Here are the steps for the income tax calculation for a salaried individual: Step 1: Calculate your gross taxable income To calculate your gross taxable income, you need to compute your net salary after subtracting your deductions, such as HRA, LTA, and standard deduction, from your gross ...
As per the new income tax regime for FY 2023-24 (AY 2024-25), the rebate under Section 87A has been increased from Rs. 5 lakhs to Rs. 7 lakhs. Thus, individuals with a net taxable income of up to Rs. 7 lakh can avail tax rebate u/s 87A under the new tax regime. Those who...
CA Karan Batra, Founder and CEO CharteredClub.com, said, “Such a heavy site is being made live in the peak season with so many bugs and errors is not something which the taxpayers will appreciate.”May to October is the peak season, when there is a lot of load on the income tax we...
Income earned by doing a job with employer-employee option comes under the category ofIncome From Salary. As mentioned earlier income tax is taxed based on the total income earned. For example if you invest in Fixed Deposit, interest earned comes under income from Other sources and is added t...
CBDT: Sets Systematic approach to verify 'high-risk' refund claims AY 2024-25 The Income Tax Department has introduced a systematic approach to verify 'high-risk' refund claims for the AY 2024-25 (Financial Year 2023-24) based on a Standard Operating Procedure (SOP) issued by the Income ...
The last date to file ITR for individuals for FY 2023-24 (AY 2024-25) is 31 Jul 2024. Details here Learn Properly How to show Capital Gains on Mutual Funds, Indian Stocks, ESPSs, RSUs of MNCs, Fixed Deposits, Refund, Pay Self Assessment Tax and More How to Capital Gains in ITR for...
How to Use Income Tax Calculator Online for FY 2024-25 & AY 2025-26? You firstly would need to enter your birth details. 1 Further ahead, there will be sections that would require information about your income details such as: Basic salary ...
ITR1 form for AY 2017-18 I have shown following income in. Exempt section Sec 10(38)- LTCG from mutual fund switch where stt is paid. Others: 1.Salary remitted to NRE acc from foreign source. 2. Interest earned from NRE saving acc. ...
Speculative and non-speculative business income has to be added to all your other income (salary, other business income, bank interest, rental income, and others), and taxes paid according to the tax slab you fall in. Business Income on Selling Shares ...
When is one eligible to get Income tax refund? One is eligible for an income tax refund when Your TDS( tax deducted at source) from salary, interest on securities or debentures, dividends, etc. is higher than the tax payable by you. ...