Tds rates for gross for assessment year 2008-09?
give the break up for respectively slab . and other relevant informationAnswers: There is a TDS on salary. But no slabs or exceptional %. It differs from employee to hand depending on their salary and on their Tax hoard u/s 80C. However the employer deducts the entire duty to be paid by the hand by way of TDS every month on average justification.
Do I qualify for the monetary stimulus bag?
I am 22 years old and live beside my parents. (dont laugh rent costs alot surrounded by San Diego!) I did earn more than the minimum amount of money last year to qualify for the check. If my parents claim me as a dependant on their rates return, can I still get the $600 from the policy?Answers: If you were indeed claimed as a dependent (last toll year), you will not receive any money, nor will your parents receive any additional money for claiming you.
According to the Senate bills (H.R.5140), a claimed dependent is not eligible for the rebate. Additionally, surrounded by order to for your parents to receive the bonus 300 dollars, you must qualify as a eligible child, implication under 17.
It is worth note that if you earned more than the minimum amount second year, are 22 and are not in arts school, you do not qualify as a dependent. However, if you were claimed anyway, it is unlikely you will see any money.
The relevant text are H.R.5140, Title 1, Sec. 6428 (e)(2)(B) (defining who is not eligible), Tax code section 151 (defining who may be a dependent) and Tax code box 24 (c)(1)(B), stating that a dependent over 17 is not qualified.
The bill is still being debate, but none of the proposals would give a depenent a check. If they truly lower the tax brackets, you would see a benefit when you database.
Note, your parents can only claim you as a dependent if you are still a student or made smaller quantity than $3400.
If you are not in college and your gross "earned" income is at least $3,400 next your parents can't claim you as a dependent.
If you can't claim yourself on your return, I don't think you can bring the rebate....if it ever passes. The senate didn't elapse it when they voted today.
Under the bill passed by the House, if you are claimed as a dependent, your parents will be eligible for the additional $300 rebate for you as a dependent child.
Under the bill passed by the House, you also would be eligible to receive a rebate of up to $600 if you rewarded that much in Federal Income Tax. If you solitary paid $350 within taxes (less than the $600 rebate limit), you only receive back $350. Since you have earned income of at tiniest $3000, you would get at least possible the minimum rebate of $300.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, within 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's approaching a one time tax cut for 2008, but you go and get the rebate now instead of waiting to report your 2008 taxes. Because this is an advance recompense on your 2008 taxes, your refund subsequent year could be more (or less!) depending on your 2008 income.
Nothing have passed Congress yet, so adjectives details are subject to change. Check out the referenced site below for more info.
Some of my canadian stocks have lost all value. Can I claim them as a capital loss if i have no capital gain?
Answers: (I don't know why anyone would assume you mean US taxes, so I'll answer the logical way, Canadian taxes)
The answer is basically the same as regards selling of the stocks. You have to dispose of the stock (sell them) to register the loss. But those losses will only be claimable against present or future capital gains. Since you don't have any capital gains this year, it would make more sense to keep them as they are, unless you have some reason to think they will fall further in price.
Remember that (if we're talking real stocks, not penny stocks for speculation) it's a zero sum game, for every stock market winner there is a loser. Once you sell, you 'lock in' your loss and can never retrieve it. If you hold, the stock may very well (will, in 99% of the cases) climb back up.
So I'd recommend holding until you have capital gains you want to offset.
Your other option is to transfer the losing stocks to your RRSP. That triggers the loss, but also drops the stocks into your RRSP at low cost. Again, that only applies to real stocks, not speculative gambling.
Although I'm from the US, the question still makes sense if you're in Canada.
If the stocks are completely worthless, you can consider them sold, and recognize the capital loss. Canada does not allow a current deduction for capital losses, but allows a 3-year carryback or indefinite carryforward against capital gains.
Assuming you are talking about US taxes, you can claim losses on stocks that you have sold at a loss, but not on stocks that you still own. The capital loss is limited to $3,000, and you carry the remainder over to future years.