Let us play the activity: nickname that IRS code subdivision on scholarship that applies to my armour?
I asked yesterday a general give somebody the third degree about a specific award tax deductibility. I thought I have it answered and I double checked and actually asked a friendly grill of an actual tax pro and it's not solved by far.Here's the press with more detail: Say that you are a 23 year mature college senior who is claimed on the parents tax return.
Because of that you cannot apparently take export tax credits for your education(your parents can) nor can you claim a dependency exemption. That is of coursy easy and lawfully straightforward.
Theoretically if you use up your entire merit based award to pay for qualify college expenses even if you are claimed on someone else's taxes as a dependent you should not be required to count the scholarship as income.
The problem comes surrounded by when the scholarship does not specifically state whether it is "generally" rates deductible or not and it specifically uses the wording "cash award" and it does not specifically use the words
Answers: "However, within order for these to be qualified background expenses, the terms of the award or fellowship cannot require that it be used for other purposes, such as room and board, or specify that it cannot be used for tuition or course-related expenses."
You haven't fully played the semantics game however.
If the scholarship say it cannot be used for tuition, it's fully taxable. If the scholarship say it must be used for room and board, it's fully taxable.
If the scholarship say it is a cash award, it hasn't stated that it must be used for room and board, accordingly if you spend it on tuition, the tuition counts as a tax free use of the grant.
If you get a bread stipend for doing research work or other services, it's fully taxable. The total amount is for work even if it isn't paid on a W-2 or salaried by the hour.
I filed on the 5th of Feb.2008, how long do will I have to wait for my refund to be deposit?
Answers: I filed thru H&R block and had mine back in 11days even with EIC. You should have it back within the next week if you electronically filed.
If you e-filed and got a confirmation from the IRS that your return was accepted, it shouldn't take longer than two weeks, UNLESS you claimed EIC -- then for some reason, those refunds are being delayed. Have you gone to the IRS.gov website and checked the status? You can, ya know.
It'll tell you what day to expect the deposit to be made.
I e-filed on January 18th and had mine within 8 calendar days.
Depending on how you files. If its an efile you will get your refund deposited in your account in approximately 2-3 weeks
If its a paper reutrn it will be 6weeks.
You can call 1-8OO-TELE-Tax and they can tell you if your refund has been processed and when it will be mailed.
What is the total tax for salary of Rs 2,51,000?
Answers: It depends on many things , like component of HRA etc.
Can you pls clarify.
maximum possible is as per below.
Up to 1,10,000
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above) NIL
1,10,000 – 1,50,000 10
1,50,001 – 2,50,000 20
2,50,001 – 1,000,000 30
1,000,001 upwards 30*
Read the above answer first for basic exemption limits and slabs.
I am giving the tax on Rs.2,51,000.(Incl. Education cess)
Rs. 25,029 Tax if you are a Male.
Rs. 21,424 Tax if you are a Female.
If you are an individual women assessee your tax liability is 21,424 *. If you are an individual assessee your tax liability is 25,029 *. and If you are a senior citizen of 65 years or above, then your tax liability is 11,639 *.
as the total income did not exceed 10,00,000 no surcharge is required to be computed.
a women assessee of 65 years or above can claim exemption upto 1,95,000 only and not more than that.
* (inclusive of 3% education cess)
Your Tax liablity is Rs. 25033 in case of Male
So do a saving upto 1 lac to save tax. for further help contact at dks_saini3110(a)rediffmail.com