When is tax deducted in each tax year?

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Is savings income tax always deducted @ rate 20 % in 2007/2008 tax year ?

in practice, why is any interest received on the bank savings always deducted at 20 % band rate regadless the amount of money from which the interest is derived for the purpose of calculation of income tax liablity? in tax year of 2007/2008 the tax bands for income tax on savings consist of : basic rate :from 1 pound to 2230 pounds is taxable at 10 % rate starting rate : from 2231 pounds to 34600 pounds is taxable at 20 % higher rate : 34601 pounds to above is taxable at 40 % rate in practice (at...

Answer:

One step down is correct. The basic rate of tax is 22% but there is a special savings rate of 20%. I...

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If my income and tax deducted is the same this year as last year, will me refund be the same?

I made rougly 17,700 last year and had 872 in fed tax deduced, and 699 in CPP deducted. I got rougly 500 dollars back. This year my income is around 18,050 and tax deducted was 900, with 725 in CPP deducted. Will my tax refund be rougly the same?

Answer:

Yes, your refund will be roughly the same.

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For I Tax ,mediclaim premium, I paid premium Rs.7600/-this year ,is 100% deducted or any provision is there.?

I paid premium Rs.7600/-,my tax consultant deducted only 20% of this but in previous year it was 100% deducted from my total income. I hv doubt,thats why I asked this question.............pls reply.---Thnx

Answer:

Tax benefits are also available for Mediclaim policies under Section 80D under the income tax act where...

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Answer:

IT refunds. Income tax refunds for the tax year 2008 and 2009. You will have to take your copies of...

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How much income tax will be deducted? 3.0 lacs per year package.?

My package is 3.0 lacs per year. Considering no investment from my side what shall be the amount of income tax deducted.

Answer:

hi Your income is Rs.3.00 lacs for the current year and you have no claim to make under section 80C...

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Filing income tax return. I retired last year as a teacher. I got my tax deducted and got FORM 16?

But I have not filed my income tax return. How can I file my returns now?

Answer:

Hi assuming you have received the Form 16 for the year 2009-10 , the due date for filling the income...

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PAYE was deducted from my redundancy payment on 31st Dec 2007. Can I claim back before end of this tax year?

I am now no longer employed. Redundancy payment takes me well into the 40% bracket. Surely the tax is not due until the end of the tax year and I should be able to get a refund that ...show more

Answer:

Sorry to disillusion you, but Schedule E tax (PAYE) is taxable on a receipts basis, ie. when the money...

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Total number of months for which tax is to be deducted from salary during a year?

There are 12 months in a year for which salary is computed for calculation of Income Tax ? what happens when salary for march is paid in march the total number of months is 13. Please guide ?

Answer:

March to March is 12 months. Where do you get 13?

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Answer:

KNOW TAX APPLICABLE ON SHARES SALE PURCHASE FROM HERE AND KNOW HOW TO SAVE THEM http://simpletaxindia...

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If you incur legal expenses in 2007,but pay them in 2008, which tax year are they deducted?

We paid in 2008 business legal expenses incurred in 2007, which year are they deductible in?

Answer:

In the UK, ALL accounts are prepared on an accruals basis(you don't have a choice), so they are deductible...

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