Income Tax Rates 2009-10 (Assessment year 2010-2011)

Tagged with: income tax assessment year 2010-11, Income tax rate 2009-10

Saturday, August 8, 2009

This article is posted in Income Tax category and has 117 Comments so far.

The following chart shows the Income tax rates for the year 2009-10 (Assessment year 2010-11). Let’s plan for the Income tax from now on to avoid taking home peanuts at the end of financial year thanks hefty chunk of our salary being deducted as tax. Instead we can calculate the income tax to be paid now itself and pay income tax by monthly installments. GConnect would come up with online IT Calculator 2009-10 soon.

Income Tax Rates 2009-10,income tax Assessment year 2010-2011,income tax assessment year,income tax return,it return,india income tax,itr-1 itr-2,income tax exemption

In case of individual (other than II and III below) and HUF

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.1,60,000/-.	NIL
ii.	Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.3,00,000/-.	10% of amount by which the total income exceeds Rs. 1,60,000/-
iii.	Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-.	Rs. 14,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv.	Where the total income exceeds Rs.5,00,000/-.	Rs. 54,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.1,90,000/-.	NIL
ii.	Where total income exceeds Rs.1,90,000/- but does not exceed Rs.3,00,000/-.	10% of the amount by which the total income exceeds Rs.1,90,000/-.
iii.	Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-.	Rs. 11,000- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv.	Where the total income exceeds Rs.5,00,000/-	Rs.51,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.

III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.2,40,000/-.	NIL
ii.	Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.3,00,000/-	10% of the amount by which the total income exceeds Rs.2,40,000/-.
iii.	Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-	Rs.6,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv.	Where the total income exceeds Rs.5,00,000/-	Rs.46,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.

Surcharge: The surcharge on Income Tax for Individuals for total income exceeding Rs.10 lacs stands removed.

Education Cess: 3% of the Income-tax.

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117 Responses to “Income Tax Rates 2009-10 (Assessment year 2010-2011)”

mohanmohan said on Tuesday, August 11, 2009, 13:27

i am stisfied

Reply
V. Rajalakshmi said on Thursday, August 13, 2009, 12:14

I want to the details of Corporate Tax, Tax Deducted at Source Rate and Tax Collection at Source. Kindly Clarify.
Thanks & Regards

V. Rajalakshmi

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nikunja kishore sethy said on Saturday, August 15, 2009, 9:06

In the income tax rate for the assessement year 2010-11,it is written in case of women the tax rate is 10% of the amount by which the tatal income exceeds Rs180000/-.Whether it is Rs 180000/- or Rs 190000/-?

Reply
Mahesh Reply:
July 10th, 2010 at 11:33 pm
it is 190000 for the Previous year 2009-10 and for the Assessement year 2010-11

Reply
Abdul Quyoom said on Wednesday, August 19, 2009, 14:39

Well an amount of Rs. 14,000/- has been deducted at source from my salary and then after reckoning the income tax for current year, I have been intimated that an amount of Rs. 9000/- is refundable to me. I had submitted my Form 16 along with ITR duly filled in with the concerned income tax department. But so far the said refundable amount has not bee repaid to me. What is the remedy?

regards

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Mahesh Reply:
July 10th, 2010 at 11:34 pm
The refund amount will take 2 years to receive

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devenprachchhak said on Thursday, August 27, 2009, 14:18

Either paid Tuition Fee for self (higher education) or Interest on Education Loan for self higher education, excempted uner 80 c or ?

Reply
venkatesan Reply:
July 4th, 2010 at 12:48 pm
I want to know the entire tution fee amount to be deducted under section 80C

I pay my daughter tution fee amount Rs. 55ooo, could I deduct entirre amount , kindly let me know.

Reply
admin team Reply:
July 4th, 2010 at 7:36 pm
dear venkatesan
Yes you can. But restricted to the 80 c ceiling of 100000

Reply
venkatesan Reply:
July 5th, 2010 at 10:47 am
Thank you for your kind reply,

But, one more thing,
I am self Empoyed,
I got Mortgage loan on 2008.

I am paying principal with interest, Could I deduct what extend in principal and Interest from my Income and what IT section.

Thanks with Regards,
S. Venkatesan

admin Reply:
July 6th, 2010 at 9:47 am
If it’s home mortgage, you can deduct the interest to the extent of Rs.150000 if the home is self occupied. Alternatively, the house can be rented out for deduction of interest without any limit. However, rental value has to be included as income in such cases

Mahesh Reply:
July 10th, 2010 at 11:35 pm
Under sec 80C upto 100000 you can claim as deduction.

Reply
Ganesh said on Saturday, August 29, 2009, 12:32

I want to the details of Corporate Tax, Tax Deducted at Source Rate and Tax Collection at Source. Kindly Clarify.
Thanks & Regards

Reply
Ananth said on Wednesday, September 9, 2009, 13:20

There is a typing error in row II (ii) under column for Tax Rebate: It should read 10% of the amount by which the total income exceeds Rs.1,90,000/- and NOT 1,80,000/- as given now! Kindly have it corrected. thanks.

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padmanabhan said on Friday, September 11, 2009, 6:10

sir, there is small increase in basic exemption amount every year. if new tax code implements from next F.Y whether there will be increase in basic exemption (for eg 1,60,000) allowed eyery year as there is no word for it.
. we also expect govt. give IT exemption for DA as per V CPC as DA is compensation for increase in prices of basic commodities V.Padmanabhan (VCRC) Pondicherry

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Brijesh Mishra said on Thursday, October 1, 2009, 17:27

Sir, I Want New Rate applicable from 1 october 09 which one has been changed and what %

Reply
Madhavankutty said on Friday, October 2, 2009, 11:24

I got the necessary information:MANY THANKS.

Reply
Kamesh said on Monday, October 5, 2009, 14:34

Sir,
Once again section 89(1) comes into picture due to the second installment of arrears. In this connection I would like to know:
1) In case of people who received benefit of 89(1) in FY 2008-09 – how the current year’s benefit is calculated. 2) In case of people who did not receive benefit in FY 2008-09 how the current year’s benefit is calculated taking into account both 1st and 2nd installment of arrears. Thanks for the clarification.

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Jagadeesh said on Thursday, October 8, 2009, 11:40

What is the meaning of taxable portion of transport allowance? As of today we have exemption on TA upto Rs.9600/-PA. In case of few sample IT fillings it is observed that only DA on transport is taken for the calculation of net income, kindly clarify.

Reply
surinder said on Wednesday, October 14, 2009, 15:50

best of all

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Hareethan said on Friday, October 30, 2009, 16:23

Dear Sir, My salary slip showing Rs.6000/- Per month as Vehicle Reimbursement, what will be the calculation for this amount, fully exempted when produced diesel/eptrol bill otherwise upto what extend i can claim

Reply
Prolay Rath said on Saturday, October 31, 2009, 13:25

want to the details of Corporate Tax, Tax Deducted at Source Rate and Tax Collection at Source. Kindly Clarify.
Thanks & Regards
- Prolay

Reply
K.Rangaraju said on Friday, November 6, 2009, 19:39

pl.tell me what is the amount that can be shown under savings

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pass said on Saturday, November 7, 2009, 16:39

What is the meaning of taxable portion of transport allowance? As of today we have exemption on TA upto Rs.9600/-PA. In case of few sample IT fillings it is observed that only DA on transport is taken for the calculation of net income, kindly clarify.

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Pooja said on Saturday, November 21, 2009, 13:18

whether Leave Encashment on LTC is taxable? Plz advise us.

Reply
D.K.Sharma Reply:
February 22nd, 2010 at 11:46 am
pls let me know whether leave encashment on LTC is taxable or not.
(2) whether Children Education Allowance is to be added in gross annual income

Reply
admin Reply:
February 22nd, 2010 at 8:38 pm
1. Leave encashment on LTC is taxable.
2. Children Education Allowance is to be added in gross annual income

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Ravi Nair said on Thursday, November 26, 2009, 23:11

I would like know how to calculate the relief given on account of arrears of pay commission 60 % received during the F.Y 2009-10 under section 89 (1) IT rules.

Reply
admin Reply:
November 27th, 2009 at 2:43 pm
@ Ravi Nair
please check this online calculator posted in GConnect to workout relief under Section 89(1) for arrears

http://gconnect.in/pages/it/section89.html

Reply
J.V.Rama Rao,Retd Govt Emloyee said on Thursday, December 3, 2009, 11:24

Sir,
The article is informative and useful.Kindly clarify if I am consideres SENIOR CITIZEN or not for the purpose of Income Tax Calculation for the F.Y.2009-2010.My Date of Birth is 22-10-1945

Reply
sushil bhalla said on Sunday, December 6, 2009, 15:29

i want to know the limit of savings such as LIC,GPF ETC.for the assessment year 2010-11

Reply
admin Reply:
December 7th, 2009 at 8:50 am
@Sushil Bhalla
Tax exemption is available to savings such as GPF, PPF etc and to certain Life insurance, Mutual fund products etc upto Rs.1 Lakh under Section 80C

Reply
Mridul Das Reply:
September 3rd, 2010 at 2:41 pm
Up to 1 lac deduction for tax exemption under section 80 c

Reply
Pijush kanti Roy said on Monday, December 7, 2009, 18:25

Iam retiring onDec,2013. My salary income is 4.5 lacks. How can I plan for savings to pay lesser amt of tah

Reply
sundar said on Wednesday, December 9, 2009, 9:45

It will be useful if other detail connected to IT such as deduction/exemption eligible are given along with above. A fulfledged page that is related to IT

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Ranjan Rawool said on Wednesday, December 9, 2009, 12:41

pl let me know the tax exemptions for salaried person

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Ranjan Rawool said on Wednesday, December 9, 2009, 12:42

pl. let me know tax exemptions for salaried person.

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soni said on Wednesday, December 16, 2009, 19:35

IF I GET ARREAR ON OCT.2009 WHICH IS FROM THE PERIOD SEPT/08 TO MAY/10 .
BUT FROM THIS ARREAR I WANT TO SEPARATE MY LAST YEAR INCOME THAN THE INCOME OF THE CURRENT YEAR MAY LESS OR NOT .IF YES THEN WHAT IS THE CALCULATION SHEET PL REPLY/MAIL

Reply
admin Reply:
December 17th, 2009 at 9:15 am
@Soni
What I could understand from your comment is you want to calculate the arrears amount relevant to previous years. Then deduct the amount relevant to this year from the total arrears received. The result will be the arrears relevant to the previous years. The amount that you received as arrears but relates to this year should be shown as income for this year

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soumen ghosh said on Thursday, December 17, 2009, 23:56

let me know the procedure of IT calculation & rebate on HRA .

Reply
admin Reply:
December 18th, 2009 at 8:56 am
@Soumen Ghosh
Check this GConnect articles for more details

http://gconnect.in/gc/service/personal-income-tax/income-tax-rates-2009-10-assessment-year-2010-2011.html

http://gconnect.in/gc/service/personal-income-tax/it-exemption-for-hra-should-we-take-da.html

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pradeep said on Saturday, December 19, 2009, 23:46

both husband and wife are living in the same city in rental house and working in same deptt. getting HRA in salary.would they get any rebate individually.husband is paying rs.5500 and wife is paying rs.4500. will they get any relief individually?

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ivy said on Sunday, December 27, 2009, 22:03

I have purchased a flat from HIMUDA. The stamp paper for the conveyance deed and registration charges was 1,60,000/- Can I deduct them from my earnings. I am a salaried person and a bank loan has also been taken to purchase this flat . Please asist.

Reply
admin Reply:
December 28th, 2009 at 7:39 am
@Ivy
I don’t think registration charges are exempted from income tax. You said you had taken a bank loan. The interest paid by you could be deducted from your income. Also you are eligible go deduct the principal amount up to Rs. 1 lakh under section 80C

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D.Maithreyi said on Saturday, January 2, 2010, 19:42

please put more information about service tax and vat and more about tax deducted at source,advance tax and their related rules and provisions

Reply
NILAVANTI said on Friday, January 8, 2010, 12:17

education cess removed frm 1.10.09 in tds. at the time of calculation of tax on income of indiviadual, education cess will be calculated only for 6mths kindly explain me with example.

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harbhupinder singh said on Wednesday, January 13, 2010, 13:49

I am centre govenmnet and getting salary from my office. i am residing in rented house. While taking rebate on HRA, the complete exercise may please be provided. The pay & allowances are as follow PAY; 45000, GP 10000, HRA 11000 (20%), DA 14850 (27%), TA 800, DA on TA 216 (800*27%). Rent paying per month Rs.8500.

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harbhupinder singh said on Wednesday, January 13, 2010, 13:50

I am centre govenmnet and getting salary from my office. i am residing in rented house. While taking rebate on HRA, the complete exercise may please be provided. The pay & allowances are as follow PAY; 45000, GP 10000, HRA 11000 (20%), DA 14850 (27%), TA 800, DA on TA 216 (800*27%). Rent paying per month Rs.8500.

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Suresh said on Tuesday, January 19, 2010, 13:13

Kinldy intimate the maximum amount of interest deductable on the laon taken from bank etc for construction of House etc during the FY 2009-10.

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admin Reply:
January 24th, 2010 at 5:55 pm
@Suresh
Housing Loan Interest upto Rs.1,50,000/- could be deducted from the total income if the house is not let out and no rental income is shown. If house is rented out and the rental income is shown in your Income statement then interest paid/payable at actuals without any limit could be deducted from the income

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rahul said on Tuesday, January 19, 2010, 20:30

Rebate on transportation allowance and CEA is Rs.800/- and 100/- p.m. How rebate will be calculated on CEA and transportation allow drawn in the year 2009-10 pertaining to the F.Y. 2008-09.

CEA can be drawn upto Rs.6000/- in a quarter as per latest orders . Can rebate will be allowed Rs.300/- for the quarter or Rs.600/- for six months.

Reply
admin Reply:
January 24th, 2010 at 5:51 pm
@Rahul
With regard to CEA Please refer to the reply for Mr Ramkumar

Transportation allowance is exempted upto Rs.800 per month which can be deducted from your gross salary

Reply
T J PATEL said on Thursday, January 21, 2010, 18:09

INCOME TAX RATES AND TDS RATES FOR NRI LIVING IN USA ARE NOT GIVEN FOR ASSESSMENT YEAR 2010–2011 (FINANCIAL YEAR 2009–2010). THEY MAY PLEASE SUPPLIED.

Reply
m.ramkumar said on Thursday, January 21, 2010, 18:19

sir,
Please clarify whether Childrens
education allowance /Hostal subsidy granted

to emplyoee by the central govt. is comes under income tax, if
any amount is relaxable
from income tax , as now CEA IS rS.12000 PER YEAR,
PLEASE CLARIFY THE DOUBT
AND TAXABLE AMOUNT

Reply
admin Reply:
January 24th, 2010 at 5:24 pm
@M.Ramkumar
CEA is not exempted from Income tax. However, tuition fees paid limited to Rs.12,000/- for up to 2 children (studying in schools, colleges or any other higher studies) could be deducted from the income under Section 80C of the IT Act. In other words, tuition fees up to Rs.24,000/- could be deducted from Income under Section 80C

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sanjay said on Sunday, January 31, 2010, 18:52

whether education cess payable income tax assessment year 2010 2011

Reply
admin Reply:
February 1st, 2010 at 7:29 am
@Sanjay
yes

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rajshri said on Tuesday, February 2, 2010, 21:49

I want to know about how many tution fees deducted in income tax deduction. May I know the limit of tution fees deduction.

Reply
admin Reply:
February 4th, 2010 at 7:13 am
@rajshri
upto Rs.100 per month

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R.Vivekananthan said on Wednesday, February 3, 2010, 4:58

Sir,
I have availed a loan from the Employees’ Co-operative Thrift & Credit society for the construction of Compound wall only(not for house building). Is the repayment of Principal and Interest exempted from Income Tax?

Reply
admin Reply:
February 4th, 2010 at 7:13 am
R.Vivekananthan
loan from the Employees’ Co-operative Thrift & Credit society is not a housing loan and hence not exempted

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Kiran said on Thursday, February 4, 2010, 12:24

If we are claiming conveyance re-imbursement while using our personal car for official purposes…can we get conveyance re-imbursement as fully tax exempted if we maintain log book for personal & official usage of car as per latest Perquisite Rule Assessment year 2010-11

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sanjay kumar said on Friday, February 5, 2010, 14:00

In my office, staff who have taken loan from Credit societies for purchase of ready built house are claiming for IT relief for HBA interest and HBA principal. I am dis-allowing their claims as loan taken from Credit Societies can not be considered as Housing Loan as it is in the case of Housing loan from Nationalised or Private Bank (Financial Institution).
But they are arguing, where it is mentioned that loan taken from Credit Society can not be elgible tax relief. I request you please guide me with authority/refrence in IT ACT/Rule or any other Govt. circular.

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admin Reply:
February 22nd, 2010 at 10:02 pm
If the loan is granted specifically for the purpose of purchasing house, the said societies would be eligible to issue certificate for claim of deduction under section 80C (Loan recovery) and interest charged by them. Please ask the concerned employees to receive the said certficate

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V PRASADA RAO said on Tuesday, February 9, 2010, 9:26

Sir/Madam, Pl inform what the maximum exemption for Physically Handicapped

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V PRASADA RAO said on Tuesday, February 9, 2010, 9:27

Sir/Madam, What is the maximum exeption of IT for Physically Handicapped during the present year ie., 2009-10 (assessment year 2010-11), pl inform.

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admin Reply:
February 9th, 2010 at 10:08 pm
@V Prasada Rao
please check this page for exemptions available to physically challenged persons

http://www.disabilityindia.org/taxes.cfm

Reply
M Podder said on Wednesday, February 10, 2010, 0:27

Sir,
The previous year my tax liability was nil as shown in my IT return. This year I received a substantial salary arrear so would like to split my income using Form 10E.
However, I did not mention a saving of 50k in PPF in last year’s return thinking it was not required as my tax liability was nil.

Can I show the saving now and claim benefit after splitting my income for this year? If yes, please tell me how?

Reply
admin Reply:
February 13th, 2010 at 11:12 am
Your claim is found be genuine one. However, as far as we know there is no provision is IT act to claim the deduction this year, that was actually due in the previous years

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sivareddy said on Wednesday, February 10, 2010, 20:54

drawing HRA Rs:5800/- per month and paying Rs:8000/- per monthto the rented house. which is exampted and how much?

Reply
admin Reply:
February 13th, 2010 at 10:46 am
HRA rate is also required to calculate exemption.
please go through this GConnect article for calculating exemption.

http://gconnect.in/gc/service/personal-income-tax/it-exemption-for-hra-should-we-take-da.html

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joseph said on Thursday, February 11, 2010, 15:12

I am government servant. Is honorarium for imparting training to department is taxable

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admin Reply:
February 13th, 2010 at 8:13 am
yes honorarium is taxable

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Mr S.N.Dabholkar said on Wednesday, February 17, 2010, 10:58

If the total income from my slary and the longterm capital gains does not exceed the taxable slab is the tax payable.

Whle computing the total income shouls i combine the Salary income and the ;ong term capital gain income.

Reply
mukesh said on Sunday, February 21, 2010, 13:34

thank you sir

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ananthakrishnan said on Sunday, February 21, 2010, 23:19

thank you for the information and Responses.

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A.Gautam said on Friday, February 26, 2010, 14:44

Please inform the taxes on retirement benefits such as 300 days encashment of leave and gratuity of 10 lakh to non-govt employees of organizations registered under socieites act, who will receive this money on 1.4.2010.

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somashekara ac said on Thursday, March 4, 2010, 9:58

Thank you very much for your team, wish good luck for your team,

i want to know the provisions relating to the assessment of company’s income (assessment year 2010-11)

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I WANT AN ARTICLE ON INCOME TAX 2010-2011 AND ITS IMPACT ON COMMON MAN said on Saturday, March 6, 2010, 21:19

your answer is too good.

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BALAKUMAR said on Thursday, April 1, 2010, 10:43

ITR 2010-11 ASSESSMENT YEAR RETURN ARE PUBLISH OR NOT(YES/NO)

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admin Reply:
April 1st, 2010 at 4:57 pm
NO (You could have added “Strike whichever is not applicable” also in your comments!)

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Kamlesh Shah said on Wednesday, April 7, 2010, 9:43

we are registered as A.O.P. with a memeber of specific regious group,for the purpose of givining finacial assistance to the needy member with a reasonable interest without any mortgage,
we are taking diposites from the member and paying the interst to them, We pay interest to the member also against their membership fee.we want to know that what kind of expenses is allowed under this type A.O.P

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Lokesh bansiwal said on Thursday, April 8, 2010, 0:32

i m working in a call center from september 2009,my p.m. net salary is 9500/- plus 1500 attendence allowance plus 2500 incentives every month
so total is 13500 p.m. .I have a pen card manufactured on 2009 febuary,i have never file ITR.I need to file a ITR or not,if yes what would be the income tax

Reply
admin team Reply:
April 8th, 2010 at 7:32 am
DEar lokesh
you said it as Net salary. Gross salary should be taken for IT calculation less approved deductions as exemptions. Even taking your net plus incentives etc your annual income crossed 160000 thus you have to pay income tax beyond that @10% and to file ITR.

Reply
sachin roy said on Thursday, April 8, 2010, 0:36

yeah i am completely satisfied

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KA Salian said on Tuesday, May 18, 2010, 17:44

While computing income tax (individuals above 60 years but less tha 65 years) can we deduct the followinng income. (1) Pension under EPS, (2) Pension from LIC under Annuity scheme and (3) Interest from Post office Monthly Income Scheme.

Reply
admin Reply:
May 21st, 2010 at 10:17 am
Pension and Interest income are not exempted from Income tax.

Reply
Pankaj khansli said on Thursday, May 20, 2010, 10:17

Sir i want to know that “A person how much deduction can take in HRA leave in uttrakhand”

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admin team Reply:
May 25th, 2010 at 7:30 am
dear pankaj
Wherever you live, HRA exemption for IT is eligible to the extent of house rent you are paying in excess of your 10% of Salary (basic pay for CG employee).

Reply
puru said on Friday, May 28, 2010, 12:49

what are the savings and maximum amount a salried employee can save. Apart from LIC,GIC and PPF….infrastructure bond, medical insurance atc. Is a salried employee can save up to 150000 ? Please guide. Thanks

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puru said on Friday, May 28, 2010, 12:52

I want information on total savings declaration to be submitted to employer. What is new in this year a salaried employee can save. Maximum how much we can save, is it 100000 or 150000 ?

Reply
admin team Reply:
May 31st, 2010 at 9:14 pm
Dear puru
one lakh is the savings limit under 80c like LIC etc.This year your can invest 20000 more if you have invested only on GOVT infra bonds to be declared yet. As on now 1 lakh is the savings

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ravi said on Tuesday, June 15, 2010, 18:18

sir, ln fy9-10 income tax has been deducted for unpaid salary(due to non-sanction of earn leave),now after march-2010 leave is sanctioned and salary is paid but in form-16 due to above reason, amount of total income is less and tax deduction is more so refund is mentioned.How this can be adjusted in ITreturn, because l want to avoid this refund business .Kindly advise me how to manage.lf this amount can be added in form-16 by my office.

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admin Reply:
June 16th, 2010 at 1:22 pm
If salary is paid as mentioned by you, then you have to pay tax for the same. So tax deducted is in order now. Sorry We could not understand your query

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rajbir singh said on Thursday, July 1, 2010, 12:36

can we claim rebate of Rs 24000/- for 02 childeren studing in govt school and not in receipt of tution fees

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admin team Reply:
July 3rd, 2010 at 7:42 am
Dear rajbir singh
Tuition fee paid by you to school/college and reimbursed to you by your office are two different things
You can claim Tfee paid to school/college as rebate for yr 2 children

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Keyur said on Sunday, July 11, 2010, 20:43

I am satisfied with contents of the website…..

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Anuradha said on Sunday, July 11, 2010, 22:15

Sir, I have taken loan (House building advance from my office i.e. central government office) I have not claimed interest on HBA for exemption of income tax during the repayment of principal amount. As the entire principal amount has been recovered and now interest is being recovered, can I claim exemption from income tax for the amount of interest on HBA?

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admin Reply:
July 14th, 2010 at 9:45 am
Yes. You can deduct interest now. Income tax provisions say, interest paid or payable can be deducted.

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Anuradha said on Sunday, July 11, 2010, 22:22

Sir, please clarify the situation. A person is staying in a rented house. He has taken HBA and claiming interest towards exemption of IT. The house he has constructed is at the same station where he is working. Some of his relatives are staying at his own house from which he does not get any rent for that. So is he eligible for 3 claims ?:
1. HRA exemption as he is paying rent 2. Interest on HBA for IT exemption 3. HBA advance under 80 c.

Reply
admin Reply:
July 12th, 2010 at 11:42 am
With regard to income on house property, which is required to be included if the house is at the same station where employee is working though no rent is derived out, check this previous article of gconnect.

http://gconnect.in/gc/service/personal-income-tax/incomeloss-from-house-property.html

2. Interest on HBA is exempted (it is unlimited if rental value is shown)

3. HBA principal amount deducted can be shown under Section 80 C

4. HRA exemption can be availed

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Anuradha said on Monday, July 12, 2010, 21:24

Sir, thank you very much for your very early reply. Please clarify the above problem also i.e taken house building advance from office itself (Central Govt) and not claimed interest for exemption. Can I claim interest on HBA for exemption after principal amount is fully recovered i.e. when actual interest is getting recovered? Sir while going through your replies, I just got a doubt for the reply you gave to Mr. m. ramkumar regarding exemption of tuition fee paid. Sir, I think the restriction of Rs.12000/- per child for 2 children was waived. The entire total amount of tuition fee paid to 2 children can be exempted restricting the amount to Rs.100000/- under 80 C. Please clarify and once again thank you very much for your immediate reply

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admin team Reply:
July 16th, 2010 at 8:32 am
Dear anuradha
As per well settled IT Clarifications vide circulars “Accrued HBA interest only” eligible for exemption “Not the Actual interest”.
Yes. the Tfee paid with out any limit of two children will be eligible for 80 c exemption within the overall cap of 1 lac.

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Srinivas said on Saturday, July 17, 2010, 16:38

My Question is : My home loan (principal + interest), and savings (like LIC, PPF etc) are not included in my Form16. Now i would like to add those things at the time of filing my returns. Could you tell me is it possible to include those items now ? If yes, please tell me the procedure. Is it possible efiling in that circumstances?At the time of filing is it required to provide proof of those savings (like bank EMI statement, LIC receipts etc) ?

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admin team Reply:
August 4th, 2010 at 10:53 pm
Dear srinivas
You can do so by producing evidances now along with you ITR to IT dept and claim refund of IT if any. If you have indicated those things to your employer, he may allow all those eligible savings himself. No worry, approach an auditor this time and get it set right and get the refund. In your it is the better way than efiling.

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Anuradha said on Saturday, July 17, 2010, 19:42

Sir, thank you very much for your very early responses. I am confused. Because I got two contrary replies for the interest on HBA. For the query on 11.07.10 the reply given by you on 12.07.10 is interest can be deducted whether it is payable or paid. But the reply on 16.07.10 for the same query it is accrued HBA interest only eligible. That means I cannot claim the relief after HBA princial is fully recovered and interest started getting recovered. So please clarify whether I can claim or not.

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admin team Reply:
August 4th, 2010 at 10:42 pm
Dear anuradha
From a IT circular it is clear that in case of Govt HBA, you can avail the exemption of interest o HBA while you are repaying the principal only. That means on Accrual basis only not on the years of actual payment of interest. In that circular they have categorically mentioned HBA of Govt servants.

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admin team Reply:
August 4th, 2010 at 10:48 pm
Dear Anuradha
As per a IT circular it is categorically made,in respect of Govt HBA, interest on HBA may be availed while payment of HBA principal ie. only on accrual basis and NOT on actual interest payment basis. On this, audit objections are also there disallowing the actual HBA interest exemption.

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Srinivas said on Monday, July 19, 2010, 13:27

I paid an amount of Rs.1,92,000 towards registration and stamp duty to Government of Andhra Pradesh while registering house property. My company gave me Rs.1,00,000 exemption under Section 80 C. I need to know whether the entire amount of Rs.1,92,000 paid is eligible for tax exemption and under what Section. They have already issued me Form 16. How should the Form 16 be rectified.

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amit kocher said on Tuesday, July 27, 2010, 9:18

sir
i have receieved rental income for 4 months in the previous year 2009-2010, the lesee has deposited TDS on the same, due to some dispute between me and the lesee he is not giving me the tds deposit certificate. what is the procesure ? do i have to deposit the income tax on the income received.

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admin Reply:
July 29th, 2010 at 1:05 pm
We could not understand your query. Do you mean to say tenant paid tax for the rental income received by you?

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Shrikant Hingmire said on Saturday, July 31, 2010, 13:08

Hi, can u pls help me out? I have got two separate form 16 , pls advice me on how to calculate Income Tax on it? Company-1 Tenure – 10 months and Company-2 Tenure 2 months in the assessment year of 2010-2011

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admin Reply:
August 2nd, 2010 at 3:43 pm
You may have to consolidate your income, deductions and tax deducted. In the columns provided for details employer and TDS show the details of employers and TDS pertaining to each employer separately.

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RANJEET SINGH said on Saturday, July 31, 2010, 16:40

MY TAXABLE INCOME FOR THE ASSESSMENT YEAR 2011-12 IS NIL . CAN STILL I HAVE REQUIRE TO FILE ITR OR NOT ?

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RANJEET SINGH said on Saturday, July 31, 2010, 17:09

MY TAXABLE INCOME FOR THE ASSESSMENT YEAR 2011-12 IS NIL . CAN STILL I HAVE REQUIRE TO FILE ITR OR NOT

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admin Reply:
August 2nd, 2010 at 3:39 pm
Yes you may have to file your returns

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HariPrasad.L said on Friday, August 20, 2010, 22:24

i am full satisfied……….thanks a lot

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