SSA Assam TET teacher: Be ready to pay the income tax in the upcoming February 2018 salary.Know more about the Tax slab and returns etc!!

So red alert notification from SSA assam has arrived for income tax deduction for Fy.2017 to 2018.
The tax will be deducted from the salary of Feb 2018 .
Actually some of you may have a common doubt that being contractual teacher ,Why should i have to pay the tax?

So let me clear you and your doubt that no matter you are regular or contractual ,if your yearly income crosses Rs.2.5 lakh above then you have to pay tax.
And even contractual teacher salary of Lp teachers crosses the tax slab.(Rs.24000x12=288000)approx.

So lets discuss more about the income tax slabs and deduction.

In India, we have four tax brackets each with an increasing tax rate.

• Income earners of up to 5 lakhs
• Income earners of between 5 lakhs and 10 lakhs
• And those who make more than 10 lakhs per year.

Upto 2.5 lakh pa=No tax

Between 2.5 lakhs to 5 lakhs=5% pa.

Between 5 lakhs to 10 lakhs=20% pa

Above 10 lakhs=30% pa

This is the income tax slab for FY 2017-18 for  taxpayers under 60 years.

What is TDS(Tax deducted source) as prescribed in the order copy by SSA kahilipara?

It is a channel through which govt.collect taxes.

TDS

• TDS exists to help government get tax throughout the year. There’s a prescribed table on how much tax deducted under what circumstances.

• Your employer cuts TDS based on the information available to him about you. So if you’ve made investments, but have not declared or if you live in a rented house, but have not shared rent receipts, your finance department will have no choice but to deduct tax based on only thing they know – your CTC.
• This is why the investment proofs deadline in your office is super important. Save yourself some headache and submit your investment proofs on time.
• Banks don’t know if you’re working in a company or if income from fixed deposits is what you solely rely on. So they deduct a standard 10% tax before they give away the interest. Now if you fall in the 20% or 30% bracket, it’s on you to pay the remainder of the income tax. That’s why sometimes you may find yourself paying some tax at the time of filing a tax return.
• Make sure banks have your PAN number. They deduct 20% tax if they don’t have your PAN in their records.

• Anyone who’s receiving an income will have some percentage of tax withheld as prescribed by the government.

You can get deduction benefit from taxes .Learn how?

There are broad themes to what the government incentivizes. These are covered under Section 80 of the Income Tax Act. Here they are:

Home ownership

• Stamp duty and Registration under Section 80C
• Home loan principal and interest
• First time homeowner benefit of Rs.50,000 under Section 80EE

So if you have a long term life insurance policy make sure to claim for deduction .Because you are eligible .

How to claim Tax Deductions?

• If you are salaried, the simplest way to claim tax deductions is through the investment declaration system. Investment declaration window typically open in the Dec-Feb period. Check with your employer for exact dates.
• You can claim tax deductions in your tax return directly if you’ve missed submitting your proofs, or if you are not salaried. Do note that only Section 80 related deductions can be availed.

Contact your LIC agent today for the proof and be sure to submit it in your respective block office on or before 24th of Feb.to get a rebate on your tax.

So i hope you got a clear idea through this article will be back soon with new and exciting topic.Till then keep visiting www.anuragkatuwalworld.blogspot.com .