the senior citizens will be exempted from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest ...
TCS- Tax Collected at Source (TCS) refers to the tax that is payable by the seller, but it is collected from the buyer. For eg. if a person buys a pair of headphones from a shop, the seller or shop owner will have to pay the tax on these headphones, which will be a part of t...
Hence, the income tax levy is Rs. 45,240 and the rebate on this amount is not eligible. How to Simplify Tax Deductions with New Rules? Automate the process with a reliable cloud-based payroll solution. You would be happy to know that new changes for income tax calculation for the financi...
The individual income tax reform allowing special deductions for children's education, continuing self-education, treatment of serious diseases, housing mortgage interest, housing rent and support for senior citizens that came into effect on Jan 1 is a key step toward changing China's individual inco...
Learn how to file Income Tax Returns ( ITR ) for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25). We covers tax concepts on Salary, interest, Capital Gains, House Property, Business and Profession and GST.
3. Section 192 of the Income-tax Act, 1961: Broad scheme of Tax Deduction at Source from “Salaries” 3.1 Method of Tax Calculation 3.2 Payment of Tax on Perquisites by Employer 3.3 Computation of Average Income Tax 3.4 Salary from more than one employer ...
We have tried to give very simple examples of how to calculate income tax. Hope they are helpful. Apologies upfront for any mistake. Please let us know of the mistake or error in calculation we will correct it. Looking forward for your feedback. ...
China for more than 183 days, you will be regarded as a Chinese tax resident and your tax identity will therefore be changed from a non-tax resident to a tax resident. As the calculation for the two tax identities is different in China, it may be possible for you to get a ...
Eventually, then income from pay and pension is then added to the taxable income calculation. 2. Businesses This tax is usually derived from the presumed and even substantial income generated by a business or profession. Moreover, this could be used as a full charge or as a side and persona...
Gen Income Tax Software is a great software solution for the computation needs of Income Tax, Self Assessment Tax, Advance Tax and Interest calculation u/s 234A,234B,234C. Gen Balance Sheet (Audit) Gen BAL is one of the most popular Audit Software for Chartered Accountants. The software ma...