Income Tax

LIC Tax Deductions & Benefits (A.Y.2022-23 & A.Y.2021-22)

The first thing comes in our mind is LIC (Life Insurance Premium) or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies issued by LIC … Read more

Tax Benefits When Car is Provided by Employer to Employee

We can see this generally that company is providing cars to its employees for doing the official duties. These cars are generally provided by the employer of your company and are used by employees. Cars are used for both official and personal purposes. Employees get confused about the tax-ability of owning car and leasing a … Read more

Free Income Tax Ready Reckoner A.Y.2022-23 & A.Y.2021-22

Free Income Tax Ready Reckoner A.Y.2022-23 & A.Y.2021-22 Income Tax Rates – Individuals Income Tax Rates – Partnership Firms Income Tax Rates – Companies Capital Gains Tax Rates Cost Inflation Index List of Exemption Available in Computation of Capital Gains TDS Rates TCS Rates Depreciation Chart – Income Tax Act Interest Payable Chart – Income … Read more

Preparing to File Your Income Tax Return for A.Y. 2019-20

The season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file your ITR or visit the office of your tax advisors, you need to do some ground preparation so that the information given in … Read more

Waiver & Interest on Excess Payment of Advance Tax

As we are liable to pay interest u/s 234A, 234B and 234C for late payment or non payment of advance tax. In the similar manner the Government is also liable to pay interest if we pay advance tax more than due. But there is huge difference of interest rate in the case of Government liability. … Read more

Complete Guide to File Income Tax Return for A.Y. 2019-20

How to Pay Income Tax Online? ePayment of Income Tax | Easy Steps! How to File Income Tax Return Online for A.Y. 2019-20? How to File Income Tax Return Without Form 16? Due Dates to File Income Tax Return for A.Y.2019-20 Never Forget to Consider Interest Income in Income Tax Return How to Reset Password … Read more

6 Most Common Questions on Tax Audit – All Clarified

Q.1) What is tax audit? The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts … Read more

Never Forget to Consider Interest Income in Income Tax Return

Generally people forget to include interest income while filing for an income tax return. The interest income which an individual earns is to be added under the head other sources i.e. the residual head. Interest income is over and above from your income under the head salary, business, profession and house property etc. Interest is … Read more

Filing Income Tax Return with Digital Signature?

The use of digital signature is a significant contribution towards filing your income tax return. However, most of the people do not possess one as a result of which they need to furnish ITR-V in physical form to the Headquarter of Income Tax Department. Here will discuss how to file income tax return using digital … Read more

How to Secure Income Tax Return e-Filing Account? Step by Step

The e-Filing account of the income tax contains very confidential and important information. So, it is very important to secure the e-Filing account. In order to secure your income tax account, income tax department has introduced E-Filing Vault, which will restrict fraudulent logins. Putting restriction on the options for Login and locking the ways of … Read more

Income Tax Calculator A.Y.2020-21, 2019-20 & 2018-19 [After Budget]

Income Tax Calculator for A.Y.2020-21, 2019-20 & 2018-19: This calculator is very quick to calculate income tax for assessment year 2020-21, 2019-20 & 2018-19. Just select assessment year, choose age and enter income. You can reset and recalculate income tax unlimited times. Income Tax Calculator AY 2024-25 AY 2023-24 Income Tax Calculator Notes: Enter net … Read more

Income Tax Computation Format – Step by Step [A.Y.2019-20 & 2020-21]

Income Tax Computation [A.Y.] Pariculars Download Link Income Tax Computation Format (Excel Format) Download Income Tax Computation Format (PDF Format) Download (1) Income from Salaries Amount (Rs.) a) Basic Salary ₹……. b) Taxable Allowances ₹……. c) Taxable value of perquisites ₹……. Gross Salary ₹……. Less: Standard Deduction ₹……. Less: Entertainment Allowance ₹……. Less: Professional Tax … Read more

5 Tax Planning Tips for Salaried Employees for A.Y. 2019-20

The new budget announced this year by the new government brought a host of changes. However, the scope for salaried class were, as usual, limited. Only a few positive chances were introduced to enhance the quality of life of the salaried or working class. In these cases, tax planning can be extremely beneficial in saving … Read more

9 Easy Steps to Calculate Your Tax Liability

Here are 9 very easy steps to calculate your taxable income and income tax on taxable income. The persons who are confused to calculate their tax for A.Y. 2018-19 should read the following article to calculate your income tax very easily with step-by-step guide. If you have any doubt regarding the calculation of taxable income … Read more