7 replies on this article “Need information about Income Tax and filing IT Returns?”

1. AB says:

   March 10, 2012 at 6:13 pm

   Couldnt find any article that could answer these basic questions. Do share the link if you find any.

   Reply
   1. ashal jauhari says:

      March 10, 2012 at 7:20 pm

      Dear AB, please tell your age & Sex. To get the answers. Please do not take it otherwise. There are different rules for different ages & sex.

      Thanks

      Ashal

      Reply
      1. AB says:

         March 11, 2012 at 12:34 pm

         25 M

         Reply
         1. ashal jauhari says:

            March 11, 2012 at 6:29 pm

            Dear AB, As you are aged 25 & male, here is the tax details for you.

            Upto 1.8L Rs. no tax for you.

            From 1.8L Rs. to 5L Rs. 10.3% is the tax rate on the income.
            From 5L to 8L Rs. 20.6% is the tax rate.
            From 8L above, it’s 30.9%

            Apart from this, there are tax saving benefits available to you if you do invest in certain instruments/expenses like Employer PF, PPF, NSC, 5Y Bank Tax Saving FD, Tax saver MFs, Life Insurance Prem., Tuition fee paid in a school for education of dependent children, principal repayment for a home loan These & some more are covered under section 80C but the combined limit is just 1L Rs.

            Another 20K can be invested in Infrastructure Bonds.

            Then 15K for mediclaim prem. for self & family.

            Then another 15K (20K if age of one of the parent is more than 60) for parent’s mediclaim prem.

            One final word – the tax slabs as mentioned above are valid for current FY. After the budget, the same may be changed for next FY i.e. 2012-2013.

            Thanks

            Ashal

            Reply
   2. Karthik says:

      March 11, 2012 at 11:20 am

      http://jagoinvestor.dev.diginnovators.site/2011/03/budget-2011-tax-slabs.html
      http://jagoinvestor.dev.diginnovators.site/2009/07/when-to-file-your-tax-return.html
      http://jagoinvestor.dev.diginnovators.site/2011/07/online-tax-returns-efiling.html

      In IncomeTax Govt website

      http://www.incometaxindia.gov.in/Archive/Taxation_Of_Salaried_Employees.pdf
      (This file has Pre-Budget2011 details)
      http://www.incometaxindia.gov.in/Archive/Filing_Your_Tax_Return.pdf

      Reply
      1. AB says:

         March 11, 2012 at 12:35 pm

         Thanks Karthik

         Reply
2. ashal jauhari says:

   March 10, 2012 at 5:43 pm

   Dear AB, Please read some of the old articles on http://www.jagoinvestor.com & come back here with your new set of questions. I hope you ‘ll get answer for your basic questions from those articles.

   Thanks

   Ashal

   Reply

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