The
Income Tax Office states that any employee can change the tax structure
at the moment of filing the income tax returns. TDS will be adjusted in
the same way The Income Tax Office has a mastermind explanation for all
people who need to choose new tax pieces The lower income tax rates, as
announced in the 2020 budget, came in April 2020.
Tuesday, 19 May 2020
Monday, 18 May 2020
How to do Income Tax Calculation for FY 2020-21? Which Tax Structure to Choose?
Here is the answer to these inquiries!
According
to Budget 2020, you cannot claim any tax deduction or exception if you
plan to opt for a new tax structure. Along these lines, as an individual
taxpayer if you opt for the new tax regime with lessening tax rate you
need to forgo all tax breaks available today. Fortunately, you have the
option to proceed with the old tax structure. A salaried individual can
switch among old and new tax structure.
Sunday, 17 May 2020
In chapter VIA of the income tax act, 1961, the most widely used option to save tax is section 80C. This section allows an individual and HUF to save tax by investing in or spend on certain specified avenues. The maximum limit up to which you can claim tax deduction under section 80C is Rs 1,50,000 for the financial year 2018-19 and 2019-20.
Thursday, 14 May 2020
The CBDT has changed the format of
Income Tax Form 16 Part B for the Financial Year 2018-19 since the 12 May 2019. This Format is more explore the
employee’s Salary Details.
Wednesday, 13 May 2020
Would
I able to guarantee Tax Benefit for both HRA and Home Loan? – An inquiry which
is frequently posed by many citizens. This is for the most part on the grounds
that numerous businesses don't permit both tax cuts together in specific
circumstances. Tragically this isn't the correct activity.
Monday, 11 May 2020
If
you Opt-in Old Tax Regime then you can get the Tax Exemptions.
Important for tax planning. It reduces the tax burden of an assessee. Let's
take a look at important deductions in Income tax F.Y. 2020-21 and A.Y.
2021-22. Or if you Opt-in as New Tax Regime, then you can not avail the
below all Exemptions.
If you have
received arrears of salary/pension in the Financial year 2020-21 related to the previous year(s) then your tax liability will be on the higher side due to arrears
but do you know that you can bifurcate your income from arrears in
respective years on notional basis and can avail relief u/s 89(1) of Income-tax
Act,1961.
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