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 ...
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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 ...
companies and firms have a fixed taxation rate charged on the profit earned during a fiscal year. For this reason, the income earned by people is classified into several groups and is called income tax slabs or tax brackets. There
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
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...
Individual taxpayers under the age group of 60 years for all residents and NRI citizens of India Resident senior citizens between 60 years to 80 years Resident super senior citizen individuals are the ones above 80 years old However, under the new tax regime, the income tax slabs are common ...
Budget 2021: Tax Slabs 2021, Senior Citizens, EPF Voluntary Provident Fund, The high-interest rate continues to make EPF an attractive option even though the interest earned on contributions above₹2.5 lakh is taxable. As per the scenario after the budget,a salaried individual must first invest...
Ex: Mr. Raj is a salaried employee. In the month of April 2018, he purchased equity shares of SBI Ltd. (listed in BSE) and sold the same in December 2019 i.e., after holding them for a period of more than 12 months. Hence, shares will be treated as long-term capital assets. ...
The worddeductmeansto subtract or take away for the total. In Income Tax the word deduction, means the amount is taken away or reduced from the total taxable income. Usually when the government wants to encourage savings, they offer deductions for investing in certain instruments and hence lower...