Hi Friends, I am herewith sharing you the calc for Income tax for the next financial year 2010-2011, hope it will be useful..
From India, Hyderabad
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3From India, Hyderabad
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A major source of tax saving, Sodexo coupons may not be available for long. The company has been found operating a factory without licenses for many years. Voucher printing has been taking place here for many years. They may have to shut down the only factory in India soon.
From India, Mumbai
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From India, Mumbai
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Thaxs for sharing the file... but I have one query. We are deducting Professional Tax. Can we get deduction of this amount in income tax? If yes from where it has to be deducted?
From India, Mumbai
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From India, Mumbai
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Dear Mr. Shinde,
We can claim a deduction for professional tax under section 16(iii) of the Income Tax Act, 1961. For more clarity, please visit the link provided [link no longer exists].
Deductions from salaries:
6316. The income chargeable under the head "Salaries" shall be computed after making the following deductions:
(i) 64[***]
(ii) A deduction in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee who is in receipt of a salary from the Government. This deduction is a sum equal to one-fifth of his salary (exclusive of any allowance, benefit, or other perquisite) or five thousand rupees, whichever is less.
(iii) A deduction of any sum paid by the assessee on account of a tax on employment within the meaning of clause (2) of article 27667 of the Constitution, leviable by or under any law.
(iv) 68[***]
(v) 69[***]
Thank you.
From India, Hyderabad
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We can claim a deduction for professional tax under section 16(iii) of the Income Tax Act, 1961. For more clarity, please visit the link provided [link no longer exists].
Deductions from salaries:
6316. The income chargeable under the head "Salaries" shall be computed after making the following deductions:
(i) 64[***]
(ii) A deduction in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee who is in receipt of a salary from the Government. This deduction is a sum equal to one-fifth of his salary (exclusive of any allowance, benefit, or other perquisite) or five thousand rupees, whichever is less.
(iii) A deduction of any sum paid by the assessee on account of a tax on employment within the meaning of clause (2) of article 27667 of the Constitution, leviable by or under any law.
(iv) 68[***]
(v) 69[***]
Thank you.
From India, Hyderabad
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hi everyone. i am mba hr student. i am intrested in giving ncfm modules. in which way will it be useful for me? plz guide me. amit
From India, Pune
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From India, Pune
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Dear Mr. Hariprasad,
Many thanks for sharing something very useful, especially ahead of the FY 2010-11 commencement. I have passed this information on to our colleagues in the Finance Section. Please continue posting such helpful tips.
Warm regards,
Rajendra P.
From India, Mumbai
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Many thanks for sharing something very useful, especially ahead of the FY 2010-11 commencement. I have passed this information on to our colleagues in the Finance Section. Please continue posting such helpful tips.
Warm regards,
Rajendra P.
From India, Mumbai
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nice xl sheet. Children Edu. allowance (tax exemption) is missing. similarly, Fuel & maintenance charges exemption for vehicles, club allowance exemption, children Hostel exp. exemption are missing.
From India, Lucknow
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From India, Lucknow
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Thank you, Hariprasad.
I have a question regarding filling out certain columns like EPF. There is an employee contribution in my CTC as well. What should I do in this case?
Could you please share your Email ID so that I can communicate with you? Mine is "sontirp@gmail.com."
Regards,
Ram
From India, Bangalore
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I have a question regarding filling out certain columns like EPF. There is an employee contribution in my CTC as well. What should I do in this case?
Could you please share your Email ID so that I can communicate with you? Mine is "sontirp@gmail.com."
Regards,
Ram
From India, Bangalore
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Income Tax Calculator.xls