2008 tax deductions for personal taxes
2008 tax deductions for personal taxes
Calculate taxable wages of Mrs Rama for fiscal year 2008-09:?
Ms. Rama has the following income: (1) Salary (after income tax deduction of Rs 12000) Rs 1,02,000 pa (2) The cost of living benefits (in terms of employment) Rs 8000 pa (3) Medical Subsidy (Rs4000 actual expenditure). (4) Education grant (three children) Rs 5200 pa (5) without a home to rent in Delhi for the employer to pay RS 5000 in rent. Home equipped with furniture rentals, which is Rs.3000 pm. the employer has also provided a gardener to maintain the garden attached to this property. The gardener is paid 300 rupees PM (6) The employer has provided her maid, a sweeper and an employer pays Rs.200 watchman.The PM to everyone. (7) The employer went Rs3500 in their refresher course. (8) The employer paid her personal phone bills of Rs 2200. (9) Tax paid Mrs. Rama Proffessional Rs1, 200.
The income is below Rs 1,80,000 / -. No tax is payable. Employer to pay FBT on fringe benefits as a gardener, servers, telephony, training, etc. The employer should have deducted TDS of Rs 12,000. This amount should be claimed through ITR.
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