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

Deduction 80E: Interest on Loan for Higher Education (Updated) A.Y. 2019-20

In this article, we will discuss about deduction under section 80E for interest on loan taken for higher education. The complete overview of 80E deduction like who can get get deduction of Section 80E, what is deduction 80E, eligibility and other important information. You may have been wondering how people these days reduce their tax … Read more

Basics to Know About Income Tax Return for Salaried Persons

Most of our readers asks about these FAQ regularly by salaried persons. So we have prepared this post for our readers to clarify things in a very simple manner to eliminate confusion about income tax return. What is Form 16?  Form 16 is a TDS certificate in respect of tax deducted from salary. The certificate … Read more

Do’s & Don’t for Printing & Submitting ITR-V to ITD CPC

The procedure for e-filing of income tax return is completed when you verify your return. So, to verify return you have two ways as follows; Sending physical copy of ITR-V to CPC, Bangalore; or e-verify your income tax return In this article we will talk about Do’s & Don’t for Printing & Submitting ITR-V to … Read more

How to File Revised Income Tax Return?

Revised returns are nothing less than a second chance to live for people when it comes to filing online income tax returns. People can use this mechanism to rectify their existing filed return and thus, save penalties and other losses. What is revised income tax return? Taking a reference from Indian Tax Law, the facility … Read more

10 Most Common Questions on Clubbing of Income

Q.1) What is the meaning of clubbing of income? ​​​​​​Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in … Read more

Register & Login on incometaxindiaefiling.gov.in Easily with Images

In this article we will discuss about incometaxindiaefiling.gov.in registration and login procedure. You can also check the procedure about of to get new password in the case of forget password on incometaxindiaefiling.gov.in. When it comes to handling information based websites such as http://incometaxindiaefiling.gov.in/, it is important that people are well aware of the registration and … Read more

A Very Simple Guide for Tax on EPF Withdrawals

The biggest burden on every employee is tax on EPF. People make very wrong statement about EPF, that EPF withdrawals are not taxable but it is not purely true because these withdrawals can be taxable under some conditions that are given below. If before the completion of 5 years the employee withdraws the EPF balance … Read more

Surcharge on Income Tax – Latest Rates A.Y. 2018-19 & A.Y. 2017-18

Surcharge is one of the key areas while determining payable income tax for individuals and companies. As per the guidelines issued by the IT-Department, the rate of surcharge affects entities whose income is more than INR 50,00,000 in a financial year after the Budget 2017. The rate of surcharge witnessed a hike in the Finance … Read more

Search Your Income Tax AO Code, Ward No, Range & Circle

From 1th Feb,2017 the procedure of locating AO / Tax Ward/ Circle/ Range has been changed. Earlier these could be located with PAN only. Below is the new method which could be used to locate tax ward/ Range/ AO/ Circle. Do your always confuse about these terms like AO code, My area ward number, my area … Read more