Last Updated : May 21, 2024, 11:02 a.m. Section 192 of the income tax act, 1961, deals with the tax deducted at source (TDS) on salary. It is the employer which deducts tax from the salary of its employees every month based on the prevailing income tax slabs. Since your earnings...
“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 s...
Note:There is a common misconception that income tax is charged on the total income earned by an individual during a financial year. That is just not true. For example, if a person earns Rs 12 lakhs in a financial year, they will not be paying tax on Rs 12 lakhs. Instead, according ...
Hi I am a salaried professional My taxable income for year FY 2015 16 was 721 000 as per form 16 IT file was done for this amount Nowin FY 2016 17 as of Oct16 I have received salary of 4 5 lakh as of now tds deducted My current bank balance is 10 000 LIC
The assessee can e-file ITR 1, ITR 2, ITR 3, and ITR 4 for the AY 2023-24. Lets us have a deeper into Income Tax Return ITR Form. ITR 1 Form is filed by taxpayers and individuals who are a Resident with a total Income of up to INR 50 lakhs when the Income is from Salaries...
Who is eligible for income tax? Thecompanies and firmsare mandatorily required to file an income tax return (ITR). However, individuals, HUF, AOP, BOI should file ITR if the income exceeds the basic exemption limit of Rs 2.5 lakh. This limit is different for senior citizens (Rs 3 lakhs)...
file the ITR for freelancer for presumptive taxes under section 44ADA of theIncome Tax Act, 1961. The presumptive taxation scheme permits freelancers to pay income tax on half of the gross annual income not exceeding INR 50 lakhs. Here are the updated tax slabs for income tax for freelancers...
property which is self occupied with Municipal valuation Rs 50,000 Fair rent Rs 60,000 Municipal tax paid by the owner (including Rs. 1000 of last year)10,000 Interest on loan borrowed for construction (started after 01.04.99 and completed before 1.4.2003) 1,80,000. His salary is Rs ...
As we know there are 5 heads falling under Income tax Act which are Income from salary, income from House property, profit & gains from Business & Professions, capital gains and income from other Sources. An Assesse has to bifurcate his earnings into these heads if computing his tax liabili...
Lakhs for North-eastern or hill states or is above 20 Lakhs in case in case of any other State. It is our understanding as per Notification No. 11/2017- Central tax Rate dated 28th June 2017 of Goods and service Tax Bonus Paid to Distributors is under the ambit of GST, and the ...