Thread: INCOME TAX calculator.

A simple Tax Calculator on your Taxable iincome.
Presume exempted PF/Medical expense/Bank Deposits interest under various sections have been deducted.

Thank you. This should help many.

Originally Posted by just4kix

Thank you. This should help many.

As most members seem to be students, ( age group 20 to 30 mostly )I thought this subject will not interest many.
I could have flooded the forum during the contest period on Income Tax related posts!
Explain each section giving exemption,
or how to claim rebate !
Like selecting laptops and cellphones !
and giving a catalog !

Just wanted to check how many will be interested in the subject .

@essbebe
such contests are mostly for young people trying to get themselves some recognition ans some earnings.

A star like you does not need a contest to shine. You shine 24x7. Your expert posts on the technical issues are priceless and adds real value to the forum.

Being a finance professional, even I could have flooded this forum with Taxation related posts. But that would be quite contrary to the core objective of the forum.

@panchabhut
Good. I was looking for an expert like you.
Question: After a Capital Gains exemption Bond (REB ) matures, will it be included in the current financial year's income ?
Bond matured on 28/Feb 2010.
Cheque cashed on 1st March Rs 10 lakhs+ residual interest.. . ( or cash it on 1st April 2010)
The original Investor passed away, and the Nominee/legal heir ( I.T PAN holder) has cashed the cheque. and credited to his bank account.
Does this come under earnings from other sources Lottery/races/gifts/ etc and liable for I.T ( higher slab)
will appreciate a reply.

Para two ;
I concur with your views.
And thanks for the nice words about me.

How has the nominee got the cheque in his/her name?
Was the death certificate provided to the Company?

p.s. I thing for the specific issue it would be better to use the PM mode rather than posting in this thread.

Yes. Certificate was given.
Will PM in future. Kindly reply in PM
as the subject may be of only academic interest to many.

Hoping you will be there with more new information on INCOME TAX

@seenathkumar

As most members seem to be students, ( age group 20 to 30 mostly )I thought this subject will not interest many

As above in my previous post,unless specific doubt is asked In P.M, the answer
If general in nature can be posted in Forum.

As the present limit Tax free is Rs 1,60,000/= for year A/Year 2009 -2010 allowed deductions for contributions to Provident Fund/medical expenses/Insurance /medical premium/house rent exemption/ etc many will not be liable to pay I.T
But once you have a PAN card, must file a return
every year.
Say You claim rent exemption Rs 5000/=P.M At least Rs 60,000/= is exempted.
If you own a house Property tax paid, as well as one month's notional rental value allowed for Maintenance etc.
If you had taken a House Loan, Interest 'payments are also exempted subject to limit.

All above I had given , as examples, and may not be accurate.

I.T has allowed us to engage some agents
to file I.T on our behalf and they charge Rs 200/=. But divulging personal Income information to a stranger may be risky.

@Panchabhut will be the member to ask !

I have not paid I.T for past 5 years ! NIL return every year. so may be slightly out of date, with my information now.
Filing I.T returns helps in the long run .
( for availing Bank Loans/House Loans etc )