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28 Responses

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  1. Daniel murzello says

    I would like to thank you for publishing my article. Although it has not solved the issue, But it has created a lot of awareness in and around our society. As many people are now aware ,how the societies office bearers can take advantage of their post. The joint registar of societies who are supposed to control the societies have taken 4 years ,and still not done a thing. And the Consumer Disputes Redressal Forum where they advertise. JAGO GRAHAK JAGO. took nearly a year , only to decide weather a complaint can be put up, at the Consumer Disputes Redressal Forum or not..
    Anyway, I Would once again like to Thank you and your team for your support …
    Thanks
    Daniel Murzello … 9702842999

  2. Anonymous says

    Sir
    Thank you for your advice as it will help me to sell my plot in future and to calculate
    valuation and to pay taxes on selling price—

  3. S RAJA says

    Thanks for your valuable suggestions for my quire’s i received my PF Amount in my Account and once again thanks for replying my questions
    Thanks & Regards
    S Raja

  4. VIGNESH says

    Hi pankaj
    I learnt a lot from ur site seriously still seeing answers for many questions. U are doi awesome job man. Still there are ppl in india they dont know much abt finance and invesments and how to manage their monthly salary effectively . Many of the first generation private sector employees(like me My father is a govt employee got some shares in some good companies,he is not having that much of exposure in mutual funds). Now only I started working (6 months) u only enlightened me on some important things which everyone should learn.
    I started reading books.related to finance. I got a passion towards finance on seeing u. I too want to help others in finance related. I am telling my freinds and my relatives to see ur website and get their doubts cleared.
    SIMPLY TO SAY: U ARE AN EYE OPENER FOR ME.
    thanks a lot…….. keep blogging..

  5. Rahul says

    Many thanks Pankaj…

    Your help is most appreciated.. Please help us the same way in future too…

    Take care and have a great days ahead.

    Thanks,
    Rahul.

  6. SANDEEP KUMAR says

    Thanks Mr Pankaj.. I have been using this small but very useful tool for tax calculations.

  7. Anurag says

    Pankaj is doing a great service to society by his appropriate and quick resolutions. I appreciate his hard work to the core and wish him and this site all the very best.

  8. M S Sastry says

    Thank you for the marvelous piece of work in the form of Income Tax Calculator for 2012-13.

    A very useful tool for people (especially employees) to plan and calculate income tax. And a handy tool for employers as well.

    I recommended this to all my employees.

    Much appreciated for your self-less work.

    Keep it up.

    M S Sastry
    Bangalore

  9. Sai says

    This website is really helpful for naive tax payers and investors. Big thanks to Pankaj.

  10. Anita says

    This website work wonders for everyone when in need. Pankaj Sir ‘s patience in replying each and every query should be appreciated. It has helped me to find out solutions for every problem.

    Regards
    Anita

  11. anurag khare says

    can we have any excel sheet for independent professional.

    • Pankaj Batra says

      @Anurag
      Tax computation for professionals or people with income from business is complex.
      A simple excel would not be able to take care of profit/loss accounts, business expense deductions etc.

      Having said that, we would love to create such tool in future once we have some extra time available.

  12. juned jada says

    cash payment made to brick processor (bhatti) & sand withdrawer from river more than 20000/- will also attract disallowance under section 40 (a) (3) under income tax act.

  13. Shilu Singh says

    Hi,

    Mr. Pankaj, I found your site very helpful and have read a lot of articles.

    I have a question. your advice would be really very helpful for me.

    My wife is in software profession. She does freelancing work.

    Currently she receives the payment from paypal. but she does not pay the tax.

    I dont want ti hire any CA as the amount she earns is not very much.

    Can you please assist me that what steps should I take to pay the tax on the earnings she have so that there would not be any issues from bank or inome tax department.

    Along with your suggetions if you can provide me a link too wuld be very helpfull.

    Thanks Again.

    • Pankaj Batra says

      @Shilu
      Tax rates for professionals are also same as that of salaried class. They also have deductions like 80C, 80D etc applicable.
      Only difference is professional may deduct all business expenses from income to compute net profit. This net profit part would only be taxable in that case.

      Say, your wife earns 5 lakhs in a year, but has also incurred expenses towards internet bills, telephone bills, server/domain name cost, laptop/hardware purchase etc. Say expense is 1 lakh. Then total taxable income would only be 4 lakhs. Now if she invests 1 lakh into 80C products (like insurance, tax saving mutual fund, tax saving fixed deposits etc), Taxable income would further reduce by 1 lakh and she has to only pay 10% tax on remaining 1 lakh (no tax is payable for first 2 lakhs).

      She would need to file income tax returns after year end by 31st July using ITR4 form. This form is a bit complex and common man cannot understand those financial terminology of profit/loss etc.

      • Shilu says

        Hi Pankaj,

        Thanks very much for you advice. So if she is transferring the money to her bank account is there any issue as i need to submit te ITR before 31st July.

        Also I will be basically joining the social finance.com to aks my questions and to be much more clear.

        Thans very much

        • Pankaj Batra says

          @Shilu
          There is no issue in transferring amount to bank from PayPal.
          If you declare this income in ITR, there would not be any issue.

  14. Mahesh Sakhare says

    Sir,
    Really appreaciate yours income tax calculator. Request you.. Can we have Form 16 Generation Utility especially developed by you. Would really be thankful if you develop such utility.
    Thank You.

    • Pankaj Batra says

      @Mahesh
      As of now, we don’t have plans to create such utility.
      But would keep it in mind for future.

  15. Krishna says

    Dear Sir,
    We r one of Construction company and require to set up a pay structure for employees as well as wage sheet for workmen.
    As an employer, I require a most legally possible way where I can pay employees on CTC basis with less PF on my part (considering new limit of 15000).
    For work men, on which legal head I can show exceeded OT hours of Workmen. like, Shift allowance, site allowance or other allowance. Will these allowance head are legally permited by law?
    I thank for you & your site in making aware of pay rules & regulations

    • Pankaj Batra says

      @Krishna
      We have limited knowledge on PF laws, so I would advise you to take help from a PF agent/CA/Tax professional.

  16. KISHAN BHAI says

    HI, PANKAJ JI I AM A FISHERMAN HAVE A FISHING BOAT I AM FISHING IN SEA AND THAT SEA FOOD PRODUCTS (FRESH FISH) EARNED FROM SEA I SALE IT IN PORT TO THE VENDORS AND ALSO OTHER BOAT OWNERS FISHERMANS IS SOLD THEIR FISH BY BOATING HIMSELF TO MY VENDORS ON MY BEHALF AT ONE STAGE WITH MY 1 % COMMISSION ON SALES AMOUNT WITH MY GOODS AND THE VENDORS IS PAID ALL THE GROSS AMOUNT IN MY ACCOUNT AND AFTER DEDUCTING 1 % COMMISSION I WILL PAY THEIR FISHERMAN HIS AMOUNT AND AT TIME OF FILING OF INCOME TAX RETURN I AM SHOWING MY TURNOVER OF BUSINESS AND 1 % COMMISSION GIVEN ME BY THAT OTHER FISHERMAN, BUT THE TRASACTION OF ALL THEIR FISHERMAN WAS MADE IN MY ACCOUNT. THIS IS ELIGIBLE IN INCOME TAX. KINDLY REQUEST YOU TO PLEASE GIVE THE SUGGESTION. AS I HAVE SCRUTINY OF INCOME TAX FOR THE SAME

    • KISHAN BHAI says

      IF ITS ELIGIBLE THEN AT TIME OF SCRUTINY HOW I EXPLAIN THIS TO ITO FOR FURTHER TRANSACTION AS DOCUMENTARY PROOF

  17. Vijay says

    1st of all Thanks Pankaj, for guiding us through the probably most complex tax system of world. I am taking suggestions from your site for years.
    I just taken a break from my service profile (job of mnc) and planning to start the Market trading (buying – selling stock). I have a query, as you have mention to Shilu, any expense incurred for business (by professional) is deductible from Net taxable income (profit). Does the same is also applicable for individual doing share trading?
    Also, For this year, which ITR I need to follow, being mix of salaried + Own business( share trading).

  18. Vijay says

    Hi Pankaj,
    First of all thanks a lot for the valuable information & suggestions you provide to us.
    I have left to service profile and entering into own business (share trading) so similar to the question raised by Shilu, can I also deduct any expense incurred for my business (laptop, internet bills etc.) from taxable income?
    Also, for this year I will be having mix of source of income, from salary & from share trading, which ITR I need to consider.

    • Vijay says

      Please ignore this, I have posted as my earlier reply was not visible somehow.

  19. Rajender Reddy says

    Hello Sir,

    Your tax calculator sheet has always helped me to plan my budgets and the taxes I need to pay. In this way, I was able to plan my things well. I am waiting for you to upload the tax calculator sheet for the FY 2017 – 18. Your sheets are always of immense help.
    Thank you for that.



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