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alenaryal
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for march exam what would be our tax year ? is it the same 6 April 2014 to 5 april 2015
Tax Tutor
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Yes it is FA 2014 that continues to be examined in both March and June of this year, hence the 2014/15 tax year
alenaryal
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thank you sir.
alenaryal
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1.
old age taxpayer whose total income above 100000 or ANI 100000 do not get PAA?
PAA is reduced to PA if he has total income 100000 or ANI 100000?2. sir income from NISA or NS&I certificates exempt? I got a bit confused.
in one page it is given income from NISA and interest from NS &I certificates are exempt.and another page it is said income from NSI certificates is exempt and interest from it is received gross.
3.while calculating tax payable, tax credit on dividend is deducted from liability at first or we have to deduct in order. i.e. PAYE, tax from saving income and from dividend respectively .
Tax Tutor
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1. The entitlement to PAA is removed at a much lower ANI than 100,000 and would as you state become the normal PA of 10,000. If ANI goes above 100,000 then irrespective of age the PA will then start to be reduced and will of course be reduced to nil from ANI of 120,000.
2. Income is received gross on both sources as both are exempt and therefore no tax is deducted at source nor indeed at all! They are EXEMPT.
3. If the question asks for tax payable then always deduct the dividend tax credit FIRST from the tax liability
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