1. tax lien
The reply depends on the yr. For your revenue for the calendar year 2011-12 (1st April, 2011
to 31st March, 2012), you will have to pay out tax if
• you are a resident gentleman with a taxable revenue of much more than Rs. one,80,00
• you are a resident woman with a taxable income of a lot more than Rs. 1,ninety,000
• you are a resident senior citizen (age sixty+) with a taxable earnings of a lot more than Rs.
two,fifty,00
• you are a resident really senior citizen (age 80+) with a taxable earnings of far more than
Rs. 5,00,000
How a lot tax am I meant to pay?
You have to have heard of 'Income Tax Slabs'. For a resident male, the slabs for the 12
months 2011-twelve are
Revenue Slab - to one,80,000
Fee - %
Cash flow Slab - 1,eighty,001 to 5,00,000
Rate - 10%
Earnings Slab - five,00,001 to eight,00,000
Rate - 20%
Earnings Slab - earlier mentioned 8,00,000
Fee - 30%
This signifies that if your income is much less than one,80,000 you really don't have to shell
out tax.
If your cash flow is, say, Rs. two,thirty,000, you have to pay out at ten% on the sum by which
it exceeds Rs. 1,eighty,000. In this situation your tax legal responsibility would be
(two,thirty,000 - one,80,000) *.ten
And if your earnings is, say, Rs. 6,00,000, you have to shell out tax on Rs. three,20,000 (
five,00,000 - one,80,000 ) at 10%, and on Rs. one,00,000 ( six,00,000 - five,00,000 ) at 20%.
So, that signifies each 12 months I have to go to the Cash flow Tax Section and shell out it?
Most almost certainly, no. To make items simple on your conclude, the Office can make your
employer do the same. Your employer will deduct it from your salary and pay out it for you.
This is named TDS - Tax Deducted at Supply.
What is this Kind 16?

2. How do you know if your employer is paying out your tax on time? and what is the sum?
Your employer will give you a Form 16 at the finish of a 12 months. This sort sixteen has
particulars about the wage he has compensated to you, the tax he has deducted on it, and
paid out to the Revenue Tax Section.
What is Advance Tax / Self-Assessment Tax?
Your employer will deduct tax on your salary income and pay it to the Income Tax Office, but
what if you have cash flow from other resources as effectively?
Say, you bought a piece of land and manufactured a decent profit on it. You now have to pay
tax on this profit. Regrettably, your employer will not pay out it. You will have to do it.
Consider another case. Your employer did not deduct tax on your wage. He will face
penalties from the Income Tax Division, but what about you? You will now you have to pay
out it to the Cash flow Tax Department right. It is a uncommon scenario.
This is referred to as Advance Tax / Self-Evaluation Tax
Is there any difference amongst the earlier mentioned two?
tax lien properties for sale, tax lien homes, tax lien property