Dear all, can anyone tell, how income tax is to be calculated should it be calculated on CTC ? please expain glad if u could provide with the tax slab for women Regards Neelima
From India, Hyderabad
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2From India, Hyderabad
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Hi Neelima,
The income tax is not computed directly on CTC, but it is calculated based on different heads such as Basic Salary, HRA, Conveyance, Special Allowance (any taxable head). All these heads are clubbed together to arrive at the annual gross salary, and then tax is calculated on that amount.
Regards,
Navroz
From India
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The income tax is not computed directly on CTC, but it is calculated based on different heads such as Basic Salary, HRA, Conveyance, Special Allowance (any taxable head). All these heads are clubbed together to arrive at the annual gross salary, and then tax is calculated on that amount.
Regards,
Navroz
From India
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Hello Dear, Please find enclosed the Tax calculator, hope this would help you Archna
From India, Gurgaon
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From India, Gurgaon
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Hi Navroz,
Thanks for the reply. If a woman is drawing a salary of 2.5 CTC and her gross income comes to 2.2, then income tax will be calculated on 2.2 according to the income tax slab. Is that so? If there is 10% to be paid, then 10% of 2.2 should be calculated. Please confirm.
From India, Hyderabad
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Thanks for the reply. If a woman is drawing a salary of 2.5 CTC and her gross income comes to 2.2, then income tax will be calculated on 2.2 according to the income tax slab. Is that so? If there is 10% to be paid, then 10% of 2.2 should be calculated. Please confirm.
From India, Hyderabad
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Dear Neelima,
Income tax is calculated on the gross salary. In CTC, we add all the reimbursements. For reimbursements like Medical, LTA, Driver Salary, Petrol, etc., if the employee provides the bills, it will be tax-exempt.
Any unclaimed amount will be paid by the end of the financial year, i.e., with the March salary after deducting the tax. Bonus, Ex-gratia, and Variable Pay fall under the taxable salary.
HRA (In Metro) – 50% of the basic will be tax-exempt provided the employee produces the rent receipt. Conveyance Allowance - Rs 800/- monthly will be tax-free.
For calculating Tax for the year 2008-09, please find enclosed the Excel sheet. Tax slabs and exemptions for the year 2008-09 will be available by the end of May. After that, you can proceed with the actual calculation.
AMATYA
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Income tax is calculated on the gross salary. In CTC, we add all the reimbursements. For reimbursements like Medical, LTA, Driver Salary, Petrol, etc., if the employee provides the bills, it will be tax-exempt.
Any unclaimed amount will be paid by the end of the financial year, i.e., with the March salary after deducting the tax. Bonus, Ex-gratia, and Variable Pay fall under the taxable salary.
HRA (In Metro) – 50% of the basic will be tax-exempt provided the employee produces the rent receipt. Conveyance Allowance - Rs 800/- monthly will be tax-free.
For calculating Tax for the year 2008-09, please find enclosed the Excel sheet. Tax slabs and exemptions for the year 2008-09 will be available by the end of May. After that, you can proceed with the actual calculation.
AMATYA
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Hi! This is Bharat working in a Garments firm as an HR Head. I just have to confirm whether a firm can give an exemption of donation to its employee after taking necessary declaration. Please reply soon. Thanks, Bharat
From India, New Delhi
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From India, New Delhi
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You cannot give all exemptions in for 16, but an employee can claim the refund for income tax deposit. You need to check if the donations made under 80G are specified in the circular issued by the income tax in the month of November or December 2007. If you find a mention of it, then you can give the exemptions. For the donations which have no mention, advise him to claim directly from the IT department.
You can click on this link for more information.
Hope this has clarified your doubt.
Regards,
Jai
9963692016
From India, Pune
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You can click on this link for more information.
Hope this has clarified your doubt.
Regards,
Jai
9963692016
From India, Pune
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The attached Tax Calc of Economic Times shows education & Pension limit of 24000/- & 10000/- which is no more. Pls clarify me on this.
From India, Mumbai
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From India, Mumbai
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Can anybody help me what tax will a executive at a higher level staff will pay for gross salary of 9 Lakhs with all exemptions and rebates
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Income Tax Calculation 2009-10 - Salaries.xls