12 February 2013
sir I am a hindi mistress in dev samaj sr. sec. school moga. sir i received arrear installment of40% near about Rs. 88060. my employer deducted tds Rs. 8806. Balance amount 79250 the employer said you purchase Nsc of Rs. 39625. but he deduct our tax. then Nsc purchasing must or not plze remove my confusion
12 February 2013
no. it is not necessary for you. Your tax liability shall depend on your total annual income. Will be able to provide better answer if you could provide details of your annual salary.
Kindly do not invest in any postal certificates for the sake of saving taxes only .
On the basis of the information provided by you, your maximum tax liability can be around Rs 22,229.
I am sure your salary structure must be having certain portions of non-taxable salary (such as HRA, traveling allowance etc). That should further reduce your tax liability.
14 February 2013
Sir But punjab govt. compelle to purchase NSC 50% of the arrear amount. Our principal given the notice in order book to purchase NSC of Rs. 39625. He said govt. released arrear in the bet of that aided school teachers purchased NSC of 50% percent arrear amount after deducted TDS amount. Is it genuinal. I think that govt. blackmail us.
14 February 2013
They cannot compel you to invest in anything as a pre-requisite to releasing arrears, unless you have agreed to this before. You may ask them to give you this ultimatum in writing and threaten to take action legally against them.
CAclubindia
