Comments on: Online tool to calculate Rebate under Section 89(1) http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html A Community Website for Govt. Officers Tue, 09 Mar 2010 02:29:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: admin http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8746 admin Fri, 26 Feb 2010 15:51:13 +0000 http://gconnect.in/gc/?p=1475#comment-8746 Method to calculate Relief under Section 89(1) A=Tax for current year on the income without total arrears received this year B=Tax for current year on the income with total arrears received this year Additional tax on account of total arrears received this year = B-A x1=tax for 2006-07 on the income without arrears pertaining to that year x2=tax for 2006-07 on the income with arrears pertaining to that year additional tax for 2006-07 on account of distributing arrears to 2006-07=x2-x1=X y1=tax for 2007-08 on the income without arrears pertaining to that year y2=tax for 2007-08 on the income with arrears pertaining to that year additional tax for 2007-08 on account of distributing arrears to 2007-08=y2-y1=Y z1=tax for 2008-09 on the income without arrears pertaining to that year z2=tax for 2008-09 on the income with arrears pertaining to that year additional tax for 2008-09 on account of distributing arrears to 2007-08=z2-z1=Z Relief = (B-A)-(X+Y+Z); if you get negative value relief is nil query 2: Income in the form of arrears is taxable in the year of receipt. But you are entitled to calculate relief and deduct the same from your income Method to calculate Relief under Section 89(1)
A=Tax for current year on the income without total arrears received this year
B=Tax for current year on the income with total arrears received this year
Additional tax on account of total arrears received this year = B-A
x1=tax for 2006-07 on the income without arrears pertaining to that year
x2=tax for 2006-07 on the income with arrears pertaining to that year
additional tax for 2006-07 on account of distributing arrears to 2006-07=x2-x1=X
y1=tax for 2007-08 on the income without arrears pertaining to that year
y2=tax for 2007-08 on the income with arrears pertaining to that year
additional tax for 2007-08 on account of distributing arrears to 2007-08=y2-y1=Y
z1=tax for 2008-09 on the income without arrears pertaining to that year
z2=tax for 2008-09 on the income with arrears pertaining to that year
additional tax for 2008-09 on account of distributing arrears to 2007-08=z2-z1=Z
Relief = (B-A)-(X+Y+Z); if you get negative value relief is nil

query 2: Income in the form of arrears is taxable in the year of receipt. But you are entitled to calculate relief and deduct the same from your income

]]> By: rohit http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8707 rohit Thu, 25 Feb 2010 06:49:37 +0000 http://gconnect.in/gc/?p=1475#comment-8707 Pls reply if arrears is receivable in installments which is spreaded over 5 years of the years starting from 2005-6 to 200-09. How to calculate the tax for the year. Whether income from arrears of salray is taxable in the year of receipt or on accrual basis Pls reply if arrears is receivable in installments which is spreaded over 5 years of the years starting from 2005-6 to 200-09. How to calculate the tax for the year.
Whether income from arrears of salray is taxable in the year of receipt or on accrual basis

]]> By: admin http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8655 admin Mon, 22 Feb 2010 16:34:54 +0000 http://gconnect.in/gc/?p=1475#comment-8655 Counter signature of CA is not all required Counter signature of CA is not all required

]]> By: admin http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8626 admin Mon, 22 Feb 2010 02:24:35 +0000 http://gconnect.in/gc/?p=1475#comment-8626 Submission of returns/form-16 pertaining to previous years is necessary for verification of Form 10E to be furnished by you to your employer for claiming relief. If your employer has records relating to your income and deductions of previous years, he can check the same and allow you the relief Submission of returns/form-16 pertaining to previous years is necessary for verification of Form 10E to be furnished by you to your employer for claiming relief. If your employer has records relating to your income and deductions of previous years, he can check the same and allow you the relief

]]> By: admin http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8625 admin Mon, 22 Feb 2010 02:22:05 +0000 http://gconnect.in/gc/?p=1475#comment-8625 This tool would cater to persons who have received arrears of income from the year 2005-06 This tool would cater to persons who have received arrears of income from the year 2005-06

]]> By: SARBJIT SINGH DARGAN http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8577 SARBJIT SINGH DARGAN Fri, 19 Feb 2010 14:19:13 +0000 http://gconnect.in/gc/?p=1475#comment-8577 go to calculation of this site related to section 89(i) and check out. go to calculation of this site related to section 89(i) and check out.

]]> By: SARBJIT SINGH DARGAN http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8576 SARBJIT SINGH DARGAN Fri, 19 Feb 2010 14:16:35 +0000 http://gconnect.in/gc/?p=1475#comment-8576 calculation for relief under section 89(1E and its relevant information is outstanding. keep it up. calculation for relief under section 89(1E and its relevant information is outstanding. keep it up.

]]> By: SARBJIT SINGH DARGAN http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8575 SARBJIT SINGH DARGAN Fri, 19 Feb 2010 14:13:10 +0000 http://gconnect.in/gc/?p=1475#comment-8575 an excellent informative site.hats off to it. details regarding MACP SCHEME MUST ALSO BE INCLUDED. an excellent informative site.hats off to it.
details regarding MACP SCHEME MUST ALSO BE INCLUDED.

]]> By: TRUSHAR PANCHAL http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8564 TRUSHAR PANCHAL Fri, 19 Feb 2010 07:19:57 +0000 http://gconnect.in/gc/?p=1475#comment-8564 what should i do if an assessee receives the salary arrears for the a.y. 2005-06 or earlier a.y. because in tax relief calculator only from a.y. 2006-07 information available & certain employees are received arrears salary for earliers a.y. ? what should i do if an assessee receives the salary arrears for the a.y. 2005-06 or earlier a.y. because in tax relief calculator only from a.y. 2006-07 information available & certain employees are received arrears salary for earliers a.y. ?

]]> By: svas http://gconnect.in/gc/service/personal-income-tax/online-tool-to-calculate-rebate-under-section-891.html/comment-page-1#comment-8563 svas Fri, 19 Feb 2010 07:01:31 +0000 http://gconnect.in/gc/?p=1475#comment-8563 if form 16 or ITR for the year 2005-06 is not available. Can section 89 relief may be claimed or not? all the years are compulsary may please informed on top priority since FY for salary people is 26/28-02-2010. if form 16 or ITR for the year 2005-06 is not available. Can section 89 relief may be claimed or not? all the years are compulsary may please informed on top priority since FY for salary people is 26/28-02-2010.

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