Less from Income in case of I. T. Calculation.
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March 1, 2012 at 3:53 pm #67211unknownParticipant
Perhaps Final payment of G.P.F, Commuted value of Pension & Retiring Gratuity will be deduct from Gross Income For I Tax calculation. please write which I. T.Section applicable for those purpose.
March 2, 2012 at 12:08 pm #71492unknownParticipantGratuity under Section 10(10)
Commutation of Pension under Section 10(10A)
Leave Encashment under Section 10(10AA)
Payment from Provident Fund under Section 10(11), 10(12)March 25, 2012 at 7:41 am #71728unknownParticipantQ1. is interest from saving account to be shown in income statement(form 16?)?
if yes, will it get less? if yes, which section?
Q2. is family income from agriculture to be shown as income from other source?
if yes, will it get less? which section?
Q3. if a primary teacher’s net income is <16000/-,is it enough to submit income statement at S.I. office(where no received copy or certificate returned)?
Q4. in the case of Q4 what’s the last date?
THANKS TO ALL…March 25, 2012 at 8:32 am #71731unknownParticipantQ1. is interest from saving account to be shown in income statement(form 16?)?if yes, will it get less? if yes, which section?
The interest from savings Account is required to be shown in your I.Tax statements. The exemption is not effecting this current financial year. You will get the exemption from next F.Year u/sec 80TTA upto Rs.10000/-
Q2. is family income from agriculture to be shown as income from other source?if yes, will it get less? which section?
Yes, family income from agriculture to be shown as income from other source. It will be added with the taxable income and will not get any exemption.
Q3. if a primary teacher’s net income is <16000/-,is it enough to submit income statement at S.I. office(where no received copy or certificate returned)?
Sorry brother, I dont have much Idea about Primary edu system. As far as I know there is no need to file I.Tax return for the income less than Rs. 5,00,000/- . You just need to obtain Form 16 from the D.D.O.
Q4. in the case of Q4 what’s the last date?
I shall reply you as soon as possible.
March 25, 2012 at 8:37 am #71732unknownParticipantFor further reference you may have a look at this topic.
https://askwb.com/topic/result-of-earlier-submission-of-i-tax-statements/March 28, 2012 at 2:14 pm #71769unknownParticipantThe last date of filling Income Tax return for the financial year 2011 -2012 is 31st July, 2012.
March 30, 2012 at 3:58 pm #71800unknownParticipantTHANKS SOM DA FOR YOUR REPLY… HOPE MORE SUGGESTION ON THIS ISSUE FOR PRIMARY TEACHERS FROM OUR OTHER FRIENDS…
April 18, 2012 at 11:39 am #72082unknownParticipantI am extremly sorry for a wrong information regarding Agricultural income. Yes, its possible to get some exemption over agricultural income. For more information please visit this link. http://taxguru.in/income-tax/income-tax … ncome.html
September 17, 2012 at 10:32 am #74206unknownParticipantYou can check this link http://indiantaxguide.wordpress.com/2009/05/08/agricultural-income/ it will helpful for you
September 17, 2012 at 11:32 am #74208unknownParticipantCALCULATION OF IT
1) Gross Income Rs……………..
2) Less P.Tax Rs……………..
3) Balance Rs……………..
4) Less Interest of HBL(HOUSE LOAN) Rs……………..
5) Balance Rs……………..
6) Less 80 ccc Rs……………..
7) Balance Rs……………..
8) Taxable Income Rs……………..
9) Standard Deduction Rs……………..
10) Balance Rs……………..
11) Upto ………………10% Rs……………..
12) Balance Rs……………..
13) Upto ………………20% Rs……………..
14) Balance Rs……………..
Total Tax Rs. ……………..
Edu.C Rs. ……………..
H.E.C. Rs. ……………..
S.C. Rs. ……………..
Total Tax Rs. ……………..
Tax deposited Rs. ……………..
Tax payable/refundable Rs. …………….. -
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