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Income Tax calculation for FY 2020-21 and AY 2021-22 – Union government has introduced a new income tax strucre along with the existing one. The new income tax regime is optional, and individuals can either opt for the new regime or file their taxes as per the old regime. Existing tax regime: There are three categories of individual taxpayers: […]
Income Tax department has notified new Income Tax rationalized form Sahaj Form – I for filing income tax returns. They have also made Aadhaar number and disclose bank deposits of more than Rs 2 lakh post-demonetization i.e. November 9 to December 30, 2016 mandatory. The Income Tax Return Form-1 (Sahaj) will replace the existing 7-page […]
How o Calculate Stamp Duty Value in Capital Gain Tax ? – Stamp duty value is the value asses sable by any authority of a State Government for the purpose of payment of stamp duty. Income Tax section 50C defines that computation of capital gain arises due to transfer of land or building or both, if […]
Whether Provident Fund (PF) Taxable ? – Rule 8 of Part A of the Fourth Schedule of the Income Tax Act says that the accumulated balance due and becoming payable to an employee participating in a Recognized Provident Fund is exempted from paying Income tax. Any payment made to an employee from a provident fund to […]
Does Gratuity and PF Taxable ? – Whether Gratuity paid to the employees on retirement or leaving the jobs are taxable as per Income Tax rule ? As per the existing law Government employee Gratuity and PF (Provident Fund) receipts on retirement are exempt from tax. In the hands of non-Government employee, gratuity is exempt […]
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