Even if you work for yourself and are not a salaried employee, you can still take advantage of deductions and tax benefits related to House Rent Allowance (HRA). To do this, you can use a provision called Section 80 GG. HRA for Salaried Individuals: For people who are employed and receiv...
Advance Tax for Salaried Employee If an individual’s only income is his salary, then the employer will deduct tax from his income(TDS) and submit it. In such a case there is no cause for worry over advance tax payment. The tax deducted will be made available to the employee by the em...
No there is no fine or payment to be made for filing revised return. As you have already filed original return within due time, therefore no need to pay interest u/s 234A,but if any tax is due then you have to pay interest under section 234B, 234C. Please pay Self Assessment Tax ...
filled IT at Assam for 4 years. Got transferred from Assam to UP 5 years back. Have been filling ITR by mentioning AO of UP during the last 5 years. Still residing in UP & have not changed any address in PAN through NSDL.What AO should I mention this year? Who must be having my ...
“How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of personal finance. Income Tax Calculator ...
YoucannotuseITR1to show Dividend Income from Foreign stocks. So if you are salaried then you have to use ITR2, ITR3. You need to fill in the following sections in ITR for showing Dividend Income Schedule OS for Dividend income Schedule FSI and Schedule TR for claiming the foreign tax credi...
Income tax refund is the amount which the Government pays back to the taxpayer who has paid excess taxes. One may end up paying extra tax directly or indirectly. For example for a salaried individual, if an employee fails to declare tax saving investments or he does not claim HRA, his emp...
Opting for the NPS would also mean the individual exits from Employees Deposit Linked Insurance as well as the Employees’ Pension Scheme (EPS). Once he shifts to NPS, the employee will have a one-time chance to return to the EPF fold. ...