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| *Ostroff, Fair and Company>>>India Taxes |
DO i still have to pay tax, if no , will i have to pay TDS still, how can i get my money back? |
I am a lecturer in a private college, I Get honararium rs. 9000pm, college deducts TDS rs. 459 pm. groupmediclaim rs 1982 pa.i also have house loan for which i pay 3050pm as installment. DO i still have to pay tax, if no , will i have to pay TDS still, how can i get my money back . Your gross income = 9000*12 ............. 108000 less deductions u/s 80c 1) group mediclaim ...........1982 2) housing loan repayments...36600 (3050*12) ................................. 38582 Net taxable income(108000 less 38582).... 69418 Income tax payable.......................... Nil Less TDS (459*12)......................... 5508 iNCOME TAX REFUNDABLE TO YOU >>>>>>>>>>>>>>>5508 Explanations: As your net taxable income comes to RS.69418/- which is less than 100000/- , you are not entitled to pay any Income tax. On the contrarty , you are enttiled to claim Refund of TDS of Rs.5508/- by filing Income tax returns before July 31 and you shall get your refund by cheque within 3-6 months. Not only no tax is to be paid by you , you should file the return with the income tax ward in which other lecturers or teacher of your college file the return. From this year onwards, you should apply to your college authority for not deducting the tax .If they don't listen, apply before TDS authority for giving you a certificate that tax should not be deducted from your salary as your income is below taxable limit. se if your income annualy exceeds rs 100000 and you are not a citezen ( for senior cetizens 185000) you will have a tax. If you are not comming in the tax bracket then fill a return in which state the TDS and you will get the tax retuns |
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