Income from salary, income from business or profession, income from capital gains, income from other sources, income from house property, etc. Different rates of tax apply to different types of income. Some deductions are also provided by the government on income. The taxable income of an ...
Example of Income Tax calculation for old and new tax regime Why did Government come out with the New Tax Slabs without deductions? In an interview with Times of India, revenue secretary Ajay Bhushan Pandey said that the assumption that all exemptions be taken into account for all slabs did ...
Step 1:We are required tocompute the tax liabilityupon the total income, which consists of the salary arrears for the year where it is obtained. Step 2:Compute the tax liability on the total income which does not include the salary arrears for the year of receipt. The step provides us wi...
The section also provides that a person responsible for paying any income chargeable under the head “Salaries” shall furnish to the person to whom such payment is made a statement giving correct and complete particulars of perquisites or profits in lieu of salary provi...
The Multistate Tax alert archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years.
Calculation of interest under section 234A Interest penalty fordelay in filingan income tax returnwith tax due if any tax is due comes under Section 234A.As per the Income Tax Act, if you have any outstanding tax payable at the end of a Financial Year (FY), you must pay the balance ...
13. Calculation of Limit of Rs. 50 Lakhs CBDT vide Circular No. 13, dated 30/06/2021, has clarified that the threshold of Rs. 50 lakhs is with respect to the previous year, calculation of purchases from April 01, 2021 to June 30, 2021 are to be included for the purpose of determin...
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.
How to calculation of the gratuity amount exempted from income tax ? RJA 20 Sep, 2022 How to calculation of the gratuity amount exempted from income tax ? When a monetary reward provided by the employer but not included in the employee's regular monthly salary is known as a gratuity. The...
Paying tax is inevitable, be it for an individual or a business. Tax is levied on the income earned by an individual or business after certain deductions. Due to multiple income tax slab rates combined with many tax exemptions and deductions, calculation of income tax can be a challenging tas...