Income Tax & Pry. Teacher – FY 2013-14
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December 16, 2013 at 4:05 pm #69351
Anonymous
InactivePlease inform / guide in details about responsibility of a Pry. Teacher regarding Income Tax (FY-2013-’14).
1) How to calculate I.Tax ? ( Income > 200000 but < 500000 )
2) Responsibility of the teacher ?
3) Responsibility of the S.I ?
4) Who will provide Form 16 ?
5) Return have to be file ? If yes, How & to Hoom ?
6) E-Filing ?
Weating for your helpful information.December 16, 2013 at 4:50 pm #79016Inactive1) Gross Income = say Rs. 309185/-
2) Less P.Tax = ” Rs. 1720/-
3) Balance = ” Rs. 307465/-
4) Less Interest of HBL. = ” Rs. Nil
5) Balance = ” Rs. 307465/-
6) Less 80 ccc = ” Rs. ( Max. 100 000/-) (PF+ LIC+ PPF etc.)
7) Balance = ” Rs. 207465/-
8) Taxable Income = ” Rs. 207465/-
9) Standard Deduction = ” Rs. 200 000/-
10) Balance = ” Rs. 7465/-
11) upto ………….10 % = ” Rs. 746/-
12) Balance =
13) upto ………….20 % =
Total Tax Rs. = 746/-
E.C.2%
H.E.C. 1% Rs. = 22.38
Total Tax Rs. = 768/-
Tax Deposited Rs. = 600/-
Tax Payable/
Refundable Rs. = 168/-
Thanks a lot.December 17, 2013 at 12:51 pm #79018InactiveTaking the opportunity to Thank You for your clear information regarding Tax Calculation.
Please inform duties / responsibility of a Pry. Teacher & S.I of schools to complete the circle.
1) Is ITR (return) filing mandatory for FY- 2013-’14 ?
2) What is the procedure of Return filing ?
waiting ……December 17, 2013 at 3:25 pm #79021InactiveBut I think, as the total tax is less than Rs 2000, hence the payable tax will be NIL.
December 17, 2013 at 5:17 pm #79022InactiveNo, No, there is no such prescription.
December 17, 2013 at 5:45 pm #79023InactiveI think Mr Saji is right. For the financial year 2013-14( AY 2014-15), whose total income does not Rs. 5,00,000/- , he will get tax rebate Rs,2000/- u/s 87A.
December 18, 2013 at 1:37 pm #79028InactiveI think I am right. I request all of you to see http://www.incometaxindia.gov.in. If the taxable income is less than Rs 500000, then an individual will get an additional tax rebate of Rs 2000 for the FY 2013-14.
December 18, 2013 at 2:01 pm #79029InactiveAccording to my knowledge I am giving an example.
1) Gross Income = say Rs. 470668/-
2) Less P.Tax = ” Rs. 1800/-
3) Balance = ” Rs. 468868/-
4) Less Interest of HBL. = ” Rs. Nil
5) Balance = ” Rs. 468868/-
6) Less 80 ccc = ” Rs. ( Max. 100 000/-) (PF+ LIC+ PPF etc.)
7) Balance = ” Rs. 368868/-
8) Taxable Income = ” Rs. 368868/-
9) Standard Deduction = ” Rs. 200 000/-
10) Balance = ” Rs. 168868/-
11) Total Tax Rs. = 16887/-
Additional rebate = 2000/-
Actual tax = 14887
E.C.2% + H.E.C. 1% Rs. = 447/-
Total Tax Rs. = 15334/-
Tax Deposited Rs. =10,000/-
Tax Payable Rs. = 5334/-December 18, 2013 at 5:33 pm #79025InactiveI think I am right. I request all of you to see http://www.incometaxindia.gov.in. If the taxable income is less than Rs 500000, then an individual will get an additional tax rebate of Rs 2000 for the FY 2013-14.
It was in the budget speech, Finance Minister announced a rebate of Rs. 2000 for individual having less than 5 lacs annual income. But I could not find any Notification/Order from income tax department website.
December 19, 2013 at 1:01 pm #79026Inactivehere you go:
Section 87A rebate: http://www.indiantaxupdates.com/2013/03/02/section-87a-income-tax-rebate-announced-in-budget-2013/ -
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