Dear Sir,
Suppose gross salary of an employee is Rs. 340000/- in fy 2013-14 and his 80C investment is Rs. 1 lac.
Then what what would be the tds amount that a deductor should deduct from his salary.

I am asking this from the purview of Rs. 2000/- rebate given to assessee. Whether deductor has to also consider this before deducting tds from salary.

Please enligten me.
Thanks.

Hi,

I got profit and losses in F&O section. In total, I have around 20k Loss with turnover of about 6 Lakhs. Do I still need to get my books audited? I mean I do not have any profit. Is it still required to pay income tax (on loss). Is it mandatory to show the losses in ITR form? If I do not show, will I get the notice?

Now, u told that, if u get a income tax notice, you have to pay 8% of turnover. Now, I do not understand that I did not make profit I F&O, but still I need to pay 8% of 6 lakhs which is 48000. This much is penalty or what? Why one has to pay this even if he is in loss?

Please reply sir.

Thanks
Nikhil

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