How will the economic stimulus plan affect our regular tax rebates that we usually recieve every year?
Answers: If you are talking about your refund that you usually get every year, it won't affect that.
If i have an annual income of 2.5 lac and saving of 57000 what will be the tax?
Answers: You did not tell your tax status. (Male or Female). I am treating you are male and giving my answer.
2,50,000 Is your annual income
0,57,000 Less: is your Tax savings u/s 80C
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1,93,000 taxable income
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00,000 Tax on 1,10,000 (a) 0%
04,000 Tax on 40,000 (a)10% between 1.1 Lakhs to 1.5 L.
08,600 Tax on 43,000 (a)20% between 1.5 Lakhs to 1.93 L.
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12,600 Tax before Edu.Cess.
00,378 Add Education cess (a)3% on Tax Rs.12,600
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12,978 is the net tax payable by you for the FY:2007-08
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If you are a female:
2,50,000-57,000=1,93,000 -1,45,000 = 48,0000 (Taxable income)
Tax= 500+8600=9100+273=Net tax payable by female 9,373
Exemption for Male is 1.1 lakhs and for Female 1.45 lakhs.
Try this -
from your total income deduct professional tax paid, deduct PF contribution, Deduct HRA (option of 3, under section 10(10D)). Now you have taxable salary left in your hand. Now remove the savings (57000).
If your annual income is 2.5 lac after above mentioned deductions, then you fall under 20% slab, which should be effective as under --
Till 110000 - no tax
110001 - 150000 - 10% (4000)
150001-250000 - 20% + 4000
so your tax should be
250000-57000 = 193000
4000 + 20% of 43000 =4000 +8600 = 12600 (annual)
the above answer is correct but if you want easy life than you can download calculator income tax from the link given below
http://simpletaxindia.blogspot.com/searc...
Tax Refund Question?
I was nourishing out my tax information on TurboTax and while I be waiting on my wife's W-2's, I only have mine in within and with a child, I qualified for the EIC which have my refund at $2000 more after it was in need EIC. Then when my wife gave me her W-2's, I put surrounded by the information and no longer qualifed for the EIC. We both have a 2 year mature child just for quotation.Would it be possible to file for married file seperately and if I claim my son, then I would know how to get the EIC? Would this be a smart piece and would I get more backbone on taxes?
Answers: No. If you file a separate return you are disqualified by law from claiming the EIC. Sorry.
Anyone file as married filing separately is not eligible for EIC. And since EIC is base on family income, it looks at the total, not of late yours.