Hi! I am Dildaar. I'm going to pay income tax for the first time & I think I'm really late. My employers are my uncle & his 2 friends & it is my first job. My uncle doesn't deduct any TDS from me. The company pays some amount for Provident Fund & a similar amount is deducted from my salary.
My salary falls under the slab of Rs 200000 - Rs 500000. My salary break-up for the year 1April 2013-31March 2014 is as follows:
Basic - 6072.25 House Rent Allowance - 3642.75 Advance Bonus - 1690 Conveyance - 2428.50 Medical Allowance - 2280 Shift Allowance - 1833.50 Retirals (Company contributions) - 980.50 Attendance Incentive - 3600 Level Allowance - 4000 Process Performance Pay - 6000
All of the above are paid to me on a monthly basis. Now I have a fickle idea about how to calculate taxes, but I'm really not sure at all. There are a number of questions on my mind.
Firstly, is income tax calculated on basic salary only?
Is each component of my salary income taxable or only the basic?
What is provident fund & how is it calculated? Is it taxable? Are the amounts paid by employer & employee always the same?
What is ESIC and Profession tax?
Do I need to provide details of my interest income from my other savings account which is around Rs 25000?
How & where can I pay income tax? Can cash be paid for income tax or only cheque/demand draft are to be used? If cash is used, where to pay & will I get a receipt? If cheque/demand draft are opted for, what is the account name & account number that is to be used?
Lastly, if it is not too much, please tell me how much income tax I'll have to pay (with elaborated details including every component of my salary, PF, ESIC, Profession tax, Interest income, etc) now, alongwith penalties (if any) as I haven't paid a single penny yet as income tax. Please don't provide any rules & regulations, but only the solution.
I may be asking for too much but I can't help it. I'm a first timer & I'm really desperate. Thanking you in advance! I really need a Godsend right now! Please help me.
CAclubindia
