What is u/s 88.?
Question:
while calculating rebate u/s 88 we take pf and wall deposits etc so for that deduction also we enjoy some minimum amt what is that min amt including infrastructure and is there any rate on that we inevitability to calculate to catch a deduction if u know this pls inform me.
Answer:
No rebate u/s 88 is available now onwards.
Following are the different items where on earth you can invest to get a maximum speculation of 1 lac u/s 80 C
1.LIC insurance premium (including payment made by govt human resources to the central govt employees' insurance assignment and payment made by a individual under children 's defered endowment assurance policy){subject to a maximum of 20% of sum assured}
2.Amount deposited as residence deposit for a period of5 years or more accordance near a scheme framed by the govt (applicable from Assessment year 2007-2008)
3.Payment contained by respect of non-commutableDeffered annuity plan
4.Any amount paid as tuition levy (not including any payment towards nouns fees/donation/payment of similar nature) whether at the time of admission or otherwise to any university/college/educational institutions contained by india for full time education
5.Salary deduct by employer (incase of Govt employee)
6.contribution to Statutory provident fund and RPF.
7.contribution towards 15yrs PPF
8.contribution towards approved superannuation fund.
9.Subscription to National Savings Certificate VIII issue.
10.contribution for participating in the ULIP of UTI
11.contribution for participating surrounded by the ULIP of LIC mutual fund
12.Payment for notified annuity plan of LIC or any other insurer.
13.Subscription towards notify units of Mutual Fund or UTI
14.contribution to notify pension fund set up by Mutual fund or UTI (i.e retirement benefit income fund of UTI)
15.Any sum paid including accrue interest as subscription to home loan account conspire of the National Housing Bank or contribution to any notified income fund set uo by the national housing Bank.
16.Any sum paid as subscription to any coordination ofa> public sector company engaged within providing long term nouns for purchase/construction of residential house in India.b> housing board constituted contained by India for the purpose of planning, development or augmentation of cities/towns.
17.Any amount towards the cost of purchase/construction of aresidential property (including repayment of loan taken from Govt. bank, cooperative sandbank,LIC,National Housing Bank,assessee's employer where such an employer is a public company/public sector company/university/co-operativ... society)
18.amount invested surrounded by approved debentures of, and equity shares in, a public company affianced in infrastructure including power sector or unit of amutual fund proceeds of which are utilised for the developing, maaintaining,etc of a new infrastructure facility
AT PRESENT THERE IS NO SECTION 88 AND ALL YOUR SAVINGS COME UNDER SEC 80CC PLEASE KINDLY CHECK WITH OTHERS
below section 88 is divergent of
above section 88.
cheers.
On what date do taxes (if owing) own to be remunerated?
Question:
I have to do this for a arts school thing and I hold no clue!
Answer:
normally the 15th unless you database for an extension. this year was the 17th since the 15th be on a weekend.
I think it is April 17th.
April 15th. Unless you be somehow involved in the VT shooting, later I believe you get a one month extension. It might be the 17th?
April 15. However, this year be April 17 because the 15th fell on the weekend. But It's always the 15th if it's a weekday.
april 15th unless you attain an extension
April 15th is tax daylight. You can file for an extension beyond that.
april the 15th and it is presently april the 25th!! sorry about your luck! you will be hunted down by the IRS and later arrestedfor tax fraud!!
Your parents, the best source of that information. this year April 17 th.
Most years April 15. THis year April 17 unless you be affected by the storm
www.irs.gov is a moral place to do some research
april 15th is the date filing is due and any money due the irs is owed by that date ,but you can achieve an extention
April 17
April 15 was Sunday and April 16 be Emancipation Day
An extension DOES NOT extend the time to pay, merely to file.
Normally it's April 15 - this year it be extended to April 17.
What is the minimum amout a women take export tax benefit..?
Question:
What is the minimum amt a women assesses can get as supposition while computing the total tax rate and if u know the slab rates also pls do reply me its urgent hope u know it in actuality I didnot update myself last time when I enjoy seen it be 135000 but know I don’t remember properly if u know pls reply me.
Answer:
Finance bill is not yet passed its almost consistent that it will be converted into an Act in the coming session of parliament.
Tax rate is as follows
For individuals resident woman {not human being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income charge rate
Upto 145000 nil
145000 to 150000 10% of (TI-145000) + 3% education cess
150000 to 250000 500+20% of (TI-150000) +3% childhood cess
250000 to 1000000 20500+30% of (TI- 250000) +3% education
cess
above 1000000 245500+30%of (TI-1000000) +10% of income excise Surcharge + 3% of income tax and surcharge
For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 195000 nil
195001 to 250000 20% of (TI-195000)+3% edu cess
250001 to 1000000 11000+30% of (TI- 250000)+3% edu cess
above 1000000 236000+30% of (TI- 1000000)+10% sc
+3% edu cess
For any other individual, every HUF/AOP/BOI/Artificial juridical soul
upto 110000 nil
110000 to 150000 10%of (TI - 110000)+3% ec
150001 to 250000 4000+20% of (TI-150000)+3% ec
250001 to 1000000 24000+30% of(TI- 250000)+3%ec
above 1000000 249000+30% of (TI-1000000)+10% sc+3%ec
* ec Education Cess
* sc Surcharge
* TI Toal Income
TO MY KNOWLEDGE THE PRESENT FINANCIAL YEAR THE EXEMPTION REMAINS THE SAME AND FOR COMING FINANCIAL YEAR IT WILL BE 145000. AND THERE IS NO CHANGE IN THE SAVINGS LIMIT IS OF RS1,00,000
the minimum tax benefit a woman,if you compare near man,can get is rupees 4500.00.
Filing US taxes in a foreign country...?
Question:
Been searching next to no luck. I know I have to database them (got the default 2 month extension for those abroad).
Anyway... I'm married to a foreign national (nonresident alien). IRS say I can file one of three ways, united, single, head of household. Problem is, adjectives require my spouse have a levy number, which isn't the case. In reality, I see no reason to report my spouse's income as she have no obligations to the US.
Anyone know how to record in this shield? Thanks
Answer:
I have like situation. My husband is a foreign national and I live in a different country. I file last year as "Married- file seperately" and it worked. I hope that answers you question.
Your lone choices normally are MFS and MFJ. You can record HoH IF you have another dependent who can be claimed as a dependent on your return, such as a child. You CANNOT record Single if you are married, even to a non-resident alien.
Your spouse doesn't need a export tax # if they are a non-resident alien and you are not filing MFJ. Just write "Non-resident alien" where on earth their SSN goes.
To report a joint return, your spouse must agree to own their world wide income tax by the US. You must attach a signed joint testimony to every return acknowledging that reality. Your spouse would also need an SSN or ITIN. You can attach the ITIN application (Form W-7) to your first integrated return if you wish and dispatch it to the Austin, TX Service Center.
Filing a joint return may cost you more or smaller amount, it's usually best to figure it out both ways and progress with doesn`t matter what results in the lower import tax bill.
Get copies of IRS Pubs 54 (for you) and 519 (for your spouse) to guide you.
I am in a similar situation. If you live near your spouse, you can only wallet as married filing separately or married file jointly--you CANNOT file as single of Head of Household. When you report, in any case, you attach form W-7 to your return to apply for an ITIN (Individual Tax Identification Number) for your non-citizen spouse. An ITIN is similar to a social security number except it doesn't work for employment purposes. You'll be sent her ITIN contained by about a month, which you can use as her SS# on adjectives returns.
If you want to file a reciprocal return, you must also attach a statement to your return signed by your spouse electing to be tax as a US citizen. You then report her income, but you may know how to exclude it using the foreign earned income exclusion or to lift credits for taxes that she pays. She is NOT required to pay self-employment taxes.
Hope this help.
Her income is reportable. Not taxable (as long as it's not $$ from US gov't sources), but reportable. As long as she's married to you, you need to report it. You also do inevitability to get her an ITIN, especially if she is going to come subsidise to the states with you at some point within the future.
Add her income surrounded by on line 7, and later you subtract it back out on procession 21, based on padding out a form 2555.
Why does interest rate increase?
Question:
RBI has be increasing the interest rates in India since closing one year exceptionally. Can any one suggest what are the usual trends? Can we expect some go down contained by the rates? At this rate I got to wage 1.5 times what I am supposed to earlier.
Answer:
to control inflation (money flow contained by market),central ridge of any country increases interest rates so that the excess money in bazaar returns to banks.
Generally speaking a elevate in the interest rate is designed to primarily snuff out business loans in an overheated cutback. If this was not done you would find a rise surrounded by inflation.
Monetary Policy
http://en.wikipedia.org/wiki/monetary_po...
I'm forming a US base LLC and doing business surrounded by Italy. What are my due implication surrounded by Italy?
Question:
A tour company in Italy. I'm collecting recompense in the US and will directory as a US citizen working abroad. I grasp that I may be exempt US taxes up to 84k. Can I reside in Italy? or should my residence remain US? What toll implications do I own in Italy?
Answer:
The US and Italy hold a tax treaty which protects against double taxation for individuals who spend time and/or work within both countries. You will be liable for tax payments (with one exception I'll outline later) with the sole purpose in the country surrounded by which you are resident, and residency is determined by a weighing of the following factor:
1) where you enjoy a permanent house;
2) where on earth you have your closest personal relationships and monetary ties;
3) your normal location;
4) your residency.
Therefore, you could potentially live in Italy but still be considered a US resident for levy purposes, depending on the other factors. If you are collecting compensation in the US and you are (I'm assuming) a US citizen, this would probably be the covering, particularly since the Italian export tax authorities would have no practical approach of checking your income in a foreign country.
The exception I referred to quicker is regarding the 84k you mentioned. If you are an Italian resident, you still must directory annually with the IRS, but near is the exemption to claim up to 84k so long as you pay taxes at an equal or greater rate than you otherwise would within the US. In almost all cases Italian taxes are substantially high, so this should always be met. However, anything above the 84k ceiling is considered taxable within the US regardless of you also having salaried Italian taxes on the same income.
I hope this answers your question. If not, feel free to shoot me an email.
Tax return Due date extended?
Question:
Hello, Someone mention to me that they heard that the due date for income charge return was push over to July because of adjectives the problems they had at the initiation of the year, Anyone else heard of this?
Thank you
Answer:
No, the due date is still April 30th. The problems be resolved within two weeks, and they be way final in March.
http://www.cra-arc.gc.ca/tax/individuals...
Still as is April 30.
Has Bush compensated the $182,000 he owes the IRS.?
Question:
I am just curios if anybody know.
Answer:
That is chump change to the president. I penny-pinching he earns a cool million a year plus adjectives the money he stole with his buddies. He is also a businessman that really doesn't stipulation to steal money (anymore). Daddy is rich from stealing and investing also.
Well in my book they are stealing money.
I don't see why he would not rate it.
RJ
sure has
The communication reports stated that the full amount had already be paid within through the year in 2006. In reality, he had overpaid by $19K, and applied that to 2007 export tax. The $186K was his total levy for the year, not something he owed with his return.
My tariff code be 503L, it have changed this month to 522L am i going to hold to reimbursement money respectively through levy?
Question:
Last months pay be lb200 more than this month. Which is my correct income and how much am i going to lose each month because of this rates??
Answer:
If your tax code have gone up, then you should be getting more money as it process your personal allowance has gone up.
No. It's a untried tax year and your personal allowance have gone up which for me means an extra (wait for it) lb6 a month. Break out the champange.
Anyway, you don't entail to do anything. Your employers will sort adjectives of that out.
when you tax code be 503L you could earn lb5030 before you started paying export tax. Now its 522L you can earn lb5220 before paying export tax. This means you will be paying smaller amount tax and should be earn more.
The lb200 less your getting this month could be due to other stoppages/ increases contained by your wages which may have increased surrounded by this years budget. maybe national insurance have gone up. Its defiantly not the levy code change that's cause you to get smaller amount wages.
Speak to your payment/pay role office to find clarification
All tax codes closing moments in L hold been increased by 19 this year so 503L become 522L, 455L becomes 474L etc.
Basically if you own an L tax code you presently get lb190 extra toll free per year.
The allowances change from 5 April respectively year. So, upto 5 April 2007, it was lb5,035 (503L). From the 6th April 2007-5th April 2008 its lb5,225 (522L). So, you should seize more money each month!
Everones tariff code has gone up so your tac code is your personal allowance it ability you are allowed to earn lb5225.00 before you are tax then you are tax 10 % then 22 % on income after that if that makes sense import tax can be confusing best know that if this is your taxx code then trust that everythign is ok.
Do you know of a Yellow Pages site where on earth I can acquire a detail of statewide import tax agencies? The sites I've checked
Question:
make you scrabble by city and state. I am in Michigan and want a comprehensive index of all toll agancies in the entire state. Any suggestions?
Answer:
Go to www.taxsites.com/agencies. I G00GLEd it and they are supposed to schedule by state all the duty agencies addresses, etc.
You stipulation to search the blue page
How much can create until you can no longer contribute to a Roth IRA?
Question:
Answer:
The Roth IRA contribution is pahsed out for a single individual with in tune gross income between $99,000 and $114,000. For a married couple the contribution is phased out for adjusted gross income betwen $156,000 and $166,000. For married file seperate the phase out is with agi between $0 and $10,000.
These are the confines for 2007.
Hello, jcueland! ROTH IRA contributions are allowed as long as you have some features of taxable compensation and your modified AGI is below the following amounts* (figures are for 2006/2007):
$10,000 for Married Filing Separate
$110,000/$114,000 for Single or Head of Household, and
$160,000/$166,000 for Married Filing Joint or Qualifying Widow(er).
Click the link below for details on how to digit your allowable contribution if you are approaching the applicable limitation. :-)
*updated to clarify '06 vs '07 decrease
The figures quoted for contributions answer your cross-examine. For a rollover, the limit is $100K for married and $50K for unmarried.
However, surrounded by 2010 the income limits to rollover a traditional IRA to a Roth are eliminate.
So, if your income now exceeds the restriction for contributing to a Roth, you could contribute to a nondeductible traditional IRA, and then contained by 2010 roll it into a Roth, paying tax solely on the earnings, beside no penalty.
All of these phaseouts do apply but data that if you are self employeed or your company does not sponser a plan then you do not hold a phase out.
Check here for the income limit and eligibility of Roth IRA:
http://www.theusefulinfo.com/finance/rot...
-Infoman
UK only- If I provide up work and play Poker for a living do I hold to reward charge.?
Question:
I estimate I win about 2-3 hundred pounds a week. I can`t bear my current job and similar to the idea of giving it up for a year or two. I regard i could make 8OO-1000 a week. Lets say-so i win lb40000 in my first year. Is this close to a self employed person? Would I be liable for toll. Id be happy to pay packet my NI contributions.
Answer:
'Profits of a punter are not taxable' - this is a key principle surrounded by tax derived from defence law. For income to be taxable here needs to be a source below the taxes acts - (e.g it wants to be a trade, profession or a vocation) - a gambler is not a 'profession' nor is it a trade or vocation. You can settle up your NI contributions, contact your local HMRC to ask for information. These will be Class 3 Insurance contributions, not class 2 like the before person said. (see http://www.hmrc.gov.uk/nic/class3.htm)...
If you are interested within seeing how case ruling has developed look up the baggage of Graham v Green (http://law.ato.gov.au/atolaw/view.htm?do... If you don't believe me look at HMRC's own guidance at http://www.hmrc.gov.uk/manuals/bimmanual...
Yes you have to delare it as a living and you will wages money on your winnings so for instance one week you put in lb300 and get out lb1000 you would pay levy on the lb700 go to www.hmrv.gov.uk for more information OR PHONE
If you be self employed you'd pay Class 2 NIC
Independent contractor?
Question:
I've just begin mystery shopping and it says i'm an independent contractor...my friend said that funds when tax season comes around I mite hold to pay taxes since they don't bear it out of my paycheck...i was wondering is this true and what exactly does it be set to to be an independent contractor?
Answer:
Taxwise, it means that you are responsible for your own taxes, the employer won't withhold them. Depending on your income and other factor, you might or might not owe income taxes, but if you make over $400 as a contractor, will pay cheque self-employment taxes of 15.3% for social security and medicare. If you expect to enjoy any significant tax liability, you should gross quarterly estimated payments.
According to the IRS, the general rule is that you are an independent contractor if the payer can lone control or direct the RESULT of your work, but not the means and methods of accomplish the result. If you are allowed to work whenever you want (which I understand to be the overnight case with mystery shopping), consequently you are not an employee. That way that whoever cuts your checks is not required to withhold self-employment taxes and you are stuck with the entire 15.3%.
Check the IRS correlation below for details.
What taxes do human resources contained by Switzerland hold to reward?
Question:
I got a work offer contained by Switzerland but I’m not sure if the compensation is enough. How much taxes would I enjoy to pay and what kind of taxes?
Answer:
Here the list of taxes you would own to pay:
Income taxes
Social insurance
Property excise (if you exceed the minimum limit)
Compulsory health insurance
How much taxes you enjoy to pay does outstandingly depend on your income and the place you live. This would be a valid question to ask your potential employer.
Can a mortgage company folder a 1099 when you are contained by failure to pay minus a summary jugement?
Question:
We are residents of Texas and the property in foreclosure is contained by Delaware. Second mortgage holder is threatening to file a 1099.
Answer:
Yes they can. TX practice is to use a Trust Deed, not a standard mortgage. No court dealing is needed to foreclose on a TD.
No judgment is needed to write bad a bad debt and distribute the borrower a Form 1099-C for the COD income.
The lender has settled that you are not worth suing for the debt and is trying to use the threat of a possibly massive tax debt (that the IRS WILL collect) to prompt you into paying something towards the debt that you owe.