.form 16 not received previous employer Form 16 is an Income Tax Form or Certificate for tax deduction issued by an employer to its employees when he deducts tax from the employee’s salary. (Click Here to read in detail) Sometimes, a situation may arise where you as an employee had worked with more than one … Continue reading “Taxation of Salary Income from 2 (Two) Employers in one financial year”
. Who can file their return using ITR-1 for F.Y. 2019-20? This Form is for a resident individual (other than not ordinary resident) whose total income is up to Rs. 50 Lakhs for the A.Y. 2020-21 and includes: Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought forward from previous years); … Continue reading “All about ITR – 1 Sahaj for FY 2019-20 (AY 2020-21)”
. Who can file this form? ITR-1 can be filed by an individual being a resident (other than not ordinarily resident) having total income up to Rs. 50 lakhs, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs. 5000. ITR-1 cannot be filed by an individual who … Continue reading “Changes in ITR – 1 – Sahaj – for FY 2019-20 (AY 2020-21)”
. Being an employee with an organization and earning salary, make it a point that your employer issues you form 16 for every financial year. Once you receive the form you should check the form 16 in detail. For this there are many things you should know about form 16. Since, this form 16 becomes … Continue reading “Things you should know about Form 16”
Q1: Is HRA fully tax-free? Ans: HRA can be fully or partially exempted from tax depending upon calculations which involves rent paid, salary received etc. that one should do or get done form an expert. Q2: Is it possible to claim HRA if I live in my own house? Ans: If you are receiving HRA … Continue reading “FAQs on House Rent Allowance (HRA)”
. 1. Applicability of Section 115BAB This section is applicable w.e.f. 1st April 2019 [FY 2019-20 (A.Y. 2020-21)]. Benefit of lower tax rate is available to domestic companies who satisfying the specified conditions mentioned in point 2. This section states that domestic companies have the option to pay tax at a lower rate of 15%. 2. Conditions … Continue reading “Section 115BAB – For domestic manufacturing company which is a New Company”
. 1. Applicability of Section 115BAA This section is applicable w.e.f. 1st April 2019 [FY 2019-20 (A.Y. 2020-21)]. Benefit of lower tax rate is available to all domestic companies after they comply certain conditions. Domestic Companies are given an option. Option once exercised cannot be revoked (That is no coming back by choice). But if you … Continue reading “Section 115BAA – Lower Tax Rate introduced for Domestic Companies”
.fvdvgfgvdf 1. Tax Rate for Companies: Tax rates for domestic companies Particulars Tax rates Total turnover or gross receipts during the previous year 2017-18 does not exceed Rs. 400 Crore 25% Other domestic companies 30% Tax rates for foreign companies The tax rate for foreign company is 40%. In case foreign company received any … Continue reading “Income Tax Rates for other than Individual for F.Y. 2020-21 (A.Y. 2021-22)”
The person opting for the new scheme shall not be entitled to the following exemptions/ deductions: 1. Leave travel Allowance 2. House rent allowance 3. Some of the allowance as contained in section 10(14) like Helper allowance, transfer allowance, conveyance allowance, research allowance, etc.; 4. Allowances to MPs/MLAs 5. Allowance for the income of minor … Continue reading “List of Exemptions/Deductions available/not available as per New Tax Regime”
. The Government of India in the Budget 2020 has introduced a new system of computation of taxes. The new system is simple in calculation as it provides application of tax rates straight on the Gross Income earned by the individual through various slab rates. It has been seen in the past that many people … Continue reading “Income Tax Slab Rates for Individual for F.Y. 2020-21 (A.Y. 2021-22)”
