Search This Website

Showing posts with label INCOME TAX. Show all posts
Showing posts with label INCOME TAX. Show all posts

Thursday, 24 December 2020

Income tax slab rate for New Tax regime -FY 2020-21

Income tax slab rate for New Tax regime -FY 2020-21



In this new regime, taxpayers has an OPTION to choose either :

To pay income tax at lower rates as per New Tax regime on the condition that they forgo certain permissible exemptions and deductions available under income tax, Or

To continue to pay taxes under the existing tax rates.The assessee can avail rebates and exemptions by staying in the old regime and paying tax at the existing higher rate.

Income tax slab rate applicable for New Tax regime – FY 2020-21.



https://info.gkedu.info/?m=1


Example for Old Tax regime Vs New Tax regime & which is better?



The new tax regime can largely benefit middle class taxpayers who have a taxable income upto Rs 15 lakh. Old regime is a better option for high-income earners.

The new income tax regime is beneficial for people who make low investments. As the new regime offers seven lower income tax slabs, anyone paying taxes without claiming tax deductions can benefit from paying a lower rate of tax under the new tax regime. For instance, assessee having total income before deduction up-to Rs 12 lakh will have higher tax liability under the old system if they have investments less than Rs 1.91 lakh. Therefore, if you invest less in tax-saving schemes, go for the new regime.

That being said, if you already have in place a financial plan for wealth creation by making investments in tax-saving instruments; mediclaim and life insurance; making payments of children’s tuition fees; payment of EMIs on education loan ;buying a house with a home loan; and so on, the old regime helps you with higher tax deductions and lower tax outgo.


In light of the above and considering the new income tax regime, if taxpayers want to opt for the concessional tax rates, they may evaluate both regimes. Hence, it is advisable to do a comparative evaluation and analysis under both regimes and then choose the most beneficial one as it may vary from person to person.

Let’s take an example of comparing the Old & New tax regime of an assessee with Rs 10 Lakh income.

https://info.gkedu.info/?m=1
Read More »

Income Tax Online Calculator for Ay 2021-22 and Financial Year 2020-21

Income Tax Online Calculator for Ay 2021-22 and Financial Year 2020-21

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.

https://info.gkedu.info/?m=1

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.

https://info.gkedu.info/?m=1
  • 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.

What calculations are made by the calculator?


  • The Income Tax calculator carries out following calculations for the Assessment Year selected by you :
  • Income from Salary and Wages, House Property, Presumptive Business and Other Sources.
  • Total Deductions available under various sections of Chapter VIA.
  • Taxable Income after taking into account income from all sources of income (viz. Salary and Wages, House Property, Capital Gains, Business and Profession, Agriculture (for Rate purpose) and Other Sources and available deductions.
  • Taxable Income at Normal Rates and Taxable Income at Special Rates.
  • Slab-wise Taxable Income and Income Tax
  • Rebate available under Section 87A to tax payees having taxable income below specified limit.
  • Health & Education Cess, Surcharge and Marginal Relief on Surcharge
  • Total Tax Liability and Income Net of Tax

IMPORTANT LINK::; 


Click here for Income tax Department official Calculator


Who can use the Income Tax Calculator?


Any Resident Individual viz. Resident Individual aged below 60 year, Senior Citizen, Very Senior Citizen and HUF can use the calculator for AY 2020-21 and AY 2019-20.
Read More »

Thursday, 10 December 2020

INCOME TAX CALCULATOR-2020-21

 

 INCOME TAX CALCULATOR-2020-21


INCOME TAX CALCULATOR-2020-21 BY Jagadish Patel.




Income tax assessment for the year 2020-21
Download Incometax Excel file and open it in computer.










Systematic step-by-step understanding of the notable slaughter-reduction camp * Friends, the change camp will be held on
 26/10/2020 according to the change amendment rules of the current year.



* Pay Camp Internal Camp Matter *
A. Schools with less than 20 in Std-6 and a combination of Std-6 and 7 with less than 20 will merge into nearby schools
B. The children of Std-6 and 7 go to the school where the children go to the upper primary section so the seniority of the additional teacher accompanying the children is not eligible to be counted in the merged school so that the teacher of the merged school will be considered killed.
C. The right of the first mother school will be given to the teacher who goes to the salary center in the internal camp of the salary center. Even if a teacher who has been killed earlier has a maternity leave in another pay center from the pay center, it is not available. But if the camp of the pay center is completed and the camp of the whole taluka starts and there is a vacancy in his own school in the pay center, then the teacher who has gone out of the pay center is entitled to the mother school.
D. After giving the right to the mother school, the teachers of the primary department of their own pay center will be given the right to choose the vacancies of the primary department. Thereafter, if the vacancies in the primary department do not remain vacant, then the teachers of the primary department in the vacancies of the upper primary will be ordered to be promoted in the upper primary department. The teachers who get such an order will also be called back to the massacre camp in the establishment of August 2021 as a teacher. If these teachers graduate and offer an option in April-2021, they will be able to go to the upper primary as a subject teacher in the option camp to go to the upper primary based on the vacancy in their mother school.


Income tax assessment for the year 2020-21
Download Incometax Excel file and open it in computer.

E. If the teachers who have taken the option are in the majority, then the teachers have been transferred to the upper primary section by relinquishing their right to the primary department. The option date of the teachers who have been given the option will be considered as the date of joining the upper primary section. As the date of joining HTAT is considered as the date of joining the HTAT promoter, the option taker cannot claim the right of seniority of the primary department by getting the right in the higher department.
F. If a teacher has been transferred to his / her pay center for medical reasons, even if he / she has been in school for three years from the date of attendance, he / she is not eligible for transfer.
G. If a teacher in his pay center is the widow of a National Security Force employee and is responsible for children and family, he should be treated as per Rule-2 (1) of the Gazette of Government of India dated 04/10/2012 and subsequent amendments of Government of India There is no provision to change it as per the orders.
Accordingly the internal camps of the pay centers are completed.


* Inner camp inside the taluka *


A. If no vacancy teacher is found in the vacancies of the higher division after filling up the vacancies within the primary department of all the pay centers of the taluka, then appointment order for the teachers of all the vacancies in the vacancies in all the vacancies. Will be given which will be counted in the new establishment next year.


B. There is no provision in the circular to bring back the teachers who have gone out of the taluka as higher teachers in the upper primary section for the benefit of the mother taluka even if the vacancies in the upper primary department increase. . Matru taluka no camp starts and at that time only if there is a vacancy in the primary department of a teacher's mother school, the benefit will be given to the teachers who have left the taluka of the mother school.



C. Accordingly, after the completion of the camps in each taluka, if the number of teachers in the district increases, the proposal will be made to the office of the Director of Primary Education, then we are bound to follow the instructions given by the office of the Director.
* Special things to understand *



Recruitment and transfer camp is a regular process. The only advantage is that no one is allowed to walk in the regular process. What issues come out today
1. Keep the camps closed due to lack of camp corona and give letter pad. Friends used to say that campo should be done. Now you say campo should be closed. Camps are the same every year. Friends, in many schools there are more teachers when there is less work. On the other hand, in schools with small omissions, if the paperwork is waiting for the teacher to satisfy the hunger for learning, then there should be a camp. * Nation or interest, education * is our first job, then there should be a camp.


2. It is totally wrong that there is a cry of seniority in the primary department of teachers with options. If you want to maintain seniority, stay in the primary department. Do you work in the higher department? Should be done


3. If the teachers coming from the district fair also
 want to stay with the family, then it is also appropriate to have some vacancies according to the percentage to bring them.



Income tax assessment for the year 2020-21
Download Incometax Excel file and open it in computer.


INCOME TAX CALCULATOR-2020-21 BY Jagadish Patel

IMPORTANT LINK.




 
There are so many things to understand, friends. Everyone should always be given the right according to the policy. We cannot benefit from both milk and curd. If we gain something, we have to lose something.


Read More »