However, for individuals with gross income less than ₹5 lakh, the maximum penalty is ₹1,000. If you miss the ITR deadline, you will also have to pay interest of 1% per month on the unpaid tax amount. For people who have income from a business or profession, loss adjustment in ...
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...
Thus Section 89 under the Income Tax Act has been incorporated by the Government which comes as a benefit in this context as this law permits thetax deductionfor the other tax burden on the employees obtaining the salary arrears. As per section 89(1), the tax deduction/relief has been furn...
Nehal works in Mumbai and gets a basic monthly salary of ₹1 lakh. Her employer offers an HRA of ₹50,000, a special monthly allowance of ₹20,000 per month, and a yearly LTA of ₹30,000. She stays in a rented house and pays a rent of ₹40,000 per month. Moreover, he...
50,000 has been introduced on savings and deposits made by senior citizens, according to the proposed Section 80TTB. An increment in the investment limit of the Pradhan Mantri Vaya Vandana Yojana was also announced by the Financial Minister in the Budget. From an earlier Rs.7.5 lakh, the ...
An online income tax calculator is an automated tool designed to help taxpayers calculate their liability as per the tax regime laid out by theIncome Tax Department in India. This calculator has integrated basic information such as annual salary, tuition fees, rent paid, interest on a child’s...
“The delay could also be due to discrepancies in the data given in the return filed and as per the income-tax database. In such instances, the case gets referred for scrutiny assessment and outstanding dues can take more than a year to get settled,” On the grounds of the assessee, ...
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...
However, if the ITR is filed after the statutory deadline, an interest of 1% per month on unpaid tax will be liable. In case of late filing, according to section 234F of the Income Tax Act, a late fee of Rs.5000/—shall be charged if net taxable income exceeds Rs.5 lakhs for the...