Showing posts with label income tax. Show all posts
Showing posts with label income tax. Show all posts
How to File Income Tax Returns Online For AY 2019-20

How to File Income Tax Returns Online For AY 2019-20

How to File Income Tax Returns Online For AY 2019-20

Before submitting the form, recheck it to avoid any mistakes. If you are satisfied that the data entered is good to go then click on ‘Preview and Submit‘ button. Your form will appear allowing you a preview before the final submission is made.

Once you click on ‘Submit‘, your ITR will be uploaded and you will be asked to verify the return using any of the options available.

You can verify your return electronically by using Aadhaar OTP or Electronic Verification Code (EVC) method or through an offline method by sending a signed printout of the ITR V to CPC, Bengaluru within 120 days from the date of e-filing.

Once your return is successfully uploaded, an Acknowledgement or ITR V will be simultaneously sent on your registered email address.

Note: The acknowledgement will also reflect in your account on the e-filing website from where you can download it as and when required.

Once you verify your ITR, the department will process it and will notify you about the same through an email on your registered email ID and a SMS on your registered mobile number.

It is not necessary that an individual can only file for an income tax return from the authorized site of the Government of India but there are also many private sectors that permit filing income tax returns. The private sectors in return of the service rendered charge a particular fee from the individual. The amount of fee charged varies from firm to firm.


How to Check ITR Status Online?

Once you have filed your income tax return, you can check its status. There are two ways to check your income tax return status:

Using Acknowledgment Number (without login credentials)

Visit the Income Tax Department
On the left side of the homepage under the ‘Services’ tab, select the ‘ITR Status’ option.
After selecting the option, you will be redirected to a new webpage where you will be required to provide your PAN, ITR acknowledgment number and captcha code.
Submit the details and the status will be displayed on your device’s screen.
By Using Login Credentials

IMPORTANT LINK:::::

Official Income Tax Calculator By Income Tax Authority Of India : Calculate your Tax Easy

Official Income Tax Calculator By Income Tax Authority Of India : Calculate your Tax Easy




CcLICK HERE. for income tax calculator

How much Income Tax do I need to pay?

How much tax you should pay depends upon the tax slab applicable to your income. Income tax is calculated on the basis of these tax slabs.

HOW TO CALCULATE INCOME TAX: SHIXAK JYOT USEFUL INFORMATION CLICK HERE


Income Tax Rates for taxpayers under 60 years of age in FY 2018-2019 and FY 2017-2018

Income Slab                        Tax Rate
Up to Rs.2,50,000                 No Tax
Rs.2,50,000 - Rs.5,00,000 5%
Rs.5,00,000 - Rs.10,00,000 20%
Rs.10,00,000 and beyond 30%

How to calculate income tax? (See example)

Income tax calculation for the Salaried

Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as medical reimbursements, telephone bills reimbursement. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA, by using this HRA Calculator.

Transport allowance is given to employees as part of their salary to meet travel expenses from residence to work & back. Starting financial year 2015-16, limit of exemption on transport allowance is 1,600 per month or Rs 19,200 per annum. For example - if you receive Rs 2,000 as transport allowance every month, Rs 1600 shall be exempt from tax and remaining Rs 400 per month or Rs 4,800 per annum shall be taxed as salary income.

Let's understand income tax calculation by way of an example. Neha receives a Basic Salary of Rs 50,000 per month. HRA of Rs 25,000. Transport Allowance of Rs 8,000 per month. Special Allowance of Rs 5,000 per month. LTA of Rs 20,000 annually. Neha pays a rent of Rs 20,000 and lives in Delhi.

To calculate income tax, include income from all sources. Include:

  • Income from Salary (salary paid by your employer)
  • Income from house property (add any rental income, or include interest paid on home loan)
  • Income from capital gains (income from sale purchase of shares or house)
  • Income from business/profession (income from freelancing or a business or profession)
  • Income from other sources (saving account interest income, fixed deposit interest income, interest income from bonds)


CHECK UR INCOME TAX ⤵⤵
CcLICK HERE. for income tax calculator

HOW TO CALCULATE INCOME TAX: SHIXAK JYOT USEFUL INFORMATION

HOW TO CALCULATE INCOME TAX: SHIXAK JYOT USEFUL INFORMATION

How much Income Tax do I need to pay?

How much tax you should pay depends upon the tax slab applicable to your income. Income tax is calculated on the basis of these tax slabs.

Income Tax Rates for taxpayers under 60 years of age in FY 2018-2019 and FY 2017-2018

Income Slab                        Tax Rate
Up to Rs.2,50,000                 No Tax
Rs.2,50,000 - Rs.5,00,000 5%
Rs.5,00,000 - Rs.10,00,000 20%
Rs.10,00,000 and beyond 30%




How to calculate income tax? (See example)

Income tax calculation for the Salaried

Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as medical reimbursements, telephone bills reimbursement. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA, by using this HRA Calculator.

Transport allowance is given to employees as part of their salary to meet travel expenses from residence to work & back. Starting financial year 2015-16, limit of exemption on transport allowance is 1,600 per month or Rs 19,200 per annum. For example - if you receive Rs 2,000 as transport allowance every month, Rs 1600 shall be exempt from tax and remaining Rs 400 per month or Rs 4,800 per annum shall be taxed as salary income.


To calculate income tax, include income from all sources. Include:

  • Income from Salary (salary paid by your employer)
  • Income from house property (add any rental income, or include interest paid on home loan)
  • Income from capital gains (income from sale purchase of shares or house)
  • Income from business/profession (income from freelancing or a business or profession)
  • Income from other sources (saving account interest income, fixed deposit interest income, interest income from bonds)


HOW TO CALCULATE INCOME TAX ???
SHIXAK JYOT PAGE 1

SHIXAK JYOT PAGE 1

Let's understand income tax calculation by way of an example. Neha receives a Basic Salary of Rs 50,000 per month. HRA of Rs 25,000. Transport Allowance of Rs 8,000 per month. Special Allowance of Rs 5,000 per month. LTA of Rs 20,000 annually. Neha pays a rent of Rs 20,000 and lives in Delhi.
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Income Tax Xl File Automatic calculate

Income Tax Xl File Automatic calculate

Income Tax Xl File Automatic calculate
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CII For Doubling Income Tax Exemption To Rs 5 Lakh, Hiking 80C Deduction Limit

CII For Doubling Income Tax Exemption To Rs 5 Lakh, Hiking 80C Deduction Limit

CII For Doubling Income Tax Exemption To Rs 5 Lakh, Hiking 80C Deduction Limit

Currently, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5-5 lakh attracts 5 per cent tax, while that between Rs 5-10 lakh is levied with 20 per cent tax. Income above Rs 10 lakh is taxed at 30 per cent.
The industry body has recommended that income below Rs 5 lakh should be exempt while between Rs 5-10 lakh should be taxed at a lower rate of 10 per cent. For those having income between Rs 10-20 lakh, the tax rate should be 20 per cent, and those earn over Rs 20 lakh should be taxed at 25 per cent.
In view of the forthcoming general elections, Finance Minister Arun Jaitley will present in Parliament an interim Budget for 2019-20 on February 1. The new government will come out with the final budget for the fiscal.
The CII also suggested that corporate tax rate should be reduced to 25 per cent, irrespective of turnover, and should be brought down to 18 per cent in a phased manner.
It also recommended that the limit for claiming deduction under Section 80C of I-T Act be raised from Rs 1.50 lakh to Rs 2.50 lakh to provide saving opportunities to public at large.
"The exemptions for reimbursement of medical expenses and transport allowance may be reinstated along with the standard deduction of Rs 40,000," the CII said.