03-12-2009, 12:03 AM
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
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
