How to pay less income tax post budget 2017 and beyond? It is said that nothing in this world is certain except for death and for taxes.
However, one can soften the blow from the latter, legally of course. This article tells as to how can the taxpayer pay less income tax post budget 2017 and beyond. It always starts with knowing the difference between your salary income and the total income and it includes minimizing of the tax on the allowances that are part of your salary. Income is however obtained from five broad sources:1.
Salary Income from an employer, including the value of perks and of allowances2. DEDUCTIONS THAT ARE AVAILABLE *HRA, medical expense reimbursement, LTA, conveyance allowance etc. A taxpayer also has to pay tax on certain income even if he/she has not earned it. The exemption is limited to the lowest of 1. What if accommodation is provided by the employer? Leave travel concession (LTC) You and your family’s travelling expenses on an annual holiday within India are however eligible for a tax break.
How Budget 2017 is affected individual taxpayers in different income slab? It is said that nothing in this world is certain except for death and for taxes.
However, one can soften the blow from the latter, legally of course. This article tells as to how Budget 2017 has affected/is affecting individual taxpayers in different income slabs. However, 5 income slabs have been considered which are: High-income taxpayerSalaried professional with home loanSalaried taxpayerSenior citizen taxpayerLow-income earner High-income taxpayer For a high-income taxpayer whose taxable annual income is Rs.30.8 lakh and if he claims a deduction of Rs.1.5 lakhs under section 80C if the existing tax of Rs.7.25 lakhs. Salaried professional with home loan For a salaried professional with a home loan whose taxable annual income is Rs.15 lakh and if he claims a deduction of Rs.1.5 lakhs under section 80C, 2 lakhs under Section 24 and Rs.30000 under Section 80D if the existing tax of Rs.1.66 lakhs.
Salaried taxpayer Senior citizen taxpayer Low-income earner. How to plan your small business's growth ? How to plan your small business’s growth ?
3.5 (70%) 2 votes The small business’s starts with a small investment. It needs to be grown as soon as possible so that more growth can be more gain. For that, we need to plan in such a way that so that target growth makes the firm earn a profit. Income Tax return slabs - LegalRaasta ITR return knowledge portal.
Income Tax Return is a proof that the person has paid his income tax.
It contains the details about his annual income and the amount of tax which he has paid. Every year, Indian citizens who thus earn taxable income are required to file Income Tax Return (ITR). Filing ITR will help him in getting a refund in case he pays more tax than what he is required to pay. However a return of income is thus a defined form which can list out the particulars of the income and the taxes paid that are paid on the same by an individual, firm or an organisation in a financial year. What is Form 16 Part A? How to use it to file your tax returns? On February 19th, 2013, Income tax department notified a new form 16.
Form 16 is a certificate allotted by the employer to the employees. It certifies that the TDS is deducted from the employee’s salary by the employer. As per tax laws of India, if an employer deducts TDS from his employee’s salary, he/she must issue income tax form 16 to his/her employees every year. Tax benefits from education loan. An education loan is generally taken for the purpose of higher education from a banking institution for pursuing a career goal.
It can be taken for any course which an individual wishes to pursue after completing class 12 or equivalent. However in the same loan, once a person starts earning, they are required to pay back the loan amount to the bank and they are also charged with an interest on the amount financed. It not only funds higher studies but also helps to save tax. The following article tells us about the tax benefits that are available for an education loan. This interest Amount is taxable and the deduction under section 80E of the Income Tax Act of India, 1961 is only available to an individual if the following conditions are satisfied: What are the benefits of submit ITR before Deadline? An income tax return can be defined as the tax form or forms that are used to submit ITR with the Income Tax Department.
The tax return is generally in a pre-set format of a worksheet where the income figures that are used to calculate the tax liability are written into the documents themselves. In order to get to know as to what are the benefits to submit ITR before deadline , we should understand as to what is ITR filing . Income Tax Return is a proof that the person has paid his income tax.
It contains the details about his annual income and the amount of tax which he has paid. Different ITR filing forms in India. Income Tax Return is a proof that the person has paid his income tax.
It contains the details about his annual income and the amount of tax which he has paid. Every year, Indian citizens who thus earn taxable income are required to file Income Tax Return (ITR). LegalRaasta Pvt. Ltd. Form 27D is a certificate for Tax Collected at Source (TCS) u/s 206 of Income Tax Act, 1961.
It is the certificate for the return filed in Form 27EQ. The filing of Form 27D requires details of both PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number). Form 27D is filed by a seller of goods, not by the purchaser. What is the provisional receipt number under TDS? What is Provisional receipt number?
On the completion of filing the e-TCS or e-TDS return, the assessee is issued with a provisional receipt by the Tax Information Department (TIN-FC). This provisional receipt is considered as proof that the e-TDS or e-TCS of the assessed return has actually been filed by the individual himself/herself. A unique 15-digit provisional receipt number (PRN) is issued along with every provisional receipt. This receipt number will be regarded as the future reference for the return of that particular quarter of the financial year. The assessee must make sure to keep the PRN in securely since it is needed for filing TDS return in the future quarters, for downloading and accessing his console file, for making corrections to and accessing his TDS returns.
To download Form 16 or Form 16A through TRACESTo download consolidated files from TRACESThe provisional receipt number should be mentioned in the next quarter’s regular TDS return. What are the types of corrections i can make to my TDS Return? When it comes to taxation filing of any kind, there will be errors of many sorts be it human mistakes or computation errors, or related to data upgrades.
This is something which the organizations that record their TDS return will relate with. Best TDS Return Filing Software. TDS (Tax Deducted at Source) is an indirect system of deduction of Tax by Indian authorities according to the Income Tax Act, 1961 at the point of generation of income tax. A TDS Return is a quarterly statement which has to be submitted to the Income Tax Department of India.
It has details of TDS deducted and deposited by you. TDS Return/statement that has been filed in the following forms: 26Q, 24Q and 27Q with the help of media that is detectable by a computer of a piece of data storage equipment such as a CD-ROM or Pen Drive, but in the format permitted under the Income Tax laws in India. The file has to be completely filled and filed for each quarter of a fiscal year. You can do this through TDS Return filing software by uploading the file.
It is a mandatory step to file your TDS Return within a specific period of time. How to verify if TDS challan is correct? TDS challan or Tax Deducted at Source, is a mode of collection of indirect tax in accordance with the Income Tax Act, 1961. TDS comes under the arena of the Indian Revenue Services (IRS) and is administered by the Central Board of Direct taxes (CBDT).
The Tax Deducted at Source or TCS return status is accessible online in three working days after the return has been recorded. The return status will guarantee that “Have you documented the right TDS return?” So every deductor ought to check TDS or TCS return in the wake of filing the returns. The deductor should visit, www.tin-nsdl.com and tap on the “Quarterly Statement Status” choice. Documents Required for filing E-TDS Return. The tax system in India through Income Tax Act, 1961, states that income tax returns must be filed annually for an individual or business that have received income during the year, be it any legal source of income. A tax return is generally the tax that is used to file income tax. It is usually in a predefined set where the figures used to calculate the tax liability are written into the documents. If you keep all the necessary documents handy, the process of Filing e TDS return becomes easy and less time taking.
Gather these documents, which we have listed below. You will not be requiring all the documents as they may vary on the case basis. What is the importance of TDS for citizens? What is TDS? TDS or Tax Deducted at Source is an indirect source of tax collected by the authorities of India. As per the Income Tax Act of India, there exist some particular payments against which tax needs to be deducted at the time of payment or at the time of accrual, is referred to as Tax Deducted at Source. TDS is managed by the central board of direct taxes (CBDT) that comes under the Indian Revenue Services. How Can I Save My Income Tax?
Advantages of Filing Income Tax Returns. 5 common mistakes to avoid before your submit your income tax return. How to File Tax Returns on Stock and Futures and Options Trade. GST Model: Decoding supply of goods under GST. GST is a comprehensive tax which would be levied on manufacture, sale, and consumption of goods and services at a central level. It comes with value addition at each level and continuous chain of benefits from the producer’s/ service provider’s to the retailer’s level where only the final consumer must bear the tax. Implementation of GST is to replace the existing multiple tax structures of Centre and State taxes results not only in desirability but imperative in the economic environment. Separate taxation of goods and services often which leads to greater complexities, administration and compliances costs. GST, being a destination-based consumption tax, would also greatly help in removing economic distortions and will help in the development of a common national market.
GST model that has been proposed by the Empowered committee and accepted by the center will be having a dual-core system:- A supply of goods and services is a taxable event under GST. What is the time of supply in GST Regime? Point of taxation means the point in time when the goods/services deemed to be supplied/provided. GST Registration in India. How can you file a return with only form 16? A complete guide on GST. Best GST return filing software. GST is to be implemented country wide from 1st July 2017 for all existing assesses of VAT, Service Tax,Excise Duty etc. It envisages the creation of a single market by removal of state boundaries for all levies and elimination of tax burden due to cascading effect (tax-on-tax) & double taxation (tax on same value more than once at different stages in the supply chain) by ensuring seamless transferring of input credit through GST return filing of output and input supplies of goods and services.
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