Comments on: Income Tax Exemption Limit Raised (2009-2010)

By: Firdaus

Firdaus — Tue, 02 Mar 2010 04:34:17 +0000

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.

By: Firdaus

Firdaus — Tue, 02 Mar 2010 04:31:33 +0000

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.

By: krishnas

krishnas — Fri, 05 Feb 2010 10:13:44 +0000

Hello Vasanth,

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

Thanks,
Krishna

By: Vasanth

Vasanth — Fri, 05 Feb 2010 04:09:26 +0000

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…

By: K.D.Veer

K.D.Veer — Wed, 27 Jan 2010 04:03:28 +0000

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

By: dhaval

dhaval — Sat, 21 Nov 2009 08:28:20 +0000

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

By: krishnas

krishnas — Fri, 13 Nov 2009 06:33:23 +0000

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

By: Dhaval

Dhaval — Fri, 13 Nov 2009 06:02:18 +0000

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

By: Mukesh Kumar

Mukesh Kumar — Thu, 10 Sep 2009 11:11:33 +0000

what is the limitation of TDS as under :-

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