Income Tax Big news - Rightsofemployees.com

Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Pravesh Maurya — Sat, 31 Dec 2022 09:02:06 +0000

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

If your salary package is 10 lakh rupees and you pay a large part of your earnings in the form of tax, then be careful. Perhaps you would think that there is no way to save tax, in such a situation, if it is right to pay tax, then you are wrong. Not only this, even if your salary package is 10.5 lakh rupees, even then you will not have to pay 1 rupee as tax. Let’s know the complete maths…

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

This is the complete maths
1. If your salary is 10.5 lakh rupees, then first of all subtract 50 thousand given by the government as standard deduction. In this way your taxable income is now Rs 10 lakh.

2. Now you can claim Rs 1.5 lakh under 80C. In this, you can claim children’s tuition fee, PPF, LIC, EPF, Mutual Fund (ELSS), principal of home loan etc. In this way, your taxable income here has been reduced to Rs 8.5 lakh.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

5. Under Section 80D of Income Tax, you can claim a premium of 25 thousand rupees medical health insurance for your family (wife and children). Apart from this, senior citizens can claim 50 thousand for health insurance premium paid for parents. After claiming total health insurance premium of 75 thousand, your taxable income has come down to 5.25 lakhs.

6. Now you have to donate 25 thousand rupees to any organization or trust to bring your taxable income to 5 lakhs. You can claim it under Section 80G of Income Tax. On donating 25 thousand, your taxable income came down to Rs 5 lakh.

You will have to pay zero tax
, now your taxable income has been reduced to Rs 5 lakh. On the income of 2.5 to 5 lakh rupees, at the rate of 5 percent, your tax becomes Rs 12,500. But there is an exemption from the government on this. In this case your tax liability becomes zero.

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Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Pravesh Maurya — Fri, 02 Dec 2022 13:29:29 +0000

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Pravesh Maurya — Sat, 12 Nov 2022 08:28:00 +0000

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Pravesh Maurya — Sun, 06 Nov 2022 16:29:34 +0000

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Big News! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Pravesh Maurya — Thu, 13 Oct 2022 15:02:47 +0000

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

The post Income Tax Big News! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Pravesh Maurya — Mon, 26 Sep 2022 09:15:07 +0000

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

You will have to pay zero tax
, now your taxable income has been reduced to Rs 5 lakh. On the income of 2.5 to 5 lakh rupees, at the rate of 5 percent, your tax becomes Rs 12,500. But there is an exemption from the government on this. In this case your tax liability becomes zero.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details

Pravesh Maurya — Wed, 17 Aug 2022 15:56:38 +0000

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Big News ! Before filing income tax return, read this news or else you will get stuck!

Pravesh Maurya — Sat, 23 Jul 2022 10:18:04 +0000

ITR Latest Update: The Income Tax Department has informed through a tweet that the last date for filing returns for the assessment year 2022-23 for the salaried people and whose income is not auditable is 31 July 2022.

The Income Tax Department has informed through a tweet that the last date for filing returns for the assessment year 2022-23 for the salaried people and whose income is not auditable is 31 July 2022. The tax department has also advised that in such a situation, if you have not filed the return, then you should do this work as soon as possible. Let me tell you that due to Corona, for the last two years, many changes were seen in the last date for filing income tax returns. Because of this, many people felt that this time also the last date for filing income tax return may get extended.

Income Tax Department made these changes

In such a situation, if you are going to file the return, then definitely know about some changes made by the Income Tax Department. The Income Tax Department has recently launched AIS i.e. Annual Information Statement. The department has started these to bring transparency in ITR filing and to make things easier for the taxpayers. In the new AIS form, taxpayers are given details of all the income earned through different channels such as interest earned from savings account, income from recurring and fixed deposits, amount received as dividend and mutual fund transactions. Income earned etc. is included. In simple words, AIS can be called a detailed statement of all the financial transactions done during any one financial year.

Return to be filed for assessment year 2022-23

It is very important to understand them. When you file your return, you will see one word repeatedly mentioned about assessment year. Assessment year means the year in which you file income tax return. This year you will file the return for the assessment year 2022-23 but this return will be for your income in the financial year 2021-22.

Keep these things in mind before filing ITR

Now know what are the important things you should keep in mind before filing ITR. So first of all, before filing ITR, you should first select all the income tax return forms. Actually, the Central Board and Direct Taxes (CBDT) has notified 7 forms of ITR, in which ITR 1 to ITR 4 are for individual taxpayers. Well, there are many forms to file income tax return. But if you are an individual taxpayer and do a job, your annual income is less than Rs 50 lakh, then you have to choose the Sahaj Form 1 of Income Tax.

Businessman required to fill ITR Form 3

People getting pension will also have to fill this form. If there is an FD of the bank and interest is received on it and there is income from house rent, then the same form will have to be filled. Apart from this, if you have income from any source other than your salary, then you have to use ITR 2 such as you have capital gains, income from more than one property, foreign income and income from unlisted shares etc. Apart from this, those whose income is more than 50 lakhs means income from business etc. and it is necessary to get audited, for them ITR 3 is.

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ITR Filing Last Date: Last date to file ITR is just 10 days away, income tax portal slows again

Pravesh Maurya — Fri, 22 Jul 2022 05:03:08 +0000

ITR Filing Last Date: Return Filing is finding it difficult to choose the reason for filing Income Tax Return, OTP coming and e-verification, generating taxpayer information report. Also, there is a delay in opening the website.

The last date for filing Income Tax Return (ITR) is just 10 days away, but still professional Chartered Accountants involved in filing tax returns are facing some difficulties. They claim that the website (incometax.gov.in,) runs fine a few times a day, but becomes quite sluggish at times. However, as the last date approaches, the number of return filers is also increasing.

So far around 2.25 crore people have filed returns. According to the official associated with the matter, the officials of the tax department are in constant touch with Infosys, the company that maintains the portal.

Tax experts Yogendra Kapoor said that technical difficulties are being faced at some places. In some cases, things like data entry and form verification are either partially working or not working at all, he said.

Apart from this, experts believe that people are finding it difficult in return filing, choosing the reason for filing income tax return, getting OTP and e-verification, generating taxpayer information report. There are also complaints of delay in opening of the website and sluggish opening of many of its webpages.

Sources also say that proposals are coming to the Income Tax Department to extend the last date of return, but the Income Tax Department is not in a mood to extend the date yet. The focus of the department is currently on resolving the problems being faced on the portal.

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Income Tax Big news : Income Tax Department issued a new order to the person filing ITR

Pravesh Maurya — Mon, 04 Jul 2022 11:55:35 +0000

Income Tax New Update: The process of filing Income Tax Return has started. This year, individual income taxpayers will have to file ITR for FY 2021-22 by July 31, 2022.

If the income tax return is filed after this date, a penalty may also be levied. Even if a person’s income is not taxable, such a person can file an income tax return. There are many benefits of filing income tax returns for such people as well. However, people are facing many difficulties in filing income tax returns.

The Income Tax Department has also taken action. Proactive steps”. Income Tax Department has also tweeted about this. “It has been observed that taxpayers are facing problems in accessing the e-filing portal of Income Tax Department,” the Income Tax Department tweeted. As reported by Infosys they have noticed some irregular movements on the portal, which are actively taking steps to deal with it.

was launched in 2021. Taxpayers and professionals had to face trouble from the very beginning. Infosys was awarded an agreement in 2019 to develop a portal. Infosys paid Rs. 164.5 crore has been paid.

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