The Income Tax Department of India levies a tax on inidviduals' earnings according to the slab they fall under. Every citizen, whether they're an individual, Hindu Undivided Family (HUF), or an association, has to pay a certain amount of tax based on their annual income. Taxpayers can cl...
Gen IT software also explains the procedure of how to file income tax returns online for a salaried employee. Today itself, download a free demo of GEN IT. Also, the taxpayers can get the benefits of up to 20% discount on the paid version of the software. Note: The CBDT department ...
if a person earns Rs 12 lakhs in a financial year, they will not be paying tax on Rs 12 lakhs. Instead, according to the income tax slab rates explained in the above table, they will pay Rs.1,12,
Let’s take the example of a salaried person who has filed his return for the assessment year 2020-21 (financial year ended March 31, 2020, AY ended 31 Mar 2021), and he has forgotten to include a certain interest income of Rs 50,000. He is in the 30% rate slab and he updates ...
The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the fo...
Arpit Kulshrestha seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of SAG infotech which provides taxation
Slab rate 1% tax deducted at source will be deducted on such transfers of ... INCOME TAX Benefits & Drawbacks of Tax saving by Formation of HUF RJA 16 May, 2022 Benefits & Drawbacks of Tax saving by Formation of HUF. What is a Hindu Undivided Family (HUF)? HUF stands for Hindu ...
To calculate income tax for salaried employees, you can consider following the steps below. 1Start with Calculating Your Gross Income In the space provided, enter your total income along with your allowances in the Income Tax Calculator. Certain allowances are tax-exempt; hence, they are not ...
Income tax refund is the amount which the Government pays back to the taxpayer who has paid excess taxes. One may end up paying extra tax directly or indirectly. For example for a salaried individual, if an employee fails to declare tax saving investments or he does not claim HRA, his emp...
Finally, if your tax slab is 10%, then your post-tax returns will be 7.65% The image below shows how much returns can one get from EPF on different contribution amount How Tax cuts the EPF interest Alternatives to EPF, VPF Assuming you are under the highest tax bracket of 30%, who wi...