income tax
Querist :
Anonymous
(Querist) 10 March 2010
This query is : Resolved
sir, my anual salary is 3,00000/-& saving was 60,000/- in the year and my office deducted a amount of Rs 9000/- from my salary as income tax. i got fixed an amount of Rs.95,000/- in tax saver fix deposit of pnb as advised by my office dealing clerk. what amount i can get bac
A V Vishal
(Expert) 10 March 2010
Mr Anonymous,
In your last post I have specifically asked for details of your pay. Assuming that you receive a consolidated pay of Rs.3,00,000/- and the total savings of 155,000/- (60,000 + 95,000) which is restricted to Rs.100,000/- u/s. 80C, your taxable income is Rs.200,000/- and the tax thereon is Rs.4,120, therefore you will get a refund of Rs.4,880/- ( Rs.9,000 - Rs. 4,120). However if your receiving HRA, Transport allowance and medical reimbursement as part of your salary then you may get the complete tax deduction as refund.
Kumar Thadhani
(Expert) 10 March 2010
Assuming that your net tex taxable incomeis RS 2,OO,OOO (Rs 3,00,000-Rs 1,00,000 [which is maximum allowable sice you tax savings are Rs 1,55,000] ).Tax thereon comes Rs Rs 5,150 hence you will get Rs 3,850 (Rs 9,000-Rs5,150).
A V Vishal
(Expert) 10 March 2010
Mr Kumar
What is the Tax slab for an Individual for A Y 2010-2011 relevant to F Y 2009-2010.
Vineet
(Expert) 10 March 2010
Mr Vishal has well advised you under the given facts.
The IT slab for AY 2010-11 for individual male is 1.6L - 3L 10%, 3L-5L 20% and above 5L 30% . Nor surcharge.
For Ladies exemption limit 1.90 Lakhs, senior citizen 2.40 Lakhs.
soumitra basu
(Expert) 12 March 2010
Mr. Kumar is wrong and Mr. Vishal is right.
