Salary

answered on 01-Jul-24 06:39

Salary paid by govt to Indian Citizen for service outside India this exemption was not given in residential chapter Reason ?

latest answer

We have discussed this during our lectures

Sushmita Chowdhury

CA Inter

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80

Provident fund-deductions & salary

answered on 30-Jun-24 15:57

What is the difference between RPF(recognised provident fund) and EPF (employee provident fund)? Correct me if I am wrong, Organisations having more than 20 employees are mandatorily covered under the employee provident fund and miscellaneous act 1952. And they have to contribute to EPF if the salary of the employee is less than or equal to 15000. 1.if there are >20 employees and their salary is less than or equal to 15000-mandatory--and this is called EPF 2.if above conditions are not fulfilled and Employer wants to setup voluntary provident fund--this can be done either a. by becoming part of government scheme-----ultimately EPF b. by setting up their own PF trust and getting it recognised by commissioner of Income tax ----and this called RPF.

latest answer

Perfect.

Monisha KM

CA Inter

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57

Basic

answered on 30-Jun-24 15:58

What's the difference between : 1. Taxable 2. Chargeable to tax 3. Assessable.

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Taxable Income refers to the Income after the deductions. Taxable income is chargeable to Tax Assessable means that income is taxable.

Monisha KM

CA Inter

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2

90

Section 40A(3)

answered on 30-Jun-24 15:58

Does disallowance of expenditure applicable if payments exceed ₹10,000 and payment is through account payee cheque?

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Disallowance will apply only when payment is made by way of other than account payee cheque or draft.

Rinuja TK

CA Inter

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Illustration # 3

answered on 07-Jul-24 17:37

My question is related to Leave encashment non government employee At the time of retirement Working note 2 last line Leave credit × average salary =180/30 × 57000 = 342000 Please give the explanation about 180/30

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Bro could you do me a favour as I'm traveling I can't keep up with the notes so could you pls send me the notes for DT which you've written .Send to this number 9025528977 ,pls send me bro

siddesh N

CA Inter

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83

Tds

answered on 30-Jun-24 16:01

A land is owned by a mother worth 50 lakhs and that has been transferred to their 4 children equally.Mother has paid thr tds. Since the children has availed CG can the children claim the tds also

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Why did mother pay TDS ? She is seller and children are buyer are right. If it is gift then there is no tax at all.

Gayathri Nambiar

CA Inter

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71

Residential Status

answered on 30-Jun-24 16:02

Can a person be resident in 2 different countries in one PY.?

latest answer

Possible. Since residential status is determined based on tax laws of respective country.

Sampath R

CA Inter

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86

residence

answered on 01-Jul-24 06:41

qsn 2 answer A reason ?.................

latest answer

They have not clearly mentioned whether as agent or employment in this particular question

Sushmita Chowdhury

CA Inter

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6

70

Salary Income - From Foreign Company by ROR - Which ITR shall we consider?

answered on 26-Jun-24 09:08

Income earned by an Ordinary Resident from a Foreign Company - Assessee wants to file his ITR return. Which ITR and where can we report his salary income?

latest answer

Ordinary residents earning foreign income should use ITR Form 2. Report the foreign salary income in Schedule FSI of ITR Form 2.

NY Law

CA Inter

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1

69

pls confirm is it there in syllabus

answered on 25-Jun-24 08:27

if in syllabus pls can u explain with example Q3 & Q1

latest answer

Home Stock Market Guide What is Marginal Tax Rate? 5paisa Research Team Last Updated: 15 Jan, 2024 03:31 PM IST banner Listen Want to start your Investment Journey? +91 Enter Mobile Number Open Demat Account Content Marginal Tax Rates Examples Marginal Tax Rates in India Importance of Marginal Tax Rate What is the Maximum Marginal Tax Rate? Difference Between Effective and Marginal Tax Rates Conclusion In simple terms, the marginal tax rate refers to the tax rate applied to your next rupee of taxable income. As your income increases and you move into higher tax brackets, the marginal tax rate is the rate that applies to that portion of your income. The key thing to understand about marginal tax rates is that they apply only to the latest chunk of income, not the entire income. Marginal tax rates determine how much tax you pay on any additional income you earn. For instance, suppose your annual taxable income increases from ₹5 lakh to ₹5.5 lakh. The marginal tax rate applies to that additional ₹50,000 you earned, not the entire ₹5.5 lakh amount. In this way, your marginal tax rate is the tax you pay on your next rupee earned. It goes up progressively based on income slabs - higher income is taxed at higher percentages. Marginal Tax Rates Examples Suppose your total taxable income is ₹5.8 lakhs. Up to ₹2.5 lakhs is tax-free. On the next ₹2.5 lakhs (2.5 - 5 lakhs slab), you pay 5% tax. On an additional ₹0.8 lakh, the marginal tax rate is 20%. So you pay: • Nil tax on the first ₹2.5 lakhs • 5% of ₹2.5 lakhs = ₹12,500 • 20% of ₹0.8 lakh = ₹16,000 • Total tax = ₹12,500 + ₹16,000 = ₹28,500 Marginal Tax Rates in India Here are the income tax slabs and corresponding marginal tax rates in India: Total Taxable Income Tax Rates As Per New Regime Above ₹15 lakhs ₹1,87,500 + 30% of total income exceeding ₹15 lakhs ₹12.5 - ₹15 lakhs ₹1,25,000 + 25% of total income exceeding ₹12.5 lakhs ₹10 - ₹12.5 lakhs ₹75,000 + 20% of total income exceeding ₹10 lakhs ₹7.5 - ₹10 lakhs ₹37,500 + 15% of total income exceeding ₹7.5 lakhs ₹5 - ₹7.5 lakhs ₹12,500 + 10% of total income exceeding ₹5 lakhs ₹2.5 - ₹5 lakhs 5% ₹0 - ₹2.5 lakhs Nil

Sushmita Chowdhury

CA Inter

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