Arun.bascon
Human Resources - Generalist
Tana2008
Hr Consultant
Anoopsomarajan
Recruitment, Er, Generalist

Its been for long time i m breaking my head on IT. Whats the limitation for male/female employees? What allowances are taxable? What are non-taxable allowances. If for e.g. i have to pay an average of Rs.1000/- P.M for IT, for how much i should submit bills., What is Form 16 and its benefits. I have seen lot of income tax calculator, Which helped to locate the amount to be paid, still i cant get a clear picture.
Pls explain in detail. Anticipating Ur valuable reply !!!
Anoop
30th July 2011 From India, Madras
Dear Anoop,

Good morning.

Form 16:
Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head “Salaries”

Income tax slabs 2011-2012 for General tax payers

Income tax slab (in Rs.) Tax
0 to 1,80,000 No tax
1,80,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Income tax slabs 2011-2012 for Women

Income tax slab (in Rs.) Tax
0 to 1,90,000 No tax
1,90,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Income tax slabs 2011-2012 for Senior citizen (Aged 60 years but less than 80 years)

Income tax slab (in Rs.) Tax
0 to 2,50,000 No tax
2,50,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Income tax slabs 2011-2012 for Very Senior citizen (Above 80 years)

Income tax slab (in Rs.) Tax
0 to 5,00,000 0%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Pls. refer the following websites for all your IT queries.
National Website of Income Tax Department of India
financeminister.in | India income tax calculator, India income tax slabs, Official government links, India Finance news

Cheers!

Abhishek
30th July 2011 From India, Vadodara
Dear Anoop, Find the attached file, this will help you little bit!!!!
30th July 2011 From India, Madras

Attached Files
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File Type: xls Tax Projection.xls (121.5 KB, 204 views)

Dear Abhishek,
Is this 1.8 L is the CTC of an employee ? In my office an employee was drawing 2.24 L P.A. upto March 2011, However he dint pay any amount for Income tax as now, Now his salary revised to 3.5L from April 2011. Only now he is asking the procedure to our accounts dept on income tax. Does he has to pay the arrears including the last year ?.
Thanks Arun for the attachment.
Regards,
Anoop
30th July 2011 From India, Madras
Dear Anoop,
Its the net income.
e.g.
Gross Pay = 1,80,000/- p.a.
Less: Deductions / Investments = 50,000/- p.a.
Net Pay = 1,30,000/- p.a.
Hence, I am not liable to pay any tax as my Net Income is well within the taxable limit (.i.e. 1,80,000/- p.a.)
However, if an employees net income exceeds the taxable limit, then, it becomes the responsibility of the employer to deduct tax at source (TDS) accordingly.
Cheers!
Abhishek
30th July 2011 From India, Vadodara
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