Income Tax Slab for AY 2020-21
Learn about the latest Income Tax Slab for AY 2020-21 (FY 2019-20) which determines the tax you pay. Also has tax slabs for earlier years AY 2019-20. Continue reading → Learn about the latest Income Tax Slab for AY 2020-21 (FY 2019-20) which determines the tax you pay. Also has tax slabs for earlier years AY 2019-20. Continue reading →Income Tax Calculator for FY 2018-19 [AY 2019-20] – Excel Download
Budget 2018 has made some changes to Income tax for individual. There has been no changes in the income tax slab, however there have been some changes related to salaried/pensioner tax payers and senior citizens. We highlight the changes and give you the new tax calculator for FY 2018-19 [AY 2019-20]. Changes in Income Tax Rules: […] Continue reading →Pay your Advance Tax Online in 5 easy steps
March 15, 2019 is the last date to pay last installment of your advance tax. Starting FY 2016-17 advance tax is payable in four installments as follows: 15% of total tax by June 15 45% of total tax by September 15 75% of total tax by December 15 and 100% of total tax by March […] Continue reading →How to Save Income Tax for Salaried and Professionals for FY 2018-19?
We are releasing the eBook on Tax Planning which tells you how to save income tax for FY 2018-19 (AY 2019-20) for both Salaried and Professionals. This is a short 43 slide power point presentation (in pdf) which covers all the tax saving sections and investments applicable for tax payers. But before that lets look […] Continue reading →Claim Tax Benefit for Rent Paid u/s 80GG
Section 80GG is one of lesser known sections which can be used by taxpayers to lessen their tax burden by claiming tax exemption for rent paid (in case HRA is not part of salary). This section can be used by be either salaried/pensioner or self-employed tax payers. Conditions for Claiming Tax benefit u/s 80GG for Rent […] Continue reading →What does Digits in PAN Number Mean?
I am sure majority of readers of this blog would have PAN Number (Permanent Account Number) issued by the Income Tax Department. But do you know what does the digits in PAN Number mean? Below is a sample of PAN Number. It is a 10 digit alpha numeric number, where first five characters are letters, the […] Continue reading →Calculate Tax on Arrears in 7 Easy Steps
This year might have been happy one for you if you received long pending salary dues as arrears. But we know receiving arrears makes everyone happy but pain of paying higher taxes makes them worried? We explain how to calculate tax on arrears and claim tax benefit u/s 89(1) in income tax return with example. Tax Calculation […] Continue reading →How Standard Deduction would lower tax outgo for Salaried and Pensioners?
Budget 2018 though did not change the broad tax slabs but made some changes in the tax exemptions. One of them was reintroduction of Standard Deduction for salaried and pensioners. From FY 2018-19 (AY 2019-20) all salaried and pensioners would be eligible for standard deduction of Rs 40,000. However, as they say devil lies in […] Continue reading →13 Important Changes in Tax Rules from FY 2018-19
Every budget makes some changes to tax laws every year and Budget 2018 was no different. We must be aware of these changes and plan our taxes and investments accordingly. Below are the 13 changes that Budget 2018 made and all of these would be applicable from April 1, 2018: 1. Reintroduction of Standard Deduction […] Continue reading →