INCOME FROM SALARY INCOME CALCULATION


  1. How to Calculate TDS on Salary /Income Tax on salary Financial year 2013-14 (circular number 08/2013 dated 10/10/2013) (part -1)(part-2)
  2. How to calculate Income Tax /TDS on salary a complete guide Fy 2012-13 (CIRCULAR NO. 08/2012 dated 05.1.2012)
  3. Taxable and non taxable allowance
    1. List of taxable and Non taxable allowance
    2. Calculator for House rent allowance exemption.
    3. Leave travel allowance/assistance/concession exemption(LTC/LTA)
    4. HRA & House loan both can be claimed at the same time
  4. Valuation of perquisites
    1. Valuation of perquisites New rule as on 18.12.2009
    2. Valuation of Motor car perquisites
    3. Valuation of concessional loan Interest 
    4. Valuation of rent free House accommodation Furnished /unfurnished
    5. Valuation of Medical reimbursement facility
    6. Pick up & drop facility from home to office and Back
    7. Petrol reimbursement charges valuation.
    8. Inequity in new valuation rules 
    9. Tax paid on perquisites u/s 192(1A) tax treatment and etds return
  5. Leave salary exemption calculation
  6. Deduction of profession tax .
    1. Deduction of profession tax under section 16(iii)
  7. Deduction Available to Individuals 
    1. Deduction under section 80 C
      1. savings in whose name can be done
      2. Life Insurance Policy
        1. Life Insurance premium on wife policy
        2. Life insurance FAQ
        3. Life Insurance Policy new Direct tax Code
        4. ULIP(lint linked insurance Plan )
      3. Mutual Funds 
        1. Why should Invest in Mutual funds
        2. Mutual fund Faq
        3. Mutual Funds Your rights
        4. How to invest In Mutual funds.
        5. How Much You should Invest in Mutual funds
        6. Types of Mutual funds
      4. Tuition fees
      5. house loan and section 80C
      6. 80 C benefit is to be reversed if House sold before 5 years 
    2. Deduction for rajiv gandhi equity saving scheme 80CCG
    3. Deduction under section 80D
    4. Deduction for preventive health check up
    5. Deduction u/s 80E Higer Education 
    6. Deduction under section 80GG (house rent paid where no hra received)
    7. Deduction u/s 80TTA (interest on saving bank account)
  8. Relief under section 89(1) salary in arrears received in 2012-13 and advance calculator.
  9. Form 16 & 16A rules and issue and forms in Excel
  10. Salary Allowances Tax issue -Direct Tax Code
  11. House Property Adjustment of Let Out House/Self occupied house is available while calculating TDS under section 192
    1. Income From salary E book for salary tax Fy 2010-11 (complete TDS circular 8/2010 with all details about tax rates deduction ,house property income )
    2. Income From salary E book for Fy 2011-12(complete TDS circular 1/2010 with all details about tax rates deduction ,house property income )
    3. Income Tax Calculator for Salaried Person Fy 2009-10

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  1. Sir We are going to pay Rs 2000/employee on the occasion of Holi.My Question is whether we are required to deduct TDS On This Festival Incentive or Not?????

    ReplyDelete
    Replies
    1. It is taxable in employees hand , Now it a matter of convenience to deduct tax from 2000/- or salary from march ,2013. But it is to be added in taxable income of employee while finalising the tax for the year.

      Delete
  2. sir, my salary is 23500/- how much am eligible for house rent ?

    ReplyDelete
    Replies
    1. SRINIVASA RAO KOTA - VIJAYAWADAMay 17, 2013 at 8:30 PM

      HRA IS THE LEAST OF THE FOLLOWING

      1) 40% OF SALARY (SALARY MEANS BASCI SALARY + D.A. + BONUS + COMMISSION)50% OF SALARY IF HE IS RESIDENT OF MUMBAI,DELHI,CHENNAI,KOLKATA

      2)Excess of rent paid by the assessee over 10% of salary due to him
      3) ACTUAL HRA RECEIVED

      Delete
  3. I have a query regarding Medical Insurance premium paid through salary deduction can that be claimed as rebate u/s 80d?

    ReplyDelete
  4. I want to know about percentage of TDS

    ReplyDelete
  5. i have income from salary of 6,00,000 & my employer had deducted the tax accordingly month wise . i had an FD on which i have recieved an interest of 50000 and the TDS has been deducted at 10% which comes to 5000 because i havent submitted 15G Form
    My Question is that when Filing my Returns this years can claim back the TDS the 5000 from the IT Authority or not

    ReplyDelete
  6. I had salary of less than 2 lakh in the financial year 2012-2013. In May of this month i got arrears for Oct 2012- March 2013 due to revision of salary. Hence my Tax liability crossed 2 lakh limit. I had PPF investments for 2012-2013. My office is not giving me Form 16 as my taxable income was less than 2 lakh the previous year. What should i do?

    ReplyDelete
    Replies
    1. Form 16 is not mandatory ,you can ask them for salary certificate or file return on the basis of pay slips and other information available with you

      Delete
  7. I AM AN EMPLOYEE OF A SMALL UNIT HAVING NONTAXABLE SALARY INCOME,BUT I NEED A FORM-16, IS AN EMPLOYER CAN USE TO ISSUE SUCH FORM-16 TO ME ?

    ReplyDelete
  8. We are a PSU and have GPA Insurance Policy. Are Claims received from Insurance Co and paid to employee are taxable in the hands of employee.

    ReplyDelete
  9. Hi,

    I want to know about the Maharashtra VAT tax changes from 1st May 213 related car lease.

    "With effect from 1 May 2013 the VAT rules for the state of Maharashtra has changed. In view of the same there is a double incidence of Tax"

    Is it double tax or a single time tax..?

    Please help me to understand why it is double incidence of Tax..

    ReplyDelete
  10. I do not have any salary. I only have FD's that earn interest of Rs1,80,000 per year. Do i have to file tax return? If my interest payment crosses Rs2,00,000 then what? Pl advice.

    ReplyDelete
    Replies
    1. If Gross total Income is less than exemption limit i.e 200000 then no need to file income tax return . further if gross total income is more than 200000 then you have to file return

      However you can claim relief u/s 87A up to 2000 tax .Means Nil tax up to 220000 net taxable income but return is required after 200000 gross total income .

      Delete
  11. Please help me out how I fill sales tax return in Odisha with all type of form requirement and instruction

    ReplyDelete
  12. Regarding Income tax on Employers contribution in EPF

    My contribution to EPF is 12% of my Basic+DA and same amount of Employers contribution


    My employers gives me Form 16 in this form he included Employers contribution in Gross salary under the head of Salary as per Provisions contained in sec. 17(1), because of this my income is more than my payslips amount and I have to pay more income tax.

    As I know that employers contribution in EPF is not taxable upto 12% of Basic+DA, and should not include in gross salary,
    when I talked to him, he said that it is your CTC,

    So please tell me what should i do,

    ReplyDelete
    Replies
    1. Please clarify whether it is in the nature of EPF(deposited in epf department) or CPF(contributory pension fund) under new pension scheme.

      Delete
    2. Its a nature of EPF, deposited in EPF department

      Delete
    3. You are correct EPF is to be included in salary Income if employer's contribution is more than 12 %.As in your case employer has contributed only 12 % ,so nothing is to be added in your salary.

      Delete
    4. My question is that do i have to pay income tax according to him ( Payslips amount+employers con. in EPF),
      according to my payslips my total earnings is around 40000 before deductions, and he is showing it 43000 on Form 26AS at tdscpc.gov.in,
      for that i have to file tax, based on Form 16 given by him and if i file according my calculations than there will be mismatch of earnings.

      Delete
    5. Your employer has wrongly included the PF amount in form 16 and same is also shown in the form 26AS through etds return.
      Even then you can recalculate you salary income as per Income tax rules and can file income tax return without adding the EPF in your salary income. There is no bar in Income tax rules to do so.
      Further instruction to file income tax return also mention that employee can show income different from form 16.
      so go ahead and file correct income.
      If ITO ask you query then you can easily explain him that employer has wrongly included the amount.

      Delete
    6. Thanks for your expert advice.

      Delete
  13. This comment has been removed by the author.

    ReplyDelete