Like very year on the budget day, we are again here with all new income tax calculator for financial year 2012-13, or for assessment year 2013-14, along-with budget updates for common man.
Budget 2012 updates: Some of the important changes done this year are given below:
- Rajiv Gandhi Equity Savings scheme: It will provide income tax deduction of 50% for those who first time invest up to Rs.50,000 directly into equities and whose annual income is less than Rs.10 lakh, subject to a three -year lock in. Exchange-traded funds (ETFs) and mutual funds listed on stock exchange and invested only in BSE 100, CNX 100 and blue chip public sector stocks would also be allowed tax rebate under the scheme.
- Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012.
- Exemption limit raised to Rs 2 lakhs from Rs 1.8 lakh. 30% slab now starts from 10 lakh rather than 8 lakh earlier. Men and women now have same tax slab. No gender bias!
- Within the existing limit for deduction allowed for health insurance, Rs 5000 deduction for preventive health checkup is allowed.
- Deduction of upto 10,000 for interest from savings bank accounts under a new section 80TTA.
- Senior citizens not having income from business proposed to be exempted from payment of advance tax.
- Securities Transaction tax (STT) reduced to 0.1% from 0.125%
- Exemption from Capital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a manufacturing SME for purchase of new plant and machinery.
- Service tax rate increased to 12% from current 10%. This would mean more taxes in your mobile, telephone, internet, restaurant bills and life insurance premium etc.
- Import duty free amount limit raised to Rs 35000 from 25000. So guys coming from abroad can bring more stuff.
- Gold to be more expensive. Customs duty on standard gold raised from 2 per cent to 4 per cent.
- Duty on large cars raised to 27%, so cars would be more expensive now.
- Tax saving mutual funds (ELSS) deduction to continue.
- 80C deduction on insurance policies purchased after 1st April, 2012 only if premium is less than 10% of sum assured. Benefit for existing purchased policies to continue.
1% TDS on any immovable property sale above 50 lakh (20 lakh in case of non-urban areas).1% tax at source on cash purchases of jewellery over Rs 2 lakh.- 80CCF deduction for infrastructure bonds not valid anymore.
- Income tax return filing would be now mandatory for every resident having any asset located outside India irrespective of the fact whether the resident taxpayer has taxable income or not.
- 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000.
Income tax calculator: The below provided, excel based computation tool is based on slabs and recommendations proposed by Finance Minister Pranab Mukherjee in budget presented on 16th March, 2012.
Any person who has basic knowledge of Microsoft excel can use this tool easily.
Excel calculator download link: 
Income Tax Calculator for financial year 2012-13 (119.0 KiB, 76,149 hits)
Income Tax Rates for financial year 2012-2013 (Assessment year: 2013-14)
| For Men | |
| Upto Rs. 2,00,000 | Nil |
| Rs. 2,00,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For Women | |
| Upto Rs. 2,00,000 | Nil |
| Rs. 2,00,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For resident individual of 60 years or above (Senior Citizens) | |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For resident individual of 80 years or above (Very Senior Citizens) | |
| Upto Rs. 5,00,000 | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
This excel calculator supports inclusion of following components, explanation for each is also provided along:
House Rent Allowance (HRA): Rent receipts can be shown for taking tax benefit for living in a rented house. Income tax exemption for HRA will be least of following:
- The actual amount of HRA received as a part of salary.
- 40% (if living in non-metro area) or 50% (if living in metro area) of (basic salary+Dearness allowance (DA)).
- Rent paid minus 10% of (basic salary+DA).
In some cases, deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in same city or not at a commutable distance to office.
Transport/Conveyance allowance: Rs 800 per month is non taxable if salary has this component. This would not be exempted in case employee also avail car reimbursement. No proofs/bills required to submit for this exemption.
Children education allowance: Per school going child 1200 per annum is non-taxable. Maximum for 2 children, so max 2400 per annum becomes non-taxable.
Grade/Special/Management/Supplemementary Allowance: That’s general component in industry to complete CTC amount after putting 35-40% into basic and 20% in HRA. This is not an expense, but this head is kept just to put the rest of CTC amount into some component.
Arrears: Generally arrears are fully taxable, but employee may claim exemption u/s 89(1). One would need to compute income tax on the arrears if it would have been received in actual year. Now difference of income tax between payment year and actual year would be allowed for deduction.
Gratuity: If amount is received before completion of five years of service with employer, it should be taxable. Else it would be non-taxable up to Rs 10 lakh in case of non-government servants. In case of Government service employees, it would be fully non taxable.
Leave travel allowance (LTA): Two trips on a block of four years can be claimed for exemption for travel done inside India. Following amount would be non-taxable:
- Where journey is performed by rail; railway-fare in first AC class by shortest route to destination.
- Where places of origin and destination are connected by rail but the journey is performed by any other mode then first AC class fare by shortest route to the place of destination.
- Where place of origin of journey and destination, or part thereof, are not connected by rail and journey is performed by any other transport; then (i) If a recognised public transport system exists between such places the first class or deluxe class fare of such transport by shortest route, or, (ii) If in other case, first AC class fare for the distance of the journey by the shortest route, as if the journey has been performed by rail.
Leave encashment: Payment by way of leave encashment received by Central & State Govt. employees at the time of retirement in respect of the period of earned leave at credit is fully exempt. In case of other employees, the exemption is to be limited to minimum of all below:
- The actual amount received
- The cash equivalent of leave balance (max 30 days per year of service)
- Maximum of 10 months of leave encashment, based on last 10 months average salary
- Rs. 3 Lakh
Performance Incentive/Bonus: This component would be fully taxable.
Medical allowance/Reimbursement: This component is on-taxable up to 15000 per year (or Rs 1250 per month) on producing medical bills.
Food Coupons – Non-taxable upto 50 Rs per meal. So a 22 working month and one meal per day would make Rs 1100 as non taxable. Sodexo or Accor ticket coupons may also be provided by employer for same.
Periodical Journals: Some employers may provide component for buying magazines, journals and books as a part of knowledge enhancement for business growth. This part would become non taxable on providing original bills.
Professional Development Allowance : If original bills are submitted to employer, this allowance may become non-taxable. Generally payment done towards any technical course fee, certification etc done to enhance professional knowledge can be reimbursed.
Uniform/Dress Allowance: Some sections of employees mat get allowance for purchase of office dress/uniform. In such case, the component would become non-taxable.
Telephone reimbursements – In some of the cases, companies may provide a component for telephone bills. Employees may provide actual phone usage bills to reimburse this component and make it non-taxable.
Internet Expenses - Employer may also provide reimbursement of internet expenses and thus this would become non taxable.
Car expense reimbursements – In case company provides component for this and employee use self owned car for official and personal purposes, Rs 1800 per month would be non-taxable on showing bills for fuel or can maintenance. This amount would be Rs 2400 in case car is more capacity than 1600cc.
Driver salary – If employee pays driver salary for self owned or company owned car, Rs 900 per month may become non-taxable if employer provides component for it.
Gift from relatives vs non relatives: Gifts from relatives would be non-taxable with no limits attached. Following relations are covered under non-taxable rule:
- Spouse of the individual
- Brother or sister of the individual
- Brother or sister of the spouse of the individual
- Brother or sister of either of the parents of the individual
- Any lineal ascendant or descendant of the individual
- Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (2) to (6).
If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value. Gift can be in form of a sum of money (in cash/cheque/bank draft/electronic transfer) or any articles.
Agricultural Income: If one has only only agricultural income, then it is fully exempt from income tax. If other income also there, rebate on agricultural income would be provided at 10-30% rate depending on actual amount of agricultural income.
House rent Income: 30% of the rental income can be reduced as a standard deduction for repairs, maintenance etc. irrespective of the actual amount spent.
Bank/Fixed deposit/Post Office/NSC/SCSS interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.
Short Term Gains from Share Trading/Equity Mutual funds: if stocks/equity mutual funds are sold before one year, 15% tax would be payable on such gains. STT should have been on transaction.
Long term gains from Share Trading/Equity Mutual funds: If stocks/equity mutual funds are kept for more than a year before sale, it would be long term gains and such gains would be fully exempt from income tax. Securities transaction tax (STT) must have been paid on transactions for availing this exemption.
Section 80C, 80CCD and 80CCC deductions- One can claim his investments/payments under section 80C, 80CCC and 80CCD, up to 1 lakh combined limit. Amount can be invested in:
- Tax saving mutual funds (ELSS) with three years lock-in
- Five year tax-saver bank Fixed deposits
- Public provident fund (PPF)
- National Savings Certificate (NSC) or National Service Scheme (NSS)
- Employer contribution into New Pension Scheme (NPS) (Section 80CCD)
- Life insurance/Unit Linked Insurance Plan (ULIP) premium
- Employee’s contribution towards Employee provident fund (EPF)
- Home loan principal amount payment (only if you have got possession of house)
- Senior citizen savings scheme (SCSS), if your age is more than 60 years
- Post office tax saving deposit or tax saving bonds
- Pension scheme/Retirement plans (Secion 80CCC)
- Tuition fees paid for children education
Section 80D : Maximum deduction of up to 15,000 under mediclaim or health insurance offered by life insurers taken for self and family. An additional deduction of up to 15,000 for buying cover for dependent parents. If parents/assessee are senior citizens, they can claim deduction up to Rs 20,000.
Section 80DD : Deduction of 50,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 100,000.
Section 80E : Tax relief on interest payments on education loan taken for higher studies for self, spouse or child. There is no maximum limit on this deduction.
Section 80G : The eligibility is 50% or 100% of the donation amount subject to overall ceiling of 10% of your gross total income to certain funds and charitable institutions.
Section 24/Home loan interest payment : The maximum limit is of 1.5 lakh on interest payments of a home loan for a self-occupied house. There is no ceiling on the amount of deduction if the house is let out or deemed to be let out. House rent would needs to shown in income in case house is not self-occupied.
Section 80U (Disabled/Handicapped person): Deduction can be claimed if person has a disability. The allowed dedudtion if for Rs 50,000. This deduction goes up to Rs. 75,000 in case disability is severe.
Section 80DDB deduction (Medical treatment expenses): Expenses done for medical treatment for self, spouse, dependent children, parents, brothers and sisters. Maximum deduction can be Rs 40,000 (goes up to 60,000 in case patient is senior citizen). Deduction is only allowed in case of following diseases:
- Neurological Diseases where the disability level has been certified to be of 40% and above,
(a) Dementia
(b) Dystonia Musculorum Deformans
(c) Motor Neuron Disease
(d) Ataxia
(e) Chorea
(f) Hemiballismus
(g) Aphasia
(h) Parkinson’s Disease - Malignant Cancers
- Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)
- Chronic Renal failure
- Hematological disorders :
(a) Hemophilia ;
(b) Thalassaemia.
Professional tax: Professional tax deducted from salary by employer should be removed from taxable salary before computation of income tax.
Employer contribution of EPF/New pension scheme(NPS): Employer contribution does not become part of employee’s income and hence income tax is not payable on this part.
Tax deducted at Source (TDS) deduction: As per income tax rules, all payment which are taxable in nature should be done after deduction of taxes at the source itself. Hence employer compute income tax on salary payment and deduct it every month. This TDS is based on employee’s saving/investment declaration at the start of year. If investments for tax saving is not done, large amount may be deducted in last few months.
In Hand monthly salary: After deduction of all components like TDS, EPF etc in hand monthly salary is computed.
In Hand monthly salary without reimbursements: Some of the employees get reimbursements components separately in a different payment other than salary, So this figure shows in hand salary w/o reimbursement components like medical, telephone, internet bills, driver salary etc.
Total income this year: This figure shows whole year’s income from all sources combined.
Advance tax schedule: As per income tax rules, 30% of income tax should be paid by 15th Sept, 60% by 15th Dec and rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.
Hi,
I need to know a thing. Assume if
-> Taxable amount is 50000. Under 10% slab tax would be 5000.
Now my question is, for how much amount should i take of NSC (FD/LIC) to save the tax amount. How to calculate?
pay rs. 50000/- in any saving, but ur total saving shd not exceed rs.100000/-
Hi Rajesh,
Yeah, max limit of saving is 1 lac. But my question is, how much minimum amount should i spend in NSC to saving tax amount of 5000/- ??
@Ajay
If you are in 10% tax bracket, you need to invest 10 times (50,000 in your case) to save income tax.
Max investment can be 1 lakh only u/s 80C.
@Pankaj
Thank you so much
Calculation: SavingAmount = (taxAmount * 100) / taxSlab.
Is this the way to calculate??
@Ajay
Its not exact same way to compute. Its not that straight forward.
A person may be in tax slab rate of 20 or 30% by 1 Rs to 99,999. In case they save 1 lakh in 80C, their tax saving would be mix of 10%+20% or 20%+30%.
Better you should use income tax calculator file and see tax saved by putting tax saving investment into relevant columns.
@Rajesh
Okay..
Thank you
“If gift is received from a non-relative person worth more than Rs.50000, one is liable to pay the tax what ever he received excess of the limit or Rs 50,000.”
Dear Pankaj Batra Sir, Please amend the Article lines which i have mentioned above, as the Gift received from Non relative amounting more than Rs. 50000, then the total amount is taxable, not the excess of Rs. 50000. Please correct me if I’m wrong. Thanks for such wonderful & helpful article.
@Adv Rajesh
Thanks for reporting the issue. It has now been corrected.
Dear Sir,
we have facing promblem of TDS ON SALARY return one persons salary detail as mention below
salary-60,000/-,hra-30,000/-conv allow:-10,000/-other allo7000/-mobile chgs 3000/-p.tax -200= net salary pay 109800/-(am promblem is if we have put the tds in salary deducte sheet mention my gross salary or net salary & also we have add this sheet in moible chgs rs 3000/- pls help me
Hi Pankaj,
i have few queries,
I am working for a proprietary institute, i need to know if i claim medical allowance, telephone and internet reimbursement, petrol and driver expenses for using the company car, what kind of documentation the company needs to maintain also does this increases their tax liability
For non goverment employee is leave encashment non taxable only in case of retirement ?
@Vaibhav
Company needs to restructure your salary structure to include these reimbursement components. These component would be paid only on producing reimbursement forms with actual bills. Amount unclaimed would carry forward to next months. At the end of year, any unclaimed reimbursement would be paid after deduction of taxes. Company may reimbursement amounts separately from monthly salary.
Company would need to maintain bills submitted by employee. These would be required while company accounts audit also.
Leave encashment for non-govt employees is also non-taxable on leaving job up to certain limits. Read more here: http://www.pankajbatra.com/india/leave-encashment-non-taxable/
Hi Pankaj,
thanks for your reply, i know that for medical claim 15K is the limit / year, what is the limit for telephone, internet, petrol and driver reimbursement
@Vaibhav
As such there is no limit specified in income tax laws for telephone, internet bills reimbursements.
Petrol bills reimbursement would only be non-taxable upto Rs 1800 per month (2400 in case of car with more than 1600cc engine). Driver salary reimbursement is non-taxable up to Rs 900 per month.
Hi Pankaj, in this case the car is in company’s name, then what are the limits for petrol and driver, i also understand that if i do so there will be a taxable income of 1800 + 900 / month
@Vaibhav
In case of employer provided car, non-taxable amount would be 600 per month (900 for > 1600 cc car) and driver salary 900 per month.
Hi Pankaj, i am little confused, my understanding is if i am using company’s car, then i can claim pertrol and driver’s salary reimbursement, say i claim 7K for pertrol and 8K from driver, and the car is <1.6 cc, then the taxable income is 1800 + 900 / month.
can you please confirm the same
@Vaibhav
Sorry for the confusion, in case of employer provided car, used by employee for both personal and official use, and expenses for running and maintenance are fully paid by employee then the taxable income will be Rs 600 a month and 900 per month for driver salary.
So in your case, non-taxable amount would be 7000-600 and 8000-900.
Hi Pankaj, what is the monthly limit that can be claimed for petrol and driver expenses in case the employee is using a employer provided car
@Vaibhav
There is no as such any upper limit.
Hi Pankaj,
I have one query about home loan. I have one home loan in my home town(not a working city), which is claiming currently. If I want to take new home loan, where i am currently living in due to the job. Can I avail the tax benefit for the same? if yes how it will be.
@Suresh
You would need to show one house self-occupied and would have to show rental income on other (even if not given on rent, notional rent would be added to income).
In case of self occupied house, interest deduction would be available upto Rs 1.5 lakh per year.
In case of house given on rent, there is no maximum limit for interest deduction.
Hi Pankaj,
If i show 1st house as self occupied and second one is under construction, can i still claim interest deduction on the 2nd house. Pls clarify.
@Kranti
There is no tax benefit available for home loan interest and principal payments before possession year.
Sir, my wife and I own adjacent flats and are self occupied. My wife purchased her flat with her own funds out of her earnings while abroad.
She used to file IT Returns (mostly Nil Returns only) and from FY 2009-10 our CA advised not to submit NIL Returns anymore. Then we received a letter from IT to submit the returns and she sent a letter to IT Dept. that she does not have taxable income therefore she stopped filing Returns. Now, her income on bank deposits is 80K p.a.
My son who is an IT Company employee is living with us and paying Rs. 5K p.m. towards rent to his mother and obtaining receipts from her to claiming IT benefit. This is now taking the income of my wife to Rs. 140K p.a. It is obvious that her yearly income is still within the permissible income of 200K p.a.
In this scenario, please clarify whether my wife has to submit NIL returns as she is receiving rental income? Or she does not need to file NIL returns.
Thanks for all help. Regards.
@Bhaskar
If her income before any deductions (80C, 80D) is below taxable slab, she does not need to file income tax returns.
Thank you very much and your services are appreciated. It is a great help to a common people. Regards
Dear Pankaj Sir,
Please clarify some doubts.I am a fresher and i joined in last august itself so,in the last year i was not under tax slab
1)should i submit form 16 or any thing to IT department though i did not earn the more income to pay the tax in last year?
2)Is the medical reimbursement (in calculator)and medical allowance(in my pay in slip) are the same ?And should i submit any slips to escape from the tax as there is 1250 amt added every month.
3)where should i write lunch allowances and superannuation allowances in the calculator?
4)According to my company rules i was not paid the salary in june as i was absent for about 8days and along with july salary it is credited under arrears,so in calculator also should i write under arrears
5)most imp is! in april and may tax has been deducted,after that i updated investment as lic-1lakh,,ppf-70000 all max amount roughly,i updated every thing like that,,,so tax has not been deducted in the june…..so how can i get the money back,,,and any thing happens if i update in such a way and i do not invest in the mentioned instruments of mentioned amount or i invest in others.
I know my question is too big and so basic…..but i hope you answer me with the patience .Thank you
@Sai
1. In case your income before any deductions (80C, 80D) was below taxable income, there is no need to file income tax returns.
2. Medical allowance and reimbursement in calculator was same thing. You need to provide original medical bills to employer to make this amount non-taxable.
3. Lunch allowance can be put into food coupons. If superannuation allowance is taxable, it can be added to special allowance field.
4. It would be better you put arrears salary with breakup only into same month for which they were paid, as if you put lump-sum into arrears field, HRA and other allowance may become taxable.
5. If at the end of year, your total tax is zero, you would need to file income tax return to claim refund for amount already deducted as TDS. In case you don’t follow your declaration and don’t submit investment proofs to employer, they would recompute your tax liability in Feb-March and deduct any extra tax payable from salary. There is no hard rule to follow investment declaration as it is. You may invest into other tax saving method than declared. Its better to declare as per your actual plan to avoid huge deductions in last 2-3 months of financial year.
Hi Pankaj ,
Please help to clarify my query .
From April 2012 ,I joined a company with a Gross CTC of Rs 19.80 lacs per year and from Oct 1st I would be joining another company with a Gross CTC of Rs 26 lacs per year .I had worked on your tax calculator .Would like to know the following querries :
1) How should I put the figures in your calculator meaning from eg : From April 12- Sept 12 ,shall I put BAsic etc . of my present company and from OCt onwards the details of the salary components from the new company ?
2) What documents should I take from my present employer other than my clearance certificates etc .I am referring with respect to Tax document .
Please advise .
Best regards
Vikas
@Vikas
1. You are correct. You should put your salary details from April-Sept as per current employer and after that as breakup provided by new employer.
2. Your current employer would provide full and final statement now and would issue a form-16 later after end of financial year.
Dear Pankaj ,
Thanks for the advise and direction ,will update it accordingly .
Best regards
Vikas
HI, BATRA SAHIB, I HAVE TAKEN A HOME LOAN AND PAYING Rs. 5000/- PM LOAN INSTALLMENT. I OCCUPIED MY HOME AND MY HOME IS 1.5 Km AWAY FROM MY OFFICE.
MY QUESTION IS : AM I ENTITLE TO AVAIL HOUSE RENT EXEMPTION AND HOME LOAN EXEMPTION.
@Avtar
If you own a house and is near to the office, you should not claim tax benefits both for HRA and home loan.
sir i am planning for overseas studies ,and for getting loan bank people are asking about income tax filing . but we are running tailoring business . for that till now we are not undergone for any it filing so that how can we show it to bank, we get around 25000 per month, can u suggest me please
@Anil
You should contact a CA to get an income certificate prepared.
is pan card need for filing it returns, my father has no pan card
@Anil
Yes, PAN card is needed to file income tax returns.
ITR has PAN field and its not accepted with blank PAN field.
Sir, I have one school going daughter and her tution fee is 600 p.m. How much tution fee rebate can i avail?
@T.K.Mehrotra
There are two ways to get tax exemption/deduction.
In case your package structure has education allowance, then 100 Rs per month per school going child is allowed for deduction as per children education allowance.
You can also avail deduction u/s 80C for tuition fees paid for children education. Max allowed deduction would be 1 lakh u/s 80C.
Thanks, Pankaj, for such detailed information and Income Tax Calculator. Now, my enquiry is: I have lost job last year. So, for FY 2012-2013, I will not have any Salary from employer. If I want to get back the TDS deducted on my fixed deposit interest income, what income tax return form should I fill up? Moreover, if my interest (from FD, NSC, etc.) for FY 2012-13 is below 2 lacs, then do I need to pay any tax?
@SS
You can get refund for extra taxes paid/deducted by filing income tax returns. In case you only had income from salary, bank interest, fixed deposits and house property, then you can file ITR1 to get your refund. This can be done after FY 2012-13 ends.
In case your total income is below 2 lacs in FY 2012-13, no income tax would be payable.
As mentioned, I won’t have salary (no job) in 2012-13, only bank interest income. So, will I fill up ITR2 mentioning my bank interest income and TDS to get refund?
@SS
You still would need to file ITR1 to get refund.
You can also submit form 15G to bank to avoid TDS deduction from interest in future.
So, do you mean that it is wrong to say that ITR1 is only for salaried persons? Even non-salaried persons, like me, can also fill this form?… thanks.
@SS
ITR1 can be also used for persons having income from interests and/or pension.
Hello Mr. Batra,
If Travel Allowance of Rs. 800 is given to any employee and s/he is also given car/conveyance reimbursement. Can they claim tax benefits from both the components ?
@Manish
Getting tax benefits from both travel allowance and car reimbursements should not be allowed. Any one from this should be exempted.
When submitting advance Income Tax online, from where should we get challan number?
@Harsh
After you deposit tax online, a receipt for online payment would be generated that would have challan number and other details.
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
For an individual first payment should be done before 15th Sept.
What is the amount of adsvance tax payable by a person above 80 years in age and whosse taxable income is 8.5 Lkhs.
@Viruru
In income is not from business, advance tax payment is not required for senior citizens.
If this income is from business, then 30% tax should be paid by 15th Sept as advance tax.
Hi Pankaj,
I couldn’t file ITR for my previous year let’s say FY 09-10 & 10-11. My Taxable income is 0, still some TDS has been deducted. So I need to get returns from Govt. So can i File those ITR now? Will I have to pay any fine.
@Gaurav
You can file returns now and penalty upto Rs 5000 may be asked by IT department for late filing. But you won’t be eligible to get refunds now as returns have not been filed on time.
Hi < Just seen above as well , but want to e sure , if we pay reimbursement for books and periodical , is it taxable in the hands of employee. Cant see in income tax book anywhere. Is it non taxable bec its o where written
@Manish
Its not a standard tax exemption/deduction rule, but employer bill these as business expenses and reimburse to employees.
This amount would not be shown in employee’s salary income but an expense reimburse on actual bills.