INCOME TAX DETAILS 2021-22 YEAR CALCULATION AND FORM

 INCOME TAX DETAILS 2021-22 YEAR CALCULATION AND FORM.

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👉 વર્ષ- 2021-22 માટે ઓટોમેટિક એક્સલ ફાઇલ ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

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➧ 2021-22 New Income tax Excel File : DOWNLOAD

◆ Excel File -2 : Download

➧ 2021-22 New Income tax PDF File : DOWNLOAD

➧ BHARELU FORM : EXCEL FILE : CLICK HERE

Link :- Click Here To Read Income tax Ganatari Details.

New Income tax form 2019-20 with automatic calculation

New Income tax form 2019-20 with automatic calculation

income tax slabs and tax rates for FY 2019-20 are applicable to those who earn more than Rs.2.5 lakh p.a. The rate at which individuals are taxed depends on the level of income tax they earn, with rates charged at nil, 5%, 20% and 30%.In February 2019, the government announced certain changes in the structure of the tax slabs. As per the Interim Budget 2019, which came into effect from 1 April 2019, a Rs.12,500 rebate under Section 87A of the Income Tax Act, 1961, will be available to individuals who have an income tax of up to Rs.5 lakh. However, no changes have been made to the tax slabs and rates for the FY 2019-2020.

For domestic companies, the tax-slabs depend on the turnover, and it is mentioned below:Turnover Tax Rate Gross turnover can be a maximum of Rs.250 crore for the previous year 25% Gross turnover is more than Rs.250 for the previous year 30%Apart from the above-mentioned tax rate, an additional surcharge and cess are levied. Given below are the details of the surcharge and the cess that will be levied: Cess: 4% of corporate income tax Surcharge: In case the taxable income is more than Rs.1 crore but less than Rs.10 crore, the surcharge that will be levied is 7%. In case the taxable income is more than Rs.10 crore, the surcharge that will be levied is 12%.Non-resident Indians: For non-resident Indians, irrespective of their age, the exemption limit is up to Rs.2.5 lakh.

Income Tax slab Tax Rate

Up to Rs.2.5 lakh Nil

From Rs.2,50,001 to Rs.5,00,000 5% of the total income that is more than Rs.2.5 lakh + 4% cess

From Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.12,500 + 4% cess

Income of above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,12,500 + 4% cess.

Income Tax Form 2019-20

New Income tax form 2019-20 with automatic calculation

Important Points In case your net income is more than Rs.50 lakh but less than Rs.1 crore, apart from a 4% cess, a 10% surcharge is also levied. If the net is above Rs.1 crore, a 15% surcharge is levied.Compared to last year’s budget, cess has increased from 3% to 4%. FAQs about Income Tax Slabs.

Do I need to file Income Tax Return (ITR) if my annual income is below Rs.2.5 lakh?

Answer: You need not file an ITR if your yearly income is below Rs.2.5 lakh but you should file a ‘Nil Return’ just for the record as there are many cases where you can produce them as proof of your employment. For instance, you can provide your ITR while applying for a loan or passport.

How is the income tax of a taxpayer classified?

Under Section 14 of the Income Tax Act, the taxpayer’s income has been classified under 5 different income heads such as Salaries individuals, Capital gains, Gains/Profits from profession or business, Income from house property, Income from other sources.

Does family pension come under salary income during taxation?

No, family pension will not be taxed under salary income but as ‘income from other sources.’

Who can claim rebate under Section 87A?

Rebate under Section 87A can be claimed by any resident Indian whose total annual income is below Rs.5 lakh. The maximum available rebate under 87A is Rs.12,500.Help calculate the automatic tax calculation in this income tax tax Gujarti form 2019/20. For this, the rabbit will have to give your name, PAN card, support card, mobile number, the bank name, bank's ifsc code, your bank account number and your email ID in last for the first time. After that, save it, now the second sheet is for salaried, from March 2019 to February 2020, the total paid salary, which became the total automated After that, there are two types of taxpayers who write down the type of business, group, CPF or GPF. If there is a direct deduction from LIC pay, then it is also to write and also directly recruited LIC. If PLI is filled in the post office then it will also write month-wise Then there is special If you do not have to complete any income, you will not have to pay the income tax amount on 5th of 2019, if it is automatic, then you will be able to pay the amount in the Income Tax Tax Salary Calculation section. If there are seven payroll arrears, bills etc., then the amount will be deposited in the next fairstate sheet sheet. In which 40000 thousand standard dedication Tomato will be deducted from the total amount, after which the business tax and building lawn will be deducted after interest.

DOWNLOAD INCOME TAX FORM

INCOME TAX CALCULATOR FOR YEAR 2019-20

INCOME TAX CALCULATOR FOR YEAR 2019-20


Many Taxpayer in India see tax evasion as a mark of smartness. If the government allows you a tax break, you are free to take it. If there is a legal way you can save some of your hard-earned money from being taxed, you are free to save it. How is the Indian tax payers are doing their tax planning!. Can this be called as Smart Taxation or Tax Morality!!. Once Mr. Jaitley commented “Indians are generally conservative and God-fearing, but they do not see tax evasion as a moral problem”. May be this smartness is the reason the governments consider scrutiny is a better tool than moral persuasion to make the evaders pay up.

Bible reminds us about this tax-morality in Romans 13:2 and 7, “Therefore, whoever resists authority, resists what God has appointed, and those who resist will incur judgment. Pay to all what is due them- taxes to whom taxes are due, revenue to whom revenue is due, respect to whom respect is due, honour to whom honour is due”.
Standard Deduction from taxable salary. Standard Deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.
Rebate under section 87A has increased from 2500 to 12500 rupees up to the income of 5 lakh rupees, hence individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate. Tax payers whose taxable income cross the limit of 5 Lakh need to have a smart way here!
Salient features of the Tax calculator.

Useful for the salaried employees of government and private sector, with all heads of Income including agricultural income.

Private sector employees can use to do their Flexi allocation and tax planning.
Tax and rebate calculation of agriculture income, to arrive the annual tax liability.
Marginal relief on surcharges where income crosses 50L and 1Cr.
Individual Form 16 Part B generation, useful for the small size firms.
Automated HRA exemption/Sec 80GG deduction calculation based on the salary and rent payments.
Validate and highlights the limits Chapter VI A deduction, Housing loan interest set off, and surcharge impacts.
Income tax Slabs & Rates FY 2019- 20, AY 2020-21
Income tax Slabs General Category Sr.Citizen Very Sr. Citizen
Upto Rs. 2. 5Lakh NIL NIL NIL
Rs.2.5 Lakh to 3.0 Lakh 5% NIL Nil
Rs.3.0 Lakh to Rs.5.0 lakh 5% 5% NIL
Rs.5.0 Lakh to Rs.10.0 Lakh 20% 20% 20%
Above 10.0 Lakh 30% 30% 30%
Surcharge:

If the total income between Rs 50 Lakhs and Rs 1 crore, a surcharge of 10% will be levied.

15% surcharge on income tax if the total income is over and above Rs 1 cr.

Link :- Click For 1 Person || For All Staff 

Income Tax Online Calculator for Ay 2020-21 and Financial Year 2019-20

Income Tax Online Calculator for Ay 2020-21 and Financial Year 2019-20 

FAQs on Income Tax 

Calculation in India Q What is income ? Income means the amount that an individual earns in exchange for providing goods or services.In other words, income is the sum of all the wages, salaries, profits, interests payments, rents, and other forms of earnings received for a period of time. For the purpose of taxation, income has been categorized into five heads : Income from Salary .For detail please click here Income from House Property. For detail please click here . 

Income from Profit & Gain of Business & Profession Income from Capital Gain Income from Other Sources Q What is income tax ? An income tax is a direct tax which is imposed on assessee depending upon the their respective income or profit. In other words, it is the tax levied on the income earned. Q When income tax is required to be paid ? Income Tax is required to be paid when your income exceeds the Basic Exemption Limit. This limit is specified by the government every year. Currently, it is Rs. 2,50,000 for Individual below the age of 60 Years. Q What is the period for which tax is calculated? Tax is charged on any income earned during the period April 1- March 31. The year in which the income has been earned is known as the ‘previous year’ and the year in which the tax is calculated, is known as the ‘assessment year’. Q What are the benefits of tax calculation beforehand? You should calculate Taxes beforehand so that you are able to set aside the funds which you will be needing for paying taxes at the time of filing return.

Therefore, at the time of return filing, you don’t have to rush for arranging funds.The other benefit is, it lets you know that whether your taxes will go up or down in comparison to the previous year. Q How to calculate income tax in India? In India,the Income tax is calculated on the basis of tax rates and slabs defined by Finance Ministry in the budget which is presented every year.

Link :- Click Here To See Calculator

INCOME Tax Returns Bharvani Tarikha Ma Vadharo Babat No Paripatra 23-07-2019.

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LiNk:- Click Here To Read Official Letter >

Impact of proposed tax proposals in the budget for the salaried class or to the pensioners under 60 years of age.

Impact of proposed tax proposals in the budget for the salaried class or to the pensioners under 60 years of age.

Budget 2019 Income Tax Slab Rates Changes Expectations: Individuals with a gross income of Rs 6.5 lakh will have to pay no tax if they make an investment. Goyal also said standard deduction would be raised from Rs 40,000 to Rs 50,000.

As per the slabs announced in the last Budget, for individuals below 60 years, income up to Rs 2.5 lakh was exempt from tax. Five per cent tax was levied on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh.

For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh was exempt from tax. Income from Rs 300,001 to Rs 5 lakh was taxed at 5 per cent, from Rs 500,001 to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.

The three major components for computing income tax are gross taxable income, HRA exemption, and transport allowance.

HRA, for instance, is calculated on the basis of your basic salary. But it is also dependant on other factors, such as the city you reside in. People staying in a metropolitan or tier-1 city, their HRA will come to 50 per cent of their salary, while it’s 40 per cent of the salary in all other cities.

Transport allowance, which is a component of your salary, is also tax exempted. Note that the maximum annual tax exemption limit stands at Rs 19,200. If you exceed the limit, you are liable to pay tax.

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