All India ITR
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File Income Tax Return online with easy e-Filing solution. Goods and Services Tax in India - GST Rate Slab. Form 16 for Income Tax e-Filing - Understand Your Form 16. Prepare Early for next ITR filing Least complicated ITR e-filing in the industry E-file your ITR in a few simple stepsExpert Assistance over Chat and EmailClick to go through the procedure for e-filing hereStart e-filing Where can I get a Form 16?
An employer must issue Form 16 to the employees even if there is no tax deduction from the employee’s salary as Form 16 carries all the information required by an employee and necessary to file his/ her income tax returns. How can I use Form 16 to file Income Tax Returns? In India, the rule for filing Income Tax is based on The Income Tax Act of 1961 and the Income Tax rules of 1962. Why is Income Tax Form 16 required? When a salaried individual realizes the contents of Form 16 then Income Tax Returns filing become more understandable. Form 16 has two section, Part A and Part B. Part A of Form 16 consists of the following: Part B comprises of numerous details that are needed while Income Tax Returns. Part B of Form 16 consists of the following: Q. Q. Salary Income Guide – Calculate Tax for Salaried Person. What income am I taxed for? Income is not only salary, but it includes all the income that you earn from all other sources. The other sources include house property, profit/loss from selling stocks, interest earned on a savings account/fixed deposits.
All the income generated from these sources are your gross income and thus is taxable. So, how much tax I have to pay? Tax is levied on the total income generated from all the sources. For senior citizens of 60 years or older, the 0 tax limit is prescribed for income up to INR 3,00,000. Calculate Your Income Tax When an employer deducts tax from employee salary and pays it to the I-T Department on their behalf The TAX employer deducts is called TDS or Tax Deducted at Source which they pay to IT department. The employers also provide a TDS certificate called Form 16 around June or July which shows all the calculations of monthly deductions. Description of Form 16: It has two parts Part A. House Rent Allowance - HRA Exemption Calculator. Frequently Asked Questions Q. How is my HRA decided by my employer? The House Rent Allowance, which is supposed to be paid to the employee depends on the basic salary of the employee.
Other factors, that decide the House Rent Allowance amount are as follows: The type of city in which, employee is staying.In case of a metro city, 50% of basic salary is entitled to the employee for HRA In case of a non-metro city, 40% of basic salary is entitled to the employee for HRA.Whenever we are talking about House Rent Allowance, we must take in to consideration the sum of basic salary, Dearness Allowances and other commissions.
Q. You will not require any documentary proof if your House Rent Allowance claim is up to Rs. 3000 per month. The Rent Receipts:A completely filled rent receipt with all the required details, which include residence address, landlord’s name, the rent amount, signature of the landlord which is used as a verification of the rent accepted by him/her. Q. Q. Q. Q. ITR-1 Sahaj Form – Complete Guide for Filing Sahaj Form. Income Tax Return -Non-Resident Indians. File Income Tax Online. Efiling Income Tax. E-Filing of Income Tax Return.
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