WBXPress

You must be logged in to ask question. If you are New here, Register first (free). Then Login.

Income Tax & Pry. Teacher – FY 2013-14

Home Forums Tax Income Tax & Pry. Teacher – FY 2013-14

  • This topic is empty.
Viewing 12 posts - 1 through 12 (of 12 total)
  • Author
    Posts
  • #69351
    unknown
    Spectator

      Please 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.

      #79016
      unknown
      Spectator

        1) 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.

        #79018
        unknown
        Spectator

          Taking 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 ……

          #79021
          unknown
          Spectator

            But I think, as the total tax is less than Rs 2000, hence the payable tax will be NIL.

            #79022
            unknown
            Spectator

              No, No, there is no such prescription.

              #79023
              unknown
              Spectator

                I 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.

                #79028
                unknown
                Spectator

                  I 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.

                  #79029
                  unknown
                  Spectator

                    According 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/-

                    #79025
                    unknown
                    Spectator

                      I 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.

                      #79026
                      unknown
                      Spectator
                        #79027
                        unknown
                        Spectator

                          Then what do you think. I need the opinions of all the members of the forum. After discussion with different H.M.’s I am confused. Actually “nana munir nana mot” is confusing me. Most of them are not agree with me. Please register your opinion.

                          #79061
                          unknown
                          Spectator

                            Please reply.

                          Viewing 12 posts - 1 through 12 (of 12 total)
                          • You must be logged in to reply to this topic.