Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

How to calculate total taxable income for FY 2018-19 and 2019-20

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In our earlier article we have discussed about Gross Total Income or GTI. In this article we will show you how to calculate total taxable income and tax liability on it.After collecting all required information to file your ITR, you are required to calculate your total taxable income. Based on the applicable slab and tax rates, tax liability is calculated on it. After … [Read more...] about How to calculate total taxable income for FY 2018-19 and 2019-20

How to calculate tax on free food and non-alcoholic beverages

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As per rule 3(7)(iii), free food and non alcoholic beverages provided by employer to employee is tax free in certain cases if specified conditions to it are fulfilled.Given below is a list of cases where value of perquisite provided by employer to employees should be considered as Nil.Tea or snacks provided during working hoursFree food and non alcoholic beverages … [Read more...] about How to calculate tax on free food and non-alcoholic beverages

How to calculate value of perquisite on rent free accommodation

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Calculation of value of perquisite on rent free accommodation depends on the following factors;Who has provided the accommodation to assessee. Is it a government or non-government organization.Is the accommodation furnished or unfurnished.Is the accommodation provided rent free or at a concessional rate to employee.First we have to check the type of employer, then … [Read more...] about How to calculate value of perquisite on rent free accommodation

How to file income tax return without form 16

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Form 16 is known as salary TDS certificate. Its issued by the employer to employee for the whole financial year showing all the taxes deducted from salary and deposited with the government. Form 16 is the first and most important document that every salaried individual required to file an income tax return.It’s mandatory for the employer to issue Form 16 to employee on or … [Read more...] about How to file income tax return without form 16

Form 16 Explained: A Salaried Individual’s Guide to TDS Certificates

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Employers are required to deduct tax (TDS) from the salaries of employees if their total taxable income exceeds the basic exemption limit as per the income tax slabs.Employers must calculate TDS based on the employee's estimated annual income, applying any eligible deductions (such as those under sections 80C, 80D, etc.) to determine the net taxable income.The TDS … [Read more...] about Form 16 Explained: A Salaried Individual’s Guide to TDS Certificates