Filing income tax return can be a complex process if you do not understand the process and applicable tax laws. Therefore before filing your ITR, you need to make sure that all the documents are collected, relevant information is obtained and you know exactly how to process the ITR form.In this article we have listed 8 most important things that every taxpayer should … [Read more...] about 8 things salaried persons should know before filing tax return – ITR
Income Tax
How to calculate tax on gift for financial year 2022-23 & 2023-24
People exchange gifts on Diwali, Durga puja, marriage and on different occasions in India. Before receiving any gift from your relatives you should know the tax implications of it.Not all gifts received by you are exempted from income tax. In this article, we will be discussing tax implications on gifts.In order to know the tax implication, you first have to find out … [Read more...] about How to calculate tax on gift for financial year 2022-23 & 2023-24
How to calculate total taxable income for FY 2018-19 and 2019-20
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
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
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