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Nri investments & tax returns regarding.
I am an nri from u.s. i have salary account savings a/c in india which was opened at the time of joining with india software company in dec 2004. 1. i have got the home loan when i was in india and i have set up auto debit option on my savings a/c to pay monthly emi s for this. i did not claim tax exemption on this so far because i don t have any other income in india to get the tax benefit. can i show this on my tax returns from this year on wards even i am using india savings a/c to pay the home loan emi s? 2. now i am going to occupy my residential flat which is bought from the above said home loan in this month and i am going to rent out this to a private party not relatives starting from april 2008. can i keep this rent income in my present savings a/c and is it taxable or not? 3. i came to u.s in may 2006 and i have done my tax returns form16 for year 200607 1st april 2006 to 31st march 2007 by showing india salary only march april & may 2006 and i did not show the overseas salary which is taxable here. is this correct? 4. still my residential status is not updated on either my savings a/c or home loan a/c in india resident indian only and also i am remitting the money to my own savings a/c from here every month for the purpose of my family maintenance expenses and to pay home loan emi s. can i continue this? 5. also i bought a house plot in india by transferring money to my own savings a/c from here in the year 2007 as an nri. is this correct? 6. as explained above so far i have used my india savings account only for all these transactions. 7. is it mandatory for nri s to perform any transactions in india using nre / nro a/c s only or is it optional? 8. what care needs to be taken for 200708 tax returns submission to correct all these? please suggest the best solution for this.
Tax liability
Can someone tell me the tax liability for the year 200809 for the following salary structure: ctc: 750000 basic : 375000 pa hra : 150000 pa conveyance : 9600 pa lta : 37500 pa medical allowance : 15000 pa special allowance : 153540 pa employer s contribution to pf : 9360 pa total ctc : 750000 pa i want to know how much savings and what type of savings can be done to be exempted from tds. i need it soon please....
Regarding tax on performance pay / bonus
Hello all last month i received my performance pay or bonus from my company for 201112. however out of the bonus amount i was supposed to get i got only 85 of it remaining 15 has been taken as tax. now can i claim the full 15 tax refund if i invest the same in mutual fund / ppf / or any section 80c tax savings scheme? if not then how much of bonus tax am i allowed to claim as per the law? regards
Salary break up for tax saving
Hi can anyone provide me with a salary structure where in maxamium of tax savings can be done. thank u. chitra
Tax benefit compensation structure
Currently the organization still follows a very simple salary structure. with employee salary hikes it becomes imperative for the company to introduce a tax friendly structure. please suggest an ideal salary structure to ensure maximum tax savings for employees
Income tax deductions
Hai members can anybody send me the information on income tax deductions and also for how much we can show any national savings to avoid tax deductions from our salary. is there any limit for that. awaiting for reply regards kavitha rg_kavitha2000yahoo.co.in/img