Part B is an annexure to Form 16 which incorporates
subtleties and segments of pay paid, charge due and charge paid. It is a gritty
calculation and an efficient record of your assessable pay after permitted reasoning’s
and exclusions. Structure 16 Part B incorporates the accompanying data:
Friday, 24 January 2020
Thursday, 23 January 2020
Wednesday, 22 January 2020
Did you receive any advance
salary or arrears of salary? If yes, you might be worried about the
tax implications of the same. Do I have to pay taxes on the total amount? What
about the tax calculations of the previous year and so on? Taxpayers who have
such questions in their mind, here is all that you need to know.
Tuesday, 21 January 2020
Tax collection assumes a significant job in the
profits created by your venture thus you should know how the speculation is
saddled before you pick one. We list down the most widely recognized
speculations and how they are saddled?
• Interest earned in Saving financial balance up to
Rs 40,000 is absolved from charge u/s 80TTA. Any intrigue more than Rs 40,000
is added to your salary and exhausted at personal assessment chunk rates.
• Senior resident can guarantee charge exception up
to Rs 50,000 on premium pay from bank/post office fixed store, investment
account up to Rs 50,000 u/s 80TTA
• This is additionally appropriate for Post Office
Savings Account
Monday, 20 January 2020
Several changes have been
made in the format of the TDS certificate for the Assessment Year 2019-20, the
new format of Form 16 will allow the
Income Tax Department get a detailed break-up of the income and tax breaks
claimed by a salaried person at the first instance itself. Moreover, if there
is any discrepancy between the income and deductions shown in TDS certificate
and the ITR filed by the taxpayer, it will be quite easy to spot it. This new
format is likely to help the department digitize cross checking of figures too,
as it takes away the leeway that companies earlier had in providing the
break-up of income and deductions and fixes the format for providing necessary
details.
Sunday, 19 January 2020
Section
80E allows deduction in respect of payment of interest on loan taken from any the financial institution or any approved charitable institution for higher
education for the purpose of pursuing his higher education or for the purpose
of higher education of his spouse or his children or the student for whom he is
the legal guardian.
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