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+--- Thread: Adjustable Withholding Tax for Salaried Individual (/thread-adjustable-withholding-tax-for-salaried-individual)
Adjustable Withholding Tax for Salaried Individual - imrank - 02-25-2009
Hi,
Example I am a salaried individual and pay advance tax on salary, telephone bill, motor vehicle registration, etc.
Apart from adjusting tax on salary, what other adjustments may I claim. I am not sure whether this has been discussed earlier. Can I calim withholding tax on a private motor vehicle, telephone bill, electricity bill, etc? Is there a income threshold and if there is what is it?
Thanks a lot,
Imran
- LapTop - 03-12-2009
Presently following adjestment and Tax Credits are available to the salaried person.
ADJUSTMENT OF TAX DEDUCTED/COLLECTED ON-
(a) Motor vehicle U/S 234 in respect of motor vehicle registered employee's own namee
(b) Telephone/Mobile phone bill as subscriber of telephon/mobile.
(c) Cash withdrawals from bank.
(d) Registration of new Car/Jeep U/S 231-B
TAX CREDIT ON
(a) Donation to approved NGOS (U/S 61)
(b) Investment in Shares (U/S 62)
(c) Contribution to Approved Pension Fund (U/S 63)
(d) Intrest paid in respect of housing loan (U/S 64)
FORMULA
TAX CREDITS ALLOW = CREDIT AMOUNT x TAX BEFORE TAX CREDIT / TAXABLE INCOME