Comment posted on Income tax calculator for 2012-13 and Budget 2012 update by Harsh.
Thanks Mr Pankaj. I thought while filling up form details submitting advance tax, challan number need to enter. When first advance tax should be submitted.
Harsh also commented
- When submitting advance Income Tax online, from where should we get challan number?
- Sir, you are really great. You income tax calculator helped me to file my ITR myself. I always had to run behind agents to file my ITR. Thanks lot sir. I think this is one of your biggest social service for the people of this country. I salute you.
Hi
I have salary income as per form 16 RsX and also professional income for RS Y.
I have form 16 for salaried income & 16A (10% for professional income) for professional income.
While filling ITR my professional income will be treated as Taxable income or TAX paid (as I have already pay 10% on professional income.) ?
@Rinku
As you have professional income, you would need to file returns using ITR-4
You can show all business expenses and compute net profit from profession. only the profit part would be taxable and not whole.
10% tax paid may be lower or higher than net income tax that would come out from above.
I have invested in PFC tax free bonds. Are this bonds giving tax benefit over 1 lakh invested in 80C. If yes under which item i should include them in your uploaded “Income Tax Calculator for financial year 2012-13″ sheet.
Thanks
@Tom
There is no tax deduction/exemption available for tax free bonds.
These are called tax free bonds because returns earned on these bonds are exempted from income tax.
Dear Sir,
As this is the my first job,
I have few doubts which i requests you to clarify.
1)My company gives HRA and additional HRA under different headings,so,while calculating HRA exemption (3 rules which you said)which one i should consider as “HRA received ” either sum of both or either of these?
2)My company gives conveyance allowance and transport allowance under different headings.So which is exempted from tax up to 9600 p.a and what about others(if we provide valid bills) ?
3)company is giving 1766p.m as a superannuation fund.will it be taxable?
4)company is giving lunch allowance of 1300 p.m.medical allowance of 1250p.m..as a part of salary.Are these taxable (if we produce valid bills)?
5)In June 2012 i have given a declaration to my company stating that i will invest 1lakh under 80c and 70k in ppf etc.,,,roughly after they deducted the tax in april and may.When they asked to submit the proofs in jan,i was on leave and not submitted even a single proof.so they deducted huge amount in feb salary.
a)Any penalty or some thing as i declared wrongly (roughly)?
b)Is it mandatory to invest same amount or in the same instrument which i declared?
c)Can i get back each penny (with tax exempted investment proofs other than i declared) when i file the returns after i get form 16 ?
I rely on you for accurate answer as i got your help previously.
Last but not least is there any department of you who helps me in filing the returns with whom i can interact at least over phone (personalized help not through email or internet) to get it done !If so,please let me know so that you will not be troubled with these many questions from me in future ……I am ready to pay the necessary amount.
Thank you very much.Thanks for your patience.
@Sai
Your query has already been answered on Socialfinance.in (http://www.socialfinance.in/questions/4183/income-tax-computation-in-first-job)
Hi Pankaj,
You are really doing a great job. Maintaining such a site is really amazing. Keep it up.
I have one query regarding advance tax. This year I did job changes & due to that every company deducted very less Tax. Now, when I calculated, it comes out that I have to pay 45,000/-. At the same time, I’m stuck with some family responsibilities & not in position to pay this amount now. Can you please tell me that can I pay this amount at the time of filling I-Tax Return. If yes, then is there any extra charges & penalties? If not, then what it the last date of paying the advance date?
@Naresh
Yes, you can pay pending tax amount later before filing income tax return.
As amount is more than Rs 10,000 you would need to pay interest penalty u/s 234B and 234C. It would be 1% per month of pending amount for each section (234B and 234C). If you pay in July, interest amount would be around Rs 3500.
Hi,
I need few calrification on LTA exemption.
1. Whether it is exempted, if the travel performed by Taxi?
2. And Whether it is exempted, If travel performed by air and boarding pass is available only for one side travel and the copy of ticket is availabe for both.
Request you to clarify my doubts.
Thanks
@Starlet
1. Taxi bills may be accepted for travel proof, but actual exemption would be limited to first class AC train fare on same route.
2. One side boarding pass and ticket copies should be acceptable.
Hi Pankaj,
I wanted to know the last date for advance tax for salaried person. Is it 15-March or 31-March? (I did job change & now I need to pay tax.)
@Sonu
Last date for last installment of advance tax payment was 15th March.
I request you to confirm me whether the following components will be considered as perquisites or taxable.
1. Car Allowance / company provided car
2. Club membership which is owned by company name
3. Any kind of reimbursements.
Thanks & Regards,
Starlet
@Starlet
1. Perquisite value for employer provided car would be employee’s taxable income. Value would be Rs 1,800 per month if car is having engine upto 1600cc, else Rs 2400 per month. Also, Rs 900 per month is added if a driver is also provided.
2. Club membership won’t be added to taxable income with perquisite value.
3. Reimbursement won’t be taxable if original bills are submitted.
Hello sir,
Could you please tell me that under which section allowance paid tpwards
1) Professional Development and 2) Books and Periodicals can be exempted and what are the provisions for the same for F.Y. 2012-13 and F.Y. 2013-14.
Thank you,
Regards,
Prashant
@Prashant
These are not standard income tax deductions/exemptions.
Employer may reimburse these expenses as business expense on producing original bills. So these does not form part of employee’s salary in that case and no tax would be applicable hence.
Retirement (60years)leave salary 300days encashment taxable?
@Shibnath
If Govt employee, non taxable.
Hi Pankaj,
The tax calculator which you have created is very useful and the site is very informative. Thank you very much for sharing.
Regards,
Krishna
@Krishna
Thanks for the appreciation
can we add our contribution to nps (10%of our salary) + our employer contribution (10% salary) both in our deductions from gross salary for fy 2012-13.
@Vipul
Your contribution would go u/s 80C and employer part would go under 80CCD(2).
HI Pankaj,
I have a doubt on Interest earned by Banks.
1. IN case of interest earned in saving account aloong with FD is less than 10K in a year, then do I need to show it while filing ITR?
2. And if I have only income from bank interests and that is say 20K, so My yearly income will be 20 K, then will I have to pay tax on that? Can I get my TDS reimbursed after filing ITR, which ITR will have to be used?
3. DO I need to add Interest earned on RD in my ITR?
Thanks
@Kumar
1. Interest earned on savings bank account, Fixed deposits and Recurring deposits needs to be shown in income from other sources section in ITR. It does not matter if amount is less than 10,000 or more.
2. You can claim refund for extra TDS deducted by filing ITR. ITR1 can be used if income is only from bank interest and/or from salaries.
3. Yes, interest earned on RD (recurring deposit) is also taxable and needs to be added to income from other sources.
Hi Pankaj,
Thanks for your help!!
I have more query,
1. if I have to show interest earned in ITR even if it is less than 10 K then what is the use of sec 80TTA. Will I not get benefit of this section?
“Deduction of upto 10,000 for interest from savings bank accounts under a new section 80TTA.”
How to get this benefit?
2. for interest earned thro’ RD Will i have to show interest on yearly basis or will it get added in the year of maturity of RD account?
Thanks.
@Kumar
1. You will have to first show interest income in ITR and then get 80TTA deduction for same. Like 80C, 80D etc deductions, 80TTA would also have a field in ITR.
2. Interest has to be added on yearly basis. Even if its not paid, but it should be on accrual basis.
Hi Pankaj,
but again I have one doubt.
thanks for the help..
I requested ” Interest Certificate on deposit A/Cs” for my account, there it is showing Interest on only Saving account and not on RD. Then how will one be able to track the interest accrued on yearly basis?
If I check my RD deposit A/C there it just shows accumulated interest till date, so it will not be possible for one to track it on yearly basis.
Any way to track down the interest earned?
Thanks in advance.!!
@Kumar
You can ask bank to provide interest certificate and TDS certificate (in case tax is deducted)
good work…..very informative
Hi,
whether perquisite will be considered as salary while calculating taxable income (15% of salaryor amount payable whichever is less)of Leased accomodation.
Thanks & Regards,
Starlet
@Starlet
Yes, perquisite value would be added to taxable income.
for standard deduction which of the below been considered .. mean which of these proof i should give to my employer…?
1. lic premium of my self
2.lic premium of my daughters
3 house loan monthly installment paid
4 sbi medical insurence worth 10000 rs as single premium
5 FD worth 4000 rs
@Rakesh
Item 1, 2 and 5(only if FD is five years tax saving FD) would be allowed u/s 80C
Item 3 would come under section 24 and Item 4 would come u/s 80D.