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
2From India, Hyderabad
Hi Neelima,
The income tax is not computed directly on CTC but it is calculated on head wise like Basic Salary, HRA, Conveyance, Special Allowance (any taxable head) all these heads are clubbed together and arived at a year gross salary then on that tax is calculated.
regards......Navroz
From India
The income tax is not computed directly on CTC but it is calculated on head wise like Basic Salary, HRA, Conveyance, Special Allowance (any taxable head) all these heads are clubbed together and arived at a year gross salary then on that tax is calculated.
regards......Navroz
From India
Dear Neelima,
Income tax is calculated on the gross salary.
In CTC, we use to add all the reimbursements. On Reimbursements like Medical, LTA, Driver Salary, Petrol etc, if the employee would provide the bills, it will be tax exempted.
All unclaimed amount will be paid by the end of the financial year i.e. with the March salary after deduction the Tax.
Bonus, Ex-gratia, Variable Pay are coming under the taxable salary.
HRA ( In Metro) 50% of the basic would be tax exempted provided the employee has to produce the rent reciept.
Conv Allow - Rs 800/- monthly would be tax free.
For calculation Tax for the year 2008-09, pl. find enclosed the excel sheet.
Tax Slabs, exemption for the year 2008-09 will be come by the end of the May. After that you can do the actual calculation.
AMATYA
Income tax is calculated on the gross salary.
In CTC, we use to add all the reimbursements. On Reimbursements like Medical, LTA, Driver Salary, Petrol etc, if the employee would provide the bills, it will be tax exempted.
All unclaimed amount will be paid by the end of the financial year i.e. with the March salary after deduction the Tax.
Bonus, Ex-gratia, Variable Pay are coming under the taxable salary.
HRA ( In Metro) 50% of the basic would be tax exempted provided the employee has to produce the rent reciept.
Conv Allow - Rs 800/- monthly would be tax free.
For calculation Tax for the year 2008-09, pl. find enclosed the excel sheet.
Tax Slabs, exemption for the year 2008-09 will be come by the end of the May. After that you can do the actual calculation.
AMATYA
Hi!
This is bharat working in Garments firm as an H.R Head. I just have to confrim that whether a firm can give exemption of donation to his employee after taking with him necessary decleration.
Plz reply soon.
Thanks
Bharat
From India, New Delhi
This is bharat working in Garments firm as an H.R Head. I just have to confrim that whether a firm can give exemption of donation to his employee after taking with him necessary decleration.
Plz reply soon.
Thanks
Bharat
From India, New Delhi
You cannot give all exemptions in for 16 but exmployee can claim the refund for income tax dep.
You need to check it out if the donatons which have been made under 80G are specified in circular issued by income tax in the month of nov or dec of 2007 and if you find the mention of it then you can give the exemptions and for the donations which have no mention advise him to claim directly from IT departmen.
You can click on this link for more info.
<link no longer exists - removed>
Hope this had clarified you doubt.
Regards
Jai
9963692016
From India, Pune
You need to check it out if the donatons which have been made under 80G are specified in circular issued by income tax in the month of nov or dec of 2007 and if you find the mention of it then you can give the exemptions and for the donations which have no mention advise him to claim directly from IT departmen.
You can click on this link for more info.
<link no longer exists - removed>
Hope this had clarified you doubt.
Regards
Jai
9963692016
From India, Pune
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
From India, Mumbai
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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CTC CALCULATION SHEET.xls