income tax act Archives - CommerceAngadi.com

Income Tax Calculator for FY 2024-25 (AY 2025-26) | Free Excel Download

November 27, 2024November 28, 2024 Admin

The Income Tax Calculator for FY 2024-25 (AY 2025-26) is in Excel and is free to download. Tax Calculation Heads for individuals. Salary income Pension Family Pension House Property Other Sources (Interest, Dividends etc.) The Download link is available at the end of this Post. Highlights of New Tax Regime. Default Tax Regime : From FY 2023-24, the new tax regime is the default regime, while the option of selecting the old tax regime is also available. Discourage Investments : New tax regime discourage investment. Because the deduction is…

Income Tax Calculator for FY 2021-22 (AY 2022-23) – Free Excel Download

June 6, 2021February 1, 2022 Admin

The Income Tax Calculator FY 202-22 (AY 2020-21) is in Excel and is available Free for download. It calculates the tax on, Income from Salary Income from Pension Income from House Property Income from Other sources (Interest, Dividend, etc.) Click below to download the Free Income tax refund calculator FY 2021-22 in excel free. Income Tax Slab for FY 2021-22 for Tax computation in Income Tax Calculator briefed below. The new regime of taxation is introduced from FY 2020-21, which is optional to an Assessee. In Option / alternative…

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

August 15, 2020February 1, 2022 Admin

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…

Income Tax Provision | Provision for Income Tax

May 29, 2020February 11, 2022 Admin

-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…

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

May 14, 2020May 14, 2020 Admin

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…

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

March 4, 2020March 7, 2021 Admin

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…

Mediclaim Insurance Section 80D

January 27, 2019January 1, 2020 Admin

Medical Insurance Premium (i.e. Mediclaim Insurance) is paid by an Individual either on his/her own health or on the health of spouse, parents and dependent children. Mediclaim policy is taken to cover medical expenses spent on the treatment. For the deduction towards payment of Mdeiclaim Insurance, the conditions mentioned in Section 80D of Income Tax Act. In some companies, an Employer pays the premium & in turn deducts from the Salary of a person (employee) for whom he contributed. Now the question is, Whether the Mediclaim Insurance paid by way of…