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Interest under Sec. 234A, 234B, 234C for FY 2021-22 of Income Tax Act – Excel Calculator

September 13, 2022 Admin

Interest under Sec. 234A, 234B, 234C of Income Tax Act : An Assessee has to pay Taxes in Advance on his/her income during the Financial Year. In case, of default in paying the same will attract the interest liability and calculate the interest under sec. 234A, 234B, and 234C of the Income Tax Act. You can put the Tax liability & Advance payments to calculate the interest under Sec. 234A, 234B, and 234C of the Income Tax Act in the Free Excel Calculator. To download the same, please click…

Salary Structure

August 14, 2022January 29, 2024 Admin

The Companies allow Employees to design Salary Structure according to their needs. It will give the broad components to decide the Structure of Salary. What is Salary Structure | Salary Structure Design? It is basically components under which the whole payment is divided depending on the Tax Planning of each employee. The Companies provide the Basic Salary and the balance will be allowed to opt from the given components. It is called a Basket of Allowances (BOA). The Basic salary is always a Fixed component and BOA will be offered…

Income Tax Calculator for FY 2022-23 (AY 2023-24) | Free Excel Download

July 17, 2022 Admin

Free excel Income Tax Calculator for FY 2022-23 (AY 2023-24) is available for free to download. It calculates the Tax on income under below heads for individuals. Salary income Pension House Property Other Sources (Interest, Dividends etc.) Click on below link / button to download the free excel income tax calculator for FY 2022-23. Income Tax Slab for computation in Income Tax Calculator for FY 2022-23 is briefed below. The new regime of taxation is introduced from FY 2020-21, which is optional to an Assessee. In Option/alternative 1 (Old regime),…

Option Writer | Option Writing

May 22, 2022 Admin

Segments in Stock Market : Equity Market or Spot Market Derivatives or F&O are divided into 2 parts.. Futures Options (Call and Put). The contracts are created by Option Writer. In this article, we are looking into the happening of trades in the Options segment/Options market. Options Trading : It is trading in 2 types of Options. Call Option : Right to Buy Put Option : Right to Sell When the person buys an Option, it means someone sells the same. Either it is Call or a Put Option. Option…

Depreciation | Meaning and its Greed for use

March 13, 2022 Admin

What is Depreciation? When an entity acquires a Capital Asset, it will be a Balance Sheet Item. There is wear and tear of an Asset in use and results in a reduction in the value of the same. The deduction is in the form of Depreciation and is available over the life of that respective Asset. The deduction is allowed in the form of allowance every year, called Depreciation. In brief, depreciation is a Capital Allowance towards Fixed Assets and allowed as a deduction from the Revenue/Income before arriving at…

Cash Flow Statement

February 13, 2022 Admin

What is a Cash Flow Statement? It is also a financial statement that shows an inflow and outflow of Cash and Cash Equivalents. A Cash Flow statement is like a tool in the hands of users to know the sources and uses of Cash and Cash Equivalents of an enterprise over a period of time from various activities of an enterprise. Methods of calculation of the Cash flow statement. ⇒ Direct Method of calculation of cash flow statement The company receives & pays the cash in day-to-day business. The…

Tax Audit | Future and Options Trading

January 23, 2022January 29, 2022 Admin

What is Tax Audit and Future and Options Trading? Tax Audit is defined under section 44AB of the Income Tax Act. Click here for the full text of this section. Future and Options Trading is also called derivative Trading. Please click here for a brief explanation. Every Trader trading in Future and options is been told to get his accounts audited before filing his Income Tax returns. I saw some traders are not filing the Income Tax returns in case of Losses & lose the benefits of carrying forward of…

Income Tax Refund Status

January 13, 2022 Admin

How to check the Income Tax Refund Status? With the link given in the below post, you can check the status of the Income Tax Refund. The income tax return filed may be with the refund or without the refund claim. When the return gets processed, an assessee gets an intimation thereof. If there is a refund claim in the calculation, it will not get credited to the given Bank account of an assessee. But sometimes you won’t be knowing the status thereof. Sometimes when you file a return of…