Add all your pay and allowances including honorarium, leave encashment, bonous, arrears, if any, Children Education Allowance received, if any etc.. Arrive at a total. From that total deduct professional tax, if paid and Transport Allowance (Subject to a maximum of Rs.800/- p.m. (it is Rs.1,600/- p.m. in case of PH)). Also deduct negative income from house, if any (like interest paid towards housing loan interest). Then add income from house property (like rent received from house) if any. Income from Dividends/interest/other income can also be added. Thus arrive at a Gross Income. Add all your savings under Section 80C, 80CCC and 80CCD. Deduct such savings from the Gross Income (subject to a maximum of Rupees one lakh). In addition Medical Insurance Premia (Sec 80 D) paid, Maintenance for Handicapped dependants (Sec 80 DD),Rs.50000/- for handicapped and Rs.1 lakh for severely handicapped (Sec 80 U) and Interest paid for educational loan can also be deducted from the Gross Income. Thus arrived figure is the TAXABLE INCOME. Now for the taxable income from Rs.160000 to Rs300000 charge 10% Income Tax (It is Rs.190000 to Rs.300000 for ladies). Charge 20% from Rs.300001 to Rs.500000. Charge 30% for the income above Rs.5 lakh. For the income tax so arrived charge a cess at the rate of 3%. Though I am not the IT professional or an expert in IT, this is the method of calculating IT for salaried class of people for the financial year 2009-10 (Assessment year 2010-11)that I know.
framed art boys room
New Jersey Community Animal Hospital
Tax techniques.
Linear Mode
