Cash Salary Limit

[olympia]

Cash salary limit for the year 2009 - 2010 is Rs 15,000 if i m not wrong.
Could u please tell me the Cash Salry limit for the year 2010 - 2011?

[LapTop]

15000 hi hay,

[Marium Khan]

What about cash payments made to the supplier?Is there any limit?

[LapTop]

<b>21. Deductions not allowed.—</b>
(l) any expenditure for a transaction, paid or payable under a single account head which, in aggregate, exceeds fifty thousand rupees, made other than by a crossed cheque drawn on a bank or by crossed bank draft or crossed pay order or any other crossed banking instrument showing transfer of amount from the business bank account of the taxpayer.

Provided that online transfer of payment from the business account of the payer to the business account of payee as well as payments through credit card shall be treated as transactions through the banking channel, subject to the condition that such transactions are verifiable from the bank statements of the respective payer and the payee

Provided further that this clause shall not apply in the case of—
(a) expenditures not exceeding ten thousand rupees;

(b) expenditures on account of —
(i) utility bills;
(ii) freight charges;
(iii) travel fare;
(iv) postage; and
(v) payment of taxes, duties, fee, fines or any other statutory obligation.

(m) any salary paid or payable exceeding fifteen thousand rupees per month other than by a crossed cheque or direct transfer of funds to the employee‘s bank account; and

(n) except as provided in Division III of this Part, any expenditure paid or payable of a capital nature.

[olympia]

but i just heared that the cash salary limit is Rs 20,000 for 2010 - 2011

[Information Consultant]

same as 2009-2010 ie 15000

[olympia]

ok agreed

[LapTop]

Olympia baji,,,,

suni sunai baton par kan na dhara karyn,,,, hahahahaha

[olympia]

theek he laptop Bhai.....

[olympia]

Laptop... tell me one thing about Marginal Relief on salary taxation?

[LapTop]

Marginal relief un salary individuals ko diya jata, jin ki taxable income sirf amoli say increase ki waja say high slab may chali jati hay, or high slab rate apply ho jata hay,,,

Missal k tor par 300,000/- say 350,000/- tak slab rate .75 hay, or 350,001 say 1.5 ho jata hay…..

Ab agar 1 employee ki taxable income 350,100/- ho to sirf 100 rupees ki waja say us ko .75 ki jaga 1.5 k hisab say tax dayna pary ga,,,,,

is waja say marginal relief diya jata hay k mamoli say increase ki waja say taxpayer ko zayada tax na dayna pary,,,

Aysi sorat may ham,,, 350,000 par .75 k hisab say tax nikalty gay yani 2625/-

Or chunky salary 550,000/- say kam hay is waja say 100/- ka 20% yani 20/- rupees nikaly gay

2625 or 20 ko jama kar dayn gay to hamari tax liability with marginal relief nikal aaye gi yani 2645/-

Agar marginal relief na milta to tax liability 1.5 k hisab say 5252/- nikalti yani k hamy 2607 rupees zayada tax dayna parta sirf 100 rupees k increase ki waja say.

[olympia]

thank u laptop )

[LapTop]

ab dantna mat,,,,,,,

hahahahahaha

[olympia]

i m sure k maine ap ko pehle kabhi nahi danta.........

[nomanejaz2009]

labtop plz tell me k kitna mamooli farq ho to marginal relief availed hoga.