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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if the taxpayer files a return (updated) for the assessment year for which no original, belated or revised return was filed, he/she should pay the tax due, interest on late payment of taxes, and the late filing fee, if not paid. Let’s take the example of a salaried person who has...
Under the existing tax structure, there are 3 tax slabs for which income tax is levied. These include 5%, 20%, and 30% tax slabs. The citizens currently have an option to continue with the existing structure and claim various tax deductions likehouse rent allowance, leave travel allowance, ...
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...
However, under the new tax regime, the income tax slabs are common for all the above three categories of individuals. Moreover, the tax slabs are different for individuals, HUFs, companies, partnership firms, etc. India follows a progressive tax system to ensure fair taxation. This means only...
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...
Business Income is taxed as per the Income Slabs after deduction of business expenses. You can be an investor, trader, or both. You canconsult a chartered accountant before filing returns. Hiding trading activity from the Income Tax department could mean trouble. The chances of getting a call ...
Health insurance premiums paid for self, spouse or children, also get a tax deduction benefit under Section 80 D. Under Section 80 E you get a deduction on repayment of education loan (only interest) For example, if your gross income is Rs 7 lakh and you invest Rs 1 lakh in an instrum...