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Budget 2020 \ New Income Tax Rates\New Income tax slabs\Income tax calculation for FY 2020-21


Budget 2020
Budget 2020


Income Tax calculator - standard deduction for AY 2019-20?

Income tax calculator a standard tax deduction method to use for calculating  Income From salary. 


 Income from House property.


Income from the profit of the business. Income from capital gains.Income from other sources Best Income Tax Calculator Tips.


if you think that calculating income tax is a complex thing then you are wrong for simple salaried individuals calculating income tax is pretty simple and a straight forward part from basic maps only thing you need to know about deduction and exemption you are claiming for and the relevant section and we will discuss all of them today here income tax calculation requires the following process:-

1.   computation of total income by deducting all legal allowance.
2.   deducting valid income tax deduction.
3.   Determination of tax payable based on existing tax lapse.
4.   Final tax calculation to be paid on TDS paid.

Total income is the sum of all sources of income that you have earned in a financial year.
According to tax departments, there are five sources used by people to earned money.


For purposes of computation of total income of an assessee section 14 classified total income into five heads.

Budget 2020 \ New Income Tax Rates \ New Income tax slabs \ Income tax calculation 2020-21


                                                                  New Tax Salb Budget-2020

Budget 2020 \ New Income Tax Rates \ New Income tax slabs \ Income tax calculation 2020-21
New Tax Salb Budget-2020

Computation of Total Income


1.   Income From salary.
2.   Income from House property.
3.   Income from the profit of the business.
4.   Income from capital gains.
5.   Income from other sources.

Let we discuss all of the One By One


     Income Tax calculator from salary


Salary:- Salary means, any remuneration paid by an employer to his employee in consideration of his services is called salary. 

It includes both MONETARY and NON-MONETARY provided by the employer to his employee. 

Monetary salary means salary provide in cash and non-monetary means give some things for his services.


Income from salary can be charged under this head only if is an employer/employee relationship salaried include basic salary gratuity advance of salary if you cut leaving catchments all allowance you got a bonus etc.

 The aggregate of all the income exemption available in the way clown is known as gross salary and this is put under the head income from salary.

In income tax, there is no difference between the wages of laborers and the salaries of high officials. Any salary and pension received from a foreign government are also taxable under the head salaries. 

Previous years for salary  for any assess is generally calculated based on the financial year, that is, payments received from April 1 to March 31 of the following year

1. In case when a person is the employee of the government, semi-government and salary are due on the 1st day of next month his financial years start from 1st March and end on 28th February.

2. In case when a person is the employee of banks,non-govt. bodies and salary are due on the last day of the month his financial year starts from 1st April and ends on 31st March.

  Income Tax calculator From house property


Income from house property income constitutes the income earned from a property by its owner property hereby refers to any residential or commercial building or land attached to this head of income taxes notational income- the taxability may not necessarily be the potential income which the property is capable of yielding.

There is some condition on House property under (section 22).

1.  The property should consist of any building or lands appurtenant thereto.

2.  The assessee should be the owner of the property.

3.  The property should not be used by the owner for the purpose of business or profession carried by him.

Income From building or lands appurtenant is computed under the head of Income from House Property, it includes compound, playground, kitchen-garden, motor garage. 

Courtyard etc. I the case of non-residential building car-parking space, playground connecting roads in the factory area shall be land appurtenant to the building.
.
Income is taxable under this head only if the assessee should be the owner of the property. 

The person whose name the property registered and in case of a mortgage, he is mortgagor not mortgagee.

If the owner of the property utilizes the property to carry on his business or profession annual value of the property is not taxable under Income from house property.


Related Articles:-

Learn Interesting Facts About Tax


Learn About TDS -Tax Deduction At the source

  Income Tax calculator from the profit of the business


Income from the profit of business charged under the head profit and gains of business or profession the income chargeable is the difference between the revenue on running the business and expenses incurred the deduction allowed our depreciation of assets used for business rain premisses insurance and repairs for machinery and furniture advertisements traveling many more.


 Income Tax calculator from capital gains 


income from capital gains any gains or loss arising from transfer capital asset held as investments are put to the under the head capital gains gain can be short term or long term a capital gain arises only when a capital asset is transferred for selling a property or a stock or a mutual fund unit etc.


  Income Tax calculator From other sources


Income from other sources any income that does not fall under any of the four heads of income above is taxed under the head income from other sources an example is interest income from bank deposits winning form lottery any sum of money over 50,000 rupees from a person as a gift.

Salary of A MEMBER OF PARLIAMENT: salary of a member of parliament is taxable under the head income from other sources not in salaries because there is no relationship between employer and employee government of him.

PENSION AND FAMILY PENSION: Monthly Pension received by any employee after retirement is taxable under salaries, Any family pension receiver by the widow of legal hires of an employee is taxable under the Income From other Sources.

The land which is not appurtenant to any building is not chargeable in this section. Income from such land is taxable under hard income from other sources.




Note:- Rebate Of Rs.12500 U/s 87A is available if Taxable income is up to Rs. 5.00 Lac.

Taxinvestcare advised you please do any kind of action related to taxes in the presence of experts.

 Calculate Your Income Tax  Now


  


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2 Comments

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ayan
admin
September 9, 2020 at 3:39 AM

Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. accounting temp jobs

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admin
November 9, 2020 at 10:02 PM

the information you have updated is very good and useful, please update further.
if you require any info regarding TAX & GSTR please visit
Tax consultants in bangalore
Income Tax Consultants in Bangalore

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