07-01-2011, 09:29 PM
Mr X can maximum avail 10% exemption on his basic salary so any amount above the 10% is taxable. 10% exemption is not valid in case of free medical treatment.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Safoora</i>
<br />tax ka paper honay wala hay.. and i hav the following queries!!
plzz koi me ki help ker de!!
1. Mr.X is a salaried Person and he is provided with a medical allowance of Rs. 10000/month
besides this he is also entitled to free medical treatment approved hospitals..
Mr. X ko 10% of basic salary ki exemption milegi for the medical allowance?
Yes Mr Z can adjust the advance tax payments against minimum tax liability
2. Mr Z has suffered a loss in business.. is liye in pe minimum taxation apply kerengay.. so if Mr Z ne koi advacne tax pay kia hua hay ya tax deduction at source hui hay usko adjust kersaktay hain kia with tax amount payable under minimum taxation?
16 % of the total amont of fund.
3.agar recognized provident fund pe interest is exempt higher of 1/3 of the salary or 16 % of what?
Loan is not taxable income it is liability.
4. MR A is constructing his house and for that purpose he intends to take a personal loan.. can this loan be included in his taxable income? under wat circumstances?
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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Safoora</i>
<br />tax ka paper honay wala hay.. and i hav the following queries!!
plzz koi me ki help ker de!!
1. Mr.X is a salaried Person and he is provided with a medical allowance of Rs. 10000/month
besides this he is also entitled to free medical treatment approved hospitals..
Mr. X ko 10% of basic salary ki exemption milegi for the medical allowance?
Yes Mr Z can adjust the advance tax payments against minimum tax liability
2. Mr Z has suffered a loss in business.. is liye in pe minimum taxation apply kerengay.. so if Mr Z ne koi advacne tax pay kia hua hay ya tax deduction at source hui hay usko adjust kersaktay hain kia with tax amount payable under minimum taxation?
16 % of the total amont of fund.
3.agar recognized provident fund pe interest is exempt higher of 1/3 of the salary or 16 % of what?
Loan is not taxable income it is liability.
4. MR A is constructing his house and for that purpose he intends to take a personal loan.. can this loan be included in his taxable income? under wat circumstances?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
