Income tax 2008-09 (assessment year 2009-10)
Check this Online Income Tax calculator for estimating your Income Tax for the year 2008-09
| Income Slab | Tax Rate |
| Up to Rs.1,50,000 (Male) / Up to Rs 1,80,000 (Female) / Up to 2,25,000 (for resident individual of 65 years or above) | NIL |
| Rs. 1,50,001 to Rs. 3,00,000 (Male)/ Rs 1,80,001 to Rs 3,00,000 (Female) | 10% |
| Rs. 3,00,001 to Rs. 5,00,000 | 20% |
| Rs. 5,00,001 and above | 30% * |
* A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 10,00,000.
- Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any..
- Agricultural income is exempt from income-tax.
Get these Calculators given below to calculate your HRA exemption and Income/Loss on House Property :
Income / Loss on House Property Calculator
Income Tax exemption for HRA – Calculator
INCOME TAX EXEMPTIONS:
|
Exemption |
Amount |
Proof to be given to Employer |
|
House Rent Allowance (Sec 10(13A) |
Least of the following 1. HRA Received 2. Rent paid less 10% of Salary 3. 50% of Salary if residential house is in Mumbai, Chennai, Delhi and Calcutta, 40% of Salary if residential house is in any other city. |
Proof of rent paid: 1. Receipts of rent paid 2. Lease agreement with your landlord. (On stamp paper) |
|
Conveyance Allowance |
Rs.800 per month |
No proof is required |
|
Reimbursement for Medical Treatment |
Max. Rs. 15,000 per annum for reimbursement of expenses on medical treatment (expense incurred during the current financial year April to March). |
Medical expenses bills/ receipts. |
|
Leave Travel Concession |
Actual amount spent in connection with proceeding on leave to any place in India. Exemption is available only for 2 journeys in a block of 4 years from 1-1-2006 to 31-12-2010. (Section 10(5) of the Income Tax Act). |
Names of persons traveled, Travel ticket. |
Important deductions under Chapter VI-A of Income tax Act are:
| Sl.No. | I.T Section | Category | Amount of Deduction |
| 1 | 80C | Aggregate of amount paid/ incurred/invested towards any of the following: | Up to Rs.1, 00,000 |
| a. Premium paid towards Life Insurance Policy not exceeding 20% of the total Sum Assured. | |||
| b. Any annuity or Deferred Annuity Plan | |||
| c. Contribution towards approved Provident Fund including PPF | |||
| d. Subscription towards National Saving Certificate | |||
| e. Contribution to UTIs Retirement Benefit Plan. | |||
| f.Investment in UTIs Unit Linked Insurance Plan | |||
| g. Approved Mutual Fund Investment | |||
| h. Repayment of Housing Loan Principal towards Self-occupied Residential Property | |||
| i. Payment of Tuition fees towards any two children of the assessee | |||
| j. Investment in Equity Linked Savings Scheme / approved Infrastructure Bonds | |||
| k. Investment in Pension Fund / Deposit Scheme of National Housing Bank Under Home Loan Account Scheme | |||
| l. Fixed Deposit of any Scheduled Bank /Housing Finance Co. for not less than 5 years | |||
| m. Investment in Equity Shares Debentures of approved Public Finance Instn. or Company | |||
| 2 | 80 CCC | Premium paid towards IRDA approved Pension Fund | Up to Rs.1, 00,000 (sum of claim under 80 C and 80 CCC shall not exceed Rs. 1,00,000) |
| 3. | 80CCD | Amount paid/deposited in an approved Pension Scheme of Central Government & matching contribution made by the Employer to the Pension A/c of individual. | Up to10% of Salary
Up to 10% of Salary |
| 4. | 80 CCE | Aggregate of deduction u/s 80C, 80CCC & 80CCD shall not exceed Rs.1 lakh. | —- |
| 5 | 80 D | a. Medical Insurance Premium paid by any mode other than cash. | Up to Rs. 15,000 |
| b. For Senior Citizens | Up to Rs. 20,000 | ||
| 6 | 80DD | a. Any expenditure for Medical, Nursing & Rehabilitation incurred on dependent relative suffering from permanent Physical Disability, Autism, Cerebral Palsy and Multiple disability | Upto Rs.50, 000 if disability is over 40% & Rs.75, 000 if disability is over 80% |
| b. Deposits under LIC, UTI’s Scheme & other IRDA approved Insurers for the benefit of Physically Handicapped dependent | |||
| 7 | 80 DDB | a. Actual expenditure incurred on medical treatment of self, or dependent relative suffering from terminal diseases like Cancer, AIDS, Renal failure etc.
b. For Senior Citizens. |
Upto Rs.40, 000
Upto Rs.60, 000 |
| 8 | 80E | Interest on repayment of Loan taken from charitable / financial institution for Self, Spouse, Children Higher Education for a maximum of 8 years | Any amount of interest |
| 9 | 80G | a. Donation paid to P.M.Relief fund, National Defence Fund, Funds of Universities or Educational Institution of National Fame, National Trust for welfare of persons with Autism, Cerebral Palsy, Mental retardation and multiple disabilities
b. Donations to National Children fund, Jawaharlal Lal Nehru memorial fund, P.Ms Drought Relief Fund, Any Charitable / Religious Institutions, Corporation established for promoting interest of the members of a minor community. |
100% of donation
50% of Donation. In some cases, donation is restricted to 10% of total income |
| 10 | 80GG | Deduction in respect of rents paid provided no house is owned by self, spouse or minor child in the place of work and is residing in any of the specified cities | 25% of incomeor rent paid in excess of 10% of income or ceiling of 24,000 p.a whichever is less |
| 11 | 80U | Persons suffering from permanent physical Disability and includes Autism, Cerebral Palsy, Multiple Disability, Person with Disability and Severe Disability | Rs.50, 000 if disability is over 40% and Rs.75, 000 if disability is over 80%. |
I want to know the income tax of assessment year 2009-10 of a woman. Details of income given below. Pls replay soon
salary income Rs. 35,000/- p.m
LIC 1 Rs. 36,000/- p.a
LIC 2 Rs. 12000/- p.a
House Loan EMI Rs. 13,000 p.m
Rgds
Sheeja
I want to know the net taxable income, and also the net tax payable for the assessment year 2009-2010
I want to know house loan EMI is included in chapter VI ( Sec 80 C)Rs. 1lakh
Pls send mail to me
expect reply soon
Sheeja
1. whether arrears received under 6th CPC will be entirely taxable in this ass.yr.
2. what is the max. amount that can be saved ?
it is tremendously made and very is to understand. on sigle glance i could able to solve the mess in my mind.
Is 10% of (basic payt + grade pay) contribution from government for NPS will be included in the monthly salary of new recruits after 1 jan 2004 ?,
from TDS 2008-2009 rules salary definition on page 15,it seems that government 10% contribution will not be included in salary from this financial year. Can somebody help me on this issue?. Previously government 10% contribution is added to the salary(refer TDS rules 2007-2008).
please let us all know that is arrears taxable? If yes, separately or otherwise?
I am a central govt.servant, I have reimbursement Rs.1,38,000 for medical treatment (Cancer)of my father (dependent member) during 2008-09. In this context Please let me know is reimbursement of expenses on medical treatment is a taxable income.
Please let me know is reimbursement of expenses on medical treatment is a taxable income?
1.please let me know whether Eminity charges paid by tenent are
taxable ? 2.under 80c – item ‘g’ approved mutual fund investment Max Rs 1 lac
please clarify more detail about type of mutual fund ?and for how many years lockedup?
Pl.give me information for deduction against higher studies of daughter/son,like Engineering, Medical year2008-2009(assesment year2009-2010
I have some previously Invested NSC, some of them are invested 1 and 2 year back. Will I get deduction under 80CC for Accrued interest of nearly Rs.14900 for those NSC for AY 2009-2010? So I could invest only Rs. 85100 to get the benifit of Rs. 100000 under 80CC.
please reply – Where the Interest paid on house loan be taken in to account while computing income tax ?
Is benefit of U/S 80-C shall be exetended to the employee where the total salary income exceeds Rs 10,00,000.
PLEASE LET ME KNOW WHETHER INCOME TAX EXEMPTIONS ARE AVAILABLE DURING CONSTRUCTION PERIOD OF FLAT .THE PAYMENT IS MADE IN CONSTRUCTION LINKED .I HAVE TAKEN A HOUSE LOAN FROM A BANK .TO BOOST HOUSING MORE INCENTIVE SHOULD BE GIVEN.
PLEASE CONFIRMED ME THAT ALL THE MUTUAL FUND INVESTMENT IN THE FINANACIAL PERIOD 2008-2009 IS DEDUCTABLE IN 80C OR ONLY TAX SAVER MUTUAL FUNDS ARE ACCEPTABLE. 2ND THING THAT I WAS INVEST IN ‘RELIANCE EQUITY FUND GROWTH PLAN’ CAN I REBATE CLAIM FOR 80C IN ASSESSMENT YEAR 2009-2010, PLZ CONFIRMED ME AS EARLY AS POSSIBLE.
Please let me know what is the treatment for personal pay. It is exempted OR Fully taxable OR partly taxable
Pl let me know how the computation of the pay for deduction of rent paid vis-a-vis HRA received in terms of section 10 of IT Act is to be computed?
That is, is the band pay to be added to the grade pay when computing 40% of the pay?
Sir,
Please tell us how calculate income tax on arrear of 6 PC (40%)
Whether tuition fees paid on college education of children can be claimed for income tax deduction under Section 80 C
this site is very exellent.
any common man can know about his i.tax by using this site.
can u send this page on my email [email protected] thank you.
Amol
Income tax relief available under section 89(1) of income tax for arrear received for earliar year in 2008-09 due to implementation of 6th pay commission.
Can any one clarify Transport Allowance(TA) Rs. 3200 is taxable or not?? in Our Office they are giving Tax rebate only on Rs 800 of TA, remaing(3200-800=2400) is taxable income. Is there in clear clarification from govt side regarding the TA of amout os Rs 3200. People are just following swami’s book as guide lines. What is the govt View. the reaming is taxable then its definitely not good thing, its like giving in one hand and taking from other hand.
Suppose an individual submits two HOME LOAN certificates with interest and principal components remited during a financial year for two different house properties/same house property and claims the concession for total interest and pricipal under the relavent heads. I want to know whether his claim is correct or not. I said he is eligible for only the first home loan concession regarding IT Rules and not the second one.Let me know the correct one.
Can you please send me the details of income tax and indirsect tax ( excise ) for the assessment year 2009-10 on my email address
Pl.give me information for deduction of feesagainst higher studies of daughter/son,like /school/Engineering, Medical year2008-2009(assesment year2009-2010.
Can any one clarify Transport Allowance(TA) is taxable or not?? .if not any limit given
I want to know tax implications in annuity policies in india
Hello ,
please calculate my income tax for the financial year 2009 -2010….
My annual income is Rs. 290,000. PA.
1.I have Housing loan Rs . 6000/- PM ( 72000) PA. rate of interest is 7.25%PA. diminishing.
Medical insurance of Rs. 6680/- PA.
Is this enough or need any more saving …
Waiting fro your reply thank you ….
Mohan
sir is there any rules to taxcunsultancies to do the income tax work
What is the minimum taxable income to file return to ACIT 13(1)(autonomous bodies) in Bangalore for asst. yr 2009-10 – srinath
sir, my
son is studying master’s degree in australia in multimedia and graphic design in monash university, melbourne. i took education loan jointly and i am repaying interest for the loan. pl. inform me whether iam eligible for exemption under section 80E for the interest? if so how to compute in income tax. ie whether ful exemption shall i get?
Please send the Income Tax Form for the assessment Year 2009-10
Sir, My father is retired from amravati muncipal corporation and his pension is Rs- 7500.
I am scientific officer in indian railways .I want to know wheather he can avail all facilities like dependent parents.
Kindly comments .
I have been paid Rs.22176 towards HRA for the financial year 2008-09. My question is , should this amount calculated as per method of IT Expemtion for HRA or should i get
maximu rs.24000 exemption under section 80GG?
I want to know about assessment year 2009-10
A trust is paying me a vehicle installment per month, is it to be considered in filling individual income tax return for A.Y 2009-2010 i.e income part just like salary, hra, bonus etc.
I have earned an interest on fixed deposits in the Bank for which TDS has already been deducted by the Bank @ 10%. I am paying tax in the 30% category from my salary. My question is whether I have to pay the remaining tax(20%) on interest in addition to the 10% deducted by the Bank
what kind of comment do you want.people have put up their quiries and you people should have taken the trouble of answering them here so that every one would benefit .lot of web sites waste other’s time like this.
Is the income from the land sold is taxable?
Kindly let me know whether terminal surrender amount at retirement is taxable. If so the rule and rate.
Can any one clarify Transport Allowance(TA) Rs. 3200 is taxable or not?? in Our Office they are giving Tax rebate only on Rs 800 of TA, remaing(3200-800=2400) is taxable income. Is there in clear clarification from govt side regarding the TA of amout os Rs 3200. People are just following swami’s book as guide lines. What is the govt View.
I have a daughter who is undergoing her Masters In Science (Biotechnology) at Royal Melbourne Institute of Technology University, an institution with global repute. She had undergone her Engineering graduation in the same subject in India and we had obtained full exemption under 80C for the fees paid and for the interest paid by us during each year.My question is will she be eligible for the same reliefs and if so to what extent. We have availed a loan of Rs.17.50 lakhs from Indian Overseas Bank (a public sector bank)
Kindly clarify.
Dear Mr.Divakaran Prem,
Please go through this circular (Page 28 and 29 and page 34) issued by Income tax department for the year 2008-09(assessment year 2009-10)
http://gconnect.in/gc/Admin_Forms/income_tax_circular.pdf
As per this circular, exemption under Section 80 C (savings up to Rs. 1 lakh) does not include fees paid for studies in abroad (it talks only about studies in India).
However, as far as Section 80E is concerned, there is no restriction for higher studies abroad and in my opinion you can deduct the interest paid on the education loan for higher studies abroad
I hava problem in classgroup of assets. Plz. send me detail information about classification of assets. i mean which assets will gone correts group in fixed assets for capitalization.
Any amount paid/incurred/invested towards premium of life insurance policy is allowable as deduction u/s 80C.To be allowed as deduction does the policy have to be in assesse’s name only or can it be in the name of mother(dependent)?
Can any one clarify Transport Allowance(TA) Rs. 3200 is taxable or not?? in Our Office they are giving Tax rebate only on Rs 800 of TA, remaing(3200-800=2400) is taxable income. Is there in clear clarification from govt side regarding the TA of amout os Rs 3200. People are just following swami’s book as guide lines. What is the govt View.
i am a salaried employee.I want to know that only cheque payment requaired for the HRA claim. Or i submit a cash receipt for the same.
@pankaj Patel
you can very well pay your rent by cash and obtain a cash receipt for claiming IT exemption on hra
I have taken educational loan in my daughter’s name and I am the co-applicant for her studies in US.(she went in July’09) I am paying the interet every month. Whether I am eligible for IT exemtion for the interest payment under section 80E.If it is there any limit.
@B.Venkatesan
Please check this GConnect article
http://gconnect.in/gc/service/personal-income-tax/income-tax-exemption-for-interest-on-higher-education-loan.html
I want to know the taxation policy for the Investment companies in India for the assessment year 2009-10
I want to know the taxation policy for the investment companies in India
Can any one clarify Transport Allowance(TA) Rs. 3200 is taxable or not?? in Our Office they are giving Tax rebate only on Rs 800 of TA, remaing(3200-800=2400) is taxable income. Is there in clear clarification from govt side regarding the TA of amout os Rs 3200. People are just following swami’s book as guide lines. What is the govt View. the reaming is taxable then its definitely not good thing, its like giving in one hand and taking from other hand.
i made the donation to the trust for the rehabilitation of the physically handicapped persons a some of around 100000 how much deduction can i claim u/s 80G
i m 40 percent handicapped person.
now running in government job. u tell me what is benefit in income tax in salary
This is a detailed study on income tax exempttion available to Physically challenged
http://www.disabilityindia.org/taxes.cfm
i have donated sum of Rs 1,00,000 to the trust for the rehabilitation of the physically handicapped person what the amount of deduction can i claim under the section 80G
If the organization to whom you have donated is coming under the definition of Section 80G you can claim the entire amount as donation. You can verify in this regard with the concerned organization.
I lost copy of the return file for the assesment year 2008-09, I want Print out of my Income tax Return Filed for the Assessment Year 2008-09 how can i get the soft copy
If you need this IT return for the purpose of claiming relief under section 89(1), you have an alternative of producing Form-16 of the relevant year. Copy of Form-16 should be available with your employer
I lost copy of the return file for the assesment year 2009-10, I want Print out of my Income tax Return Filed for the Assessment Year 2009-10. I want to submit to bank for loan purpose