Hi,I'm a salaried person and my annual gross is 210000. Recently my company asking my PAN no for Form16.Please tell me what is FORM16 and what they will do after getting my PAN NO.Will they deduct any amount from my salary?I am also paying 10800/- annual PF and i am also paying LIC premium. What amount would be deduct from my salary?
I was working in one small firm they were paying me salary on check or some times by cash . Now i joined one MNC company and this company asking me form 16 .My previous company was not deducting any tax from my pay Now wht i have to do plz reply
I WAS FILING MY RETURNS REGULARLY FROM 2001-2, 2002-3, 2003-4 UPTO 2004-5, WITH ZERO TAX DUE TO LESS INCOME OR BELOW TAX LINE, JUST ONE IMP GOVT. FORMALITY I WAS FILING THE RETUNS, BUT IN THE YEAR 2005-6 I WAS NOT ABLE TO FILE RETURNS AS I WAS JOBLESS FROM THE MONTH MARCH'06 TO OCT'06 I GOT JOB IN NOVEMBER'06, RIGHT NOW ALSO MY INCOME IS BELOW TAX LINE. WHAT SHOULD I DO IF I WANT FILE RETURN AGAIN, I DO NOT HAVE TO PAY ANY TAX NOW ALSO WHATEVER I AM EARNING. PLEASE INFORM ME shrikant681@rediffmail.com also.
It is not clear from your mail whether you are self employed or a salaried professional. I am assuming your income is from salary: a brief info on taxation:
Gross income = Income from salary other income like rentals etc Rs Gross income - 4,00,000 No tax up to - 1,35,000 Taxable income - 2,65,000
If you have housing loan - Interest payable annually on the said loan Up to Rs 1,50,000 would be deducted from your taxable income
Apart from that you can save up to aggregate Rs 1,00,000 which would not be taxed by way of NSCs, KVPs, Mutual funds (specific type), Provident fund, Public Provident Fund, Annual premium on LIC etc.
So assuming you have no housing loan you can save up to Rs 1,00,000 to avoid tax to that extent.
Say PF - 12000 LIC premium - 20000 PPF - 30000 Mutual funds -10000 NSC - 28000 (only indicative - rest your discretion) Total - 1,00,000
Thanks for helping me with my tax query... Rediff should undertake more and more such advisory activities in the field of education, medical, education and ofcourse tax etc.. Thank You...
