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Income Tax

Calculate Your Projected Income Tax for FY 2020-21 in New Tax Regime

Income Tax calculation for FY 2020-21 and AY 2021-22 - Union government has introduced a new income tax strucre along with the...

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eTDS

New ITR Form For 2017-18, e-filing Mandatory for Demonetization Cash Transactions

Income Tax department has notified new Income Tax rationalized form Sahaj Form - I for filing income tax returns. They have also...

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Income Tax

How o Calculate Stamp Duty Value in Capital Gain Tax ?

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 the actual sale consideration of such land and/or building is less than the stamp duty value, then the stamp duty value will be taken as...

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Income Tax

Whether Provident Fund (PF) Taxable ?

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 which Provident Fund Act, 1925 applies or from any other provident fund set up by the central government and notified by it in this behalf,...

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Income Tax

Does Gratuity and PF Taxable ?

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 subject to the limits prescribed in this regard and PF receipts are exempt from tax, if the same are received from a recognized PF after...

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