There are various cases in which an employee might obtain the salary arrears for the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year is much more when the other arrear gets added to the income of the prevailing year. This is...
In the `5-lakh salary bracket? The tax waiver has many ifsShanbhag, Sandeep
“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...
There are certain scenarios where ITR filing is mandatory for individuals even if their gross total income is below the basic exemption limit. You have to file a return if: You have spent more than ₹2 lakh for an international trip. Your bank account's cash deposits and withdrawals exceed...
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 provide...
* I paid Home Loan Intt of approx 1 lakh *I also paid premiums for insurance policies. *Now I am to get Pay Arrears in 2021 Jan or so *Whether I should file ITR 1 with all details or ITR2 Kindly suggest as I shall be filing the revised return and get my salary arrear adjusted....
Person B earns an annual taxable income of ₹ 8 lakh - For income between ₹ 5 lakh and ₹ 10 lakh, the tax slab is 20% - The tax liability before ELSS would be ₹ 72,500 - After investing in ELSS, the tax liability will be ₹ 42,500 ...
For Income Tax Department their source of your salary income is Total amount Paid/credited in Form 26AS.Quick e-File ITR option on incometaxindiaefiling.gov.in of ITR1 picks this amount in”Income under Salary” column. It is not INCOME CHARGEABLE UNDER THE HEAD “SALARIES” (3-5) from...
GST collection in January 2022 stood at INR 1,38,394 crore, making it the seventh consecutive month when collections crossed the INR one-lakh-crore mark. While the recovery of the economy is a major factor, measures such as the introduction of e-invoicing and the linking of inward and outw...
This Income tax return form is designed for individuals whose annual income from salary or pension is below Rs. Fifty lakhs who own just one house property. ITR-2: Beyond Business Ideal for Non-Resident Indians (NRIs), directors of companies, and shareholders of private companies. This ITR ...