The Tax Preparation Blog

Archive for May, 2006

CalAmp Reports Fiscal 2010 Third Quarter Results

OXNARD, CA–(Marketwire – January 7, 2010) – CalAmp Corp. ( NASDAQ : CAMP ), a leading provider of wireless products, services and solutions, today reported results for its fiscal 2010 third quarter ended November 30, 2009. Key elements include: — Consolidated third quarter revenues of $30.7 million, up 19% from prior year and up 28% sequentially. — Third quarter GAAP net loss of $1.3 million …

Making a Recession Great

Question: current rates of professional tax in maharashtra?

Answer: PT GROSS P. Tax
5001 – 10000175
10001 & ABOVE2500 P.A
Rs. 300 for February, Rs. 200 for other months.

Commuting by CNG driven autos, taxis to cost dearly in Mumbai

Mumbai, June 22 : Commuting by taxis and autorickshaws is going to be a costly affair in Mumbai, as a decision to hike fares of Compressed Natural Gas driven vehicles was taken on Tuesday here in a meeting.

Question: Does anyone know if i can find out my tax file number online?

Does anyone know if i can find out my tax file number online instead of phoning the ATO to get it

Answer: no you can’t, you have to write to the ATO with your identification . Just have a look on some old tax returns it will be on there.

Tax help for small businesses in Young and the surrounding regions

THE ATO recognises that small businesses will be impacted by the recent closure of the Burrangong Meat Processors in Young.

Trust cloning – no more tax breaks?

Question: Income Tax India : Help Plz.?

For the financial year 2007-2008 I worked with 2 companies. First company I worked from 2007 April 1st to 2007 May 21st (just for one and half months).
Second company I worked from 2007 May 21st to till date.
Now I got the form 16 from both the companies. Both companies have deducted the correct tax from me after deducting my investments amount of 82,000 Rs for the financial year 2007 -2008. But now when i showed the both orm16 to one tax consultant he said I will have to pay govt another 10 k Rs to tally the tax calculation due to the reason I changed the company. Bcz of that there is a high salary change. I really dont understand when my both companies have
deducted full tax from my salary and again I am asked to pay . If some body could make me explain this would be really helpfull.
My first comapny deducted 4365 Rs and second company deducted 50,000 Rs.

Answer: This is easy and understandible – I had the same problem 2 years back when I switched Companies for the first time.

Note: I am using hypothetical values.

The first Firm deducts TDS on the projection that the same pay (as in April 2007) continues for the entire FY. In this case let us say your annual income if you had continued in the first firm was INR3,00,000 per annum; with 82000 as your investment for the FY, the tax could be about 18128 per annum for which you attracr a monthly TDS of 1510 a month. In two months you have paid only 3020 as TDS for an income of 50,000 (300000/12*2).
In the second firm where you have worked for 10 months, your monthly pay could be 50,000 which means you earn 5,00,000 in the second firm (for 10 months) which attracts total TDS of 71070 in the FY which attracts a TDS of 7107 a month.
In your case you might not have declared your previous emloyer’s income and TDS details which is why this problem arises.
Now clubbing both for the FY, your total earnings is 5,50,000 which attracts a TDS of 86520 a year whereas you have paid a tax of only 71070+3020 = 74090 which means during returns you need to pay a Self Assessment Tax of 12430.

You can check these correctly with a tax calculator; one such for FY2007-08 is at http://prrajan-tax.blogspot.com/2008/01/india-income-tax-calculator-for-fy2007.html for download.

The reason for this difference is that you tax slabs have changed considerably. The best way to avoid surprises is to declare income from Previous Employer in the new company.

Hurry up! Now’s the right time to buy a house

A Shyamsunder (Shyam), chief executive officer of Disha Direct Marketing Services and an real estate expert, offered some valuable tips during a chat on rediff.com on Tuesday