulation as per Statement of Superannuation Fund issued by the Trust ?
    3.To save the tax, can I now in July 2012 purchase annuity from LIC with the gross amount of payment received from the Superannuation Fund ?
    4.Is there any other way to save tax for the above payment received ?

    ReplyDelete
    Replies
    1. Receipt from SPF is fully exempted , please confirm the amounts and nature of provident fund pls

      http://www.simpletaxindia.net/2012/07/tax-treatment-of-provident-fundepf-spf.html

      Delete
    2. Payment is not from Provident Fund, it is from approved Superannuation Fund, managed by Trustees of a Private sector Company. Gross amount standing in my account was Rs.11.64 lacs, TDS deducted Rs.1.53 lacs. Net amount paid to me after 5 years of my resignation. Contribution made by the employer over the years and accumulated interest are around 50:50 in the ratio.
      Will the full payment from Superannuation Fund be taxable in AY 12-13 ?

      Delete
  11. I have retired from service in Nov 2011. As I am eligivble to exemption limit of 250000, I want to submit my tax returns electronically, but I am unable to find where to include the pension received subsequent to retirement in the ITR 2 form. Can u guide me. UIf I add this amt to my salary , form 16 issued by the employer will not be valid. what to do?

    ReplyDelete
    Replies
    1. First if you have only pension income and interest income then you should go for ITR-1. Further pension is also salary income as per income tax act. You have to total pension plus salary income and fill it in sr no 1 in itr-1. Further you should provide form 16 detail in tds schedule. Sr number 23

      Delete
    2. Thank u for the very prompt reply but I also have a few more queries and I request you kindly to answer them.

      I have also investments in shares and i have been filing itr2 regularly. I heard that as senior citizens I need not pay interest on income tax even if it has not been paid before 31 march 2012. my taxable income after 80c and 80ccf as per my office was 981380. I got a pension of 113811. my office deducted rs 150806 as tds on salary paid till then. how much do i need to pay extra in it now?

      Read more: http://www.simpletaxindia.net/2011/12/income-tax-rates-2011-12-exemption.html#ixzz21VcJs8RS

      Delete
  12. I have also investments in shares and i have been filing itr2 regularly. I heard that as senior citizens I need not pay interest on income tax even if it has not been paid before 31 march 2012. my taxable income after 80c and 80ccf as per my office was 981380. I got a pension of 113811. my office deducted rs 150806 as tds on salary paid till then. how much do i need to pay extra in it now?

    ReplyDelete
    Replies
    1. First you office must have deducted tax on pension also. Further advance tax rule is applicable from 2012-13 Fy. so you have pay tax & interest this time. You should fill all this figure in itr-2 and click calculate tax button to check tax and interest. I have done this result is
      taxable income =981380+113811=1095191
      tax due =178764
      interest=2148
      total tax=180912
      ;less tds=150806
      balance=30106

      use challan 280 to deposit self assessment tax , select ay 2012-13 and code 300 and non corporate assessee on the top

      Delete
    2. thank u very much, sir. i shall pay extra tax accordingly.

      Delete
  13. I got arrear of Rupees 12,00,000 from RVVUNL for the period of 2001 to 2012. I m claiming releif u/s 89. Now can i also claim deduction u/s 80c (for pf amount) according to that particular year. because my employer deduction PF on that arrear amount, now. for example in 04-05 i only take 60000 u/s 80c. and suppose for that year my pf amount is 15000 on arrear. so can i also calim 15000 u/s 80c in this year because its within limit of 1,00,000 ?

    ReplyDelete
    Replies
    1. No you can not claim PF deducted this year but related to previous year(S)

      89(1) relief is available only on notional basis. However Pf is allowed in the year of subscription only

      Delete
  14. Whether any relief is available to pensioners of 60 years age under sec88(b)
    N K Kacker

    ReplyDelete
    Replies
    1. 88(B) is not available but exemption limit is 250000 for senior citizen

      Delete
  15. I have not opted for Pension in 2001. So I received my Provident Fund with matching contribution from Mumbai Port Trust.That amount I have kept in the banks under scheme monthly interest/ quarterly interest/maturity date interest. Thus I am showing such interest received in a year as 'Income from other source'. I want to clarify whether
    I am eligible for
    ''DEDUCTIONS FROM GROSS TOTAL INCOME (CHAPTER VIA):
    Maximum overall Deductions allowed u/s. 80C,80CCC & 80CCD is Rs. 1,00,000/.

    as stated above ''1.a.''
    If possible please send me suitable answer on my e.mail address = rajabarve@gmail.com
    which is with you as I have subscribed the same .

    3 August 2012 6:11PM

    ReplyDelete
  16. how much time is taken to load profile photo
    more than one and half hour . or this feature is not working .

    ReplyDelete
  17. i have received my form 16 with some irregularities in gross salary. As per my pay detail it is around 540000 and in form 16 its 614000. For this I have return to my PAO but no such reply till date. May I file income tax return while my FORM 16 is not correct. Please guide....

    ReplyDelete
    Replies
    1. Yes you should file return on the basis of information with you. However you should match tds figure in form 26AS and Form 16. From details given above it seems that tds details are matching but not income details .

      So in our view you should file return on the basis of form 16 and other details related to salary like payslips etc.

      further you will shocked to know that income detail in form 26AS and form 16 is not matching in 99.99 % cases due to some inherent technical problem in etds return filing.so not to worry about mismatching of income details , Concentrate in tds matching

      Delete
  18. Please advise the exact ammendments made in the Finance Bill for 2012 with specefic reference to:
    1. Premium contributions to Insurance policies eligible for deduction under sec 80 C only when the preium paid to Sum Assured ratio remains at 1:10 throughout the term of the policy and accumalated bonus/es not to be calculated as value of of Sum Assured.
    2. With reference to section 10 10D, that proceeds from Insurance policies will be free of Income tax only if the ratio of Premium payments to Sum Assured remains 1:10 throughout the term of the plan

    ReplyDelete
    Replies
    1. read details at following link

      http://www.simpletaxindia.net/2012/03/amendment-in-section-80c-insurance.html

      Delete
  19. I want to know that why we are not calculate CII on short term capital gain on real estate or property.please guide me...

    ReplyDelete
    Replies
    1. CII is available only in case of LTCG .This is as per rule. So one can not ask why is so. rule is rule

      Delete
  20. I have purchased a new LIG flat in Ghaziabad. I had to pay Rs.83500/- stamp duty + 10500/- cour fees (I have slip of court fees). Can I get any tax benefit for these charges? If yes How can I claim this benefit?

    Thanks

    ReplyDelete
    Replies
    1. yes , it is eligible u/s 80C read more here

      http://www.simpletaxindia.net/2008/02/house-loan-benefit-and-section-80c.html

      Delete
  21. Dear Sir

    I am in Medical Profession and Physically Handicapped. I run my own clinic in Delhi. Can I get some benefit in Income Tax.

    ReplyDelete
    Replies
    1. You are eligible for deduction u/s 80U. Deduction is 50000 is disability is more than 40% and less than 80 % and 1 lakh if more than 80%.

      http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=d00a4c6f-ae34-4652-a049-210f7a7b197f&rdb=sec&yr=a56ea192-3ca8-433a-a515-ed68a062eac7&sec=80u&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws

      Delete
  22. Dear Sir,

    I am Satheshkannan. Working for TATA motors. I have declared Housing Loan EMI repayment from the Month of Sep 2012 . (FYI 12-13 TAX declaration). Will IT department take this loan repayment into consideration for the Whole year (12-13 Returns).
    Pl do suggest

    ReplyDelete
    Replies
    1. Please ask the query in details ....continues.

      Delete
  23. i have query regarding service tax, one of our vendor is carrying the business of Tranportation of goods by road, he applies service tax on the bills, so my question is
    1. should we deduct TDS on such bills?
    2. Should we pay GTA while payment of service Tax?

    ReplyDelete
    Replies
    1. Hi,

      Does the Bill has service tax mentioned on it.
      If your Transporter has provided valid PAN no TDS
      If No PAN 20 % deduct on Actual charge excluding Service Tax

      & Iam not sure but i think you have to pay GTA the total bill including the Service Tax & make sure that he is complying his ST Returns Obligations....

      Delete
  24. DEAR SIR, I AM WORKING AS BROKER IN BUSINESS OF SELL & PURCHASE OF BANKING INSTRUMENTS WORLD WIDE. I AM CLOSING A DEAL WITH THE COMPANY OF SINGAPORE. THAT COMPANY HAVE TO PAY ME MY 3 MILLION $ COMMISSION IN INDIA.
    NOW PLEASE GUIDE ME HOW I CAN GET THAT MONEY IN MY PERSONAL ACCOUNT & ALSO WHICH TAXES WILL BE APPLICABLE ON MY INCOME. MEANS SERVICE TAX OR INCOME TAX OR ANY OTHER.
    MY MAIL ID IS nirajsnh737@gmail.com

    thanks in advance please asap.

    ReplyDelete
    Replies
    1. In our view both service tax and income tax is applicable . You should take consultant help

      Delete
  25. you are rocking dude.

    ReplyDelete
  26. Sir,
    I am having flat in Pune with a loan from a Bank . I claim 1.5 lacs paid as Int on Loan taken. Now I want to have second house in Ahmedabad with Home Loan. Can I get benefit of claiming full interest as a tax free in addition to 1.5 lac at Pune.

    Mehul

    ReplyDelete
  27. I am repaying a loan of 40 lacs of self occupying property at Pune. I also claim the interest and the principal payment of this property for my tax. I would like to know if I purchase another property at Ahmedabad, will be eligible to claim interest on property purchased in Ahmedabad as tax free ?

    ReplyDelete
  28. Hi, What is the maximum limit of tution fees excemtion ? I am paying 1.5Lakh as tuition fees.. Can i get the whole 1Lakh under Section 80C ?

    ReplyDelete
    Replies
    1. yes you can claim one lakh subject to maximum for two child

      Delete
  29. If Rs. 900000 lacs invested in the Post Office MIS scheme for senior citizens what will be the monthly interest and how much tax the person need to pay ?

    ReplyDelete
    Replies
    1. person will get 76500/- per annum (@8.5% ) 6375/- Rs per month.

      if person has no other income than no tax is applicable.

      senior citizen have a option to invest in serior citizen saving schme subject to few conditions and rate is 9.30% per month and interest is credited quarterly

      Delete
  30. I was working with a bank and I got my money on relieving and i have saved it in bank as fixed deposit. now i want to invest my monthly iterest in to SIP .Is there any tax deduction on my savings as i am housewife now.I know SIP investment is tax free. I have given 15 G to bank for my Fixed deposit.But somebody is saying that tax will be deducted from your sip income at the time of redemption and you have to refund it from tax department.
    Is it right? Pls clarify that if i am housewife now then how much money i can invest in mutual funds and what is the limit of my savings which is tax free?

    madhu
    jamshedpur

    ReplyDelete
  31. Hi, I have filled(31st Jul 2012) manual IT return. for year 2011-2012. and a per calculation i should get return some amount. but till now I haven't get refund. how can i follow up with IT dept. or any ways to log a complaint online.?

    ReplyDelete
  32. you can write a RTI application with relevant references to IT dptt. they will exact inform u abt ur refund status rather apply formal application...

    ReplyDelete
  33. I am senior citizen (72 years old). I have taken reversible mortgage loan on my own house.Can the interest of this loan taken for the deduction from gross income for income tax calculation ? Please inform to email:amerappa@gmail.com

    ReplyDelete