Category: Income Tax

Relief under Section 89(1) on Arrears of Salary FY 2020-21 – Excel Download

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arrears of salary, relief under section 89(1)

What is Arrears of Salary? An employee may get the past year/s salary in the current year. This may be due to revision of salary from past year/s or may be due to restructuring of salary from past year/s or may be due to any other reason. The Arrears of Salary (past dues) are received in the current year along with the current period’s salary. For example, An employee receives the normal salary of Rs. 12 lakhs for the year 2020-21. And also receive salary of Rs. 1.60 lakhs say,…

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Income Tax Calculator for FY 2020-21 (AY 2021-22) – Excel Download

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Income Tax Calculator for FY 2020-21

The Income Tax Calculator for FY 2020-21 (AY 2021-22) is in Excel and is available Free for download. It calculates Income from, Salary Pension House Property Other sources (Interest, Dividend, etc.)   Click below to download the Income tax calculator FY 2020-21 in excel free. Income Tax Slab FY 2020-21 for Income Tax computation are briefed below. The new regime of taxation is introduced which is optional to an Assessee. In Option / alternative 1 (Old regime), the rates remain the same as of last year as below. And all…

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Income Tax Provision | Provision for Income Tax

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Income Tax Provision

-Income Tax is a Direct Tax charged on the Income of an Assessee. Income Tax is always paid in advance to avoid the interest under sections 234B & 234C. For Salary, it is always deducted as a TDS every month and for other sources of income, it is to be paid in Advance. While accounting for the business transactions every month, Income Tax provision is to be made on an estimated profit for the year. The Income Tax Provision can be made on a monthly or quarterly basis and the…

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Interest Sec. 234A, 234B & 234C for FY 2019-20 of Income Tax Act – Excel Download

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Interest under Section 234A, 234B, and 234C levis under Income-tax Act, 1961. Download the Free Excel calculator for calculation of Interest under section 234A, 234B, and 234C of Income Tax Act from the below link. The file is updated with sample data. Section 234A: Apply for the delay in furnishing of the income tax return in the time of before due date. Interest is payable only if the return is filed after the due date. Section 234B: Appy for non-payment / short payment of Advance Tax. Income Tax is to…

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Relief under Section 89 (1) on Arrears of Salary – Excel Download

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arrears of salary, relief under section 89

Normally Salary is received when it gets due. But sometimes in a year the Arrears of Advance salary may be received & gets Taxed in the year of receipt. In such a case, Section 89 (1) provides to claim Tax Relief on the Arrears of Salary received in the current year, which does not pertain to the current year. Form 10E should be filled online before filing the Return of Income. Example: Salary received in FY 2019-20 along with Arrears. The entire current year’s salary plus arrears of salary gets…

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Income Tax Calculator for FY 2019-20 (AY 2020-21) – Excel Download

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This is an Income Tax Calculator India for the FY 2019-20 (AY 2020-21) and can be downloaded in Excel format. This calculator calculates Income from.. Salary, Pension, House Property (1 SOP & 2 LOP) along with Set off & carry forward of loss therein, and Other Sources. This is useful for all Individuals, viz. Normal Citizen, Senior Citizen & Very Senior Citizen. Click below to download an Excel calculator. Income Tax calculator Monthly tabulation of Salary Data, for Income Tax calculator on Salary & for Income Tax calculator on Pension.…

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Interest Sec. 234A, 234B & 234C for FY 2018-19 of Income Tax Act – Excel Download

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Section 234A, 234B, and 234C of the Income-tax Act, 1961 deals with interest payment as below. Interest in all the cases is payable @ 1% per month. Download the Free Excel calculator of Interest u/s 234A, 234B, and 234C from below link. Section 234A : For delay in furnishing of the income tax return in the time of before due date. Interest is payable only if the return is filed after the due date. Section 234B : For non Payment or short payment of Advance Tax. Tax is to be paid…

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Income Tax Calculator for FY 2018-19 (AY 2019-20) – Excel Download

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This is an Income Tax Calculator for the FY 2018-19 (AY 2019-20) and can be downloaded Excel format. This calculator calculates Income from.. Salary, Pension, House Property (1 SOP & 2 LOP) along with Set off & carry forward of HP loss, and Other Sources. This is useful for all the Individuals, viz. Normal Citizen, Senior Citizen & Very Senior Citizen. Income Tax slabs for FY 2018-19 (AY 2019-20) Income Tax slabs for FY 2018-19 (AY 2019-20) General public less than 60 years of Age Senior Citizen (60-80 years of…

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