Comment posted on Income tax calculator for India by Pankaj Batra
@Prasanna
If you have stayed in India for more than 60 days in FY 2011-12 and also stayed in India for atleast 365 days during 4 year before the FY 2011-12, you would have a resident Indian status.
In that case, whole global income would be taxable in India. All taxes would be paid in India. If already tax has been paid in US, you can file return there to get refund of the amount as per double taxation avoidance treaty.
Pankaj Batra also commented
- @Brijesh
Nothing else needs to be sent. - @Goud
Please download excel income tax calculator and compute taxes by putting in monthly income figures. - @Vikram
In case you are working as an consultant and not an employee, company would only deduct 10% TDS on payments.
You will have to file income tax return as income from business/profession. You can deduct all business expenses from income and then pay taxes as per slab rates only on net income. - @John
You should compute your income tax using calculator provided on this page. - @Vikas
1. In case of NRIs, TDS is deducted at 30% rate on whole interest income by banks. There is no basic exemption for TDS. Even if 10 Rs is given as interest, 30% would be deducted as tax. As you are living in India for past two years, you can get your resident status updated with bank as resident Indian.
2. Employer may have deducted taxes as per slab rates. After basic non-taxable exemption (of Rs 2 lakh) and various slabs, effective tax may have been 17%. You would need to compute total income tax for year considering all incomes (interest etc) and see if there is any pending tax liability. You may download income tax calculator and compute taxes yourself.
3. Apart from salary slips, you may also need Form-16 from employer for file income tax return.
Recent comments by Pankaj Batra
- Pay Your Electricity Bills Online In Haryana
@Mona
Please visit electricity office and fill form for connection transfer. You may have to get new connection in your name after existing owner surrenders his connection. - Pay Your Electricity Bills Online In Haryana
@Shallu
Please verify the actual meter reading and what’s mentioned on bill. If there is a difference, you can complain in electricity office. - Emigration clearance not required (ECNR)
@Arun
For US, ECNR/ECR does not matter for any kind of visa. - New Pension System(NPS)
@Vipul
No, amount won’t be refunded after leaving job. - Income tax calculator for 2013-14 and Budget 2013 update
@Srinivas
Yes, you would need to submit medical bills to your employer for making this amount non-taxable.
Ok… Thanks a lot sir…