Income Tax Exemption Limit Raised (2009-2010)

11 Comments on this post

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1. Mukesh Kumar said:

   what is the limitation of TDS as under :-

   Building rent
   Contractor Payment regular
   Contractor payment on professional
   Rent on Equipments

   September 10th, 2009 at 4:11 am
2. Dhaval said:

   sir,
   My wife has income of 1.7lacs. Means within tax exemption limits. Is it necessaryto file return for her at preset.
   Also let me know if her income will increase to 2lakh. Then she will invest 30000 in ppf/nsc so that her tax liability will be zero. In this case income tax return will be required or not
   Please light me on these issues

   Thanks

   November 12th, 2009 at 11:02 pm
3. krishnas said:

   Hello Dhaval,

   One has to file the IT return if the total income is above the taxable limit. In your case, your wife need not file the IT return till she is getting the tax slab of Rs.190000 for women. If it is above two lacs, she has to file the IT return. Don’t consider how much your are investing. That is for avoiding the tax payable.

   Thanks,
   Krishna

   November 12th, 2009 at 11:33 pm
4. dhaval said:

   Sir,
   I am a NRI. My income from investment in india is around 2lakhs. I invested around 60000 in PPF/nsc so that my incometax return will become nil. I want to know that I will have to file my return as a nil in incometax because I am a NRI or no need of file.
   What will be liability of a person who is not a NRI.
   Please light on this issue
   Thanks
   Dhaval shah

   November 21st, 2009 at 1:28 am
5. K.D.Veer said:

   Sir, i want to know the maximum limits of exemption in travelling allowance and in special compensatory allowance for IT 2009-10 asssessment?

   January 26th, 2010 at 9:03 pm
6. Vasanth said:

   If my salary is 3 lacs to avoid paying tax can i take insurance, Fixed deposite etc on my wife’s name…will it be helpful to me to reduce the tax…

   February 4th, 2010 at 9:09 pm
7. krishnas said:

   Hello Vasanth,

   Insurance for spouse can be shown for tax deduction. But, you can not take fixed deposit for spouse.

   Thanks,
   Krishna

   February 5th, 2010 at 3:13 am
8. Firdaus said:

   if i am not wrong then new tax slabs are like this:

   160001/190001 to 500000 10%
   500001 to 800000 20%
   Above 800000 30%

   please check.

   March 1st, 2010 at 9:31 pm
9. Firdaus said:

   I feel even if your income doesn’t come under taxable slab even then plz file the return. It will help you in future e.g. taking loans etc. It enhances one’s credibility.

   March 1st, 2010 at 9:34 pm
10. ajayan said:

    Dear Krishna,
    I am a NRI i have NRE a/c in one bank and also have a domestic sb in otherbank.I have got my partion amount and deposited to the above said sb and made it as FD and will get this year around 57000/-as interest.Now the problem is the bank send one PAN form and requested to fill and submit.Is iam a taxable person or not?Why they requested to apply 4 pancard?what are the precautions i have to take?I have two LIC policies and i have partition documents.Is i am eligible for tax exemptions?
    I have no true picture about tax rules.So kindly make suggestions to me as early as possible.
    Thanking you,
    ajay

    April 17th, 2010 at 9:13 am
11. Ashish Gupta said:

    Dear Dhaval,,

    I feel even if your income doesn’t come under taxable slab even then plz file the return. It will help you in future e.g. taking loans etc. It enhances one’s credibility.

    regards
    ashish

    August 21st, 2010 at 1:17 am

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