Figyan

Income Tax

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

5 steps for salaried persons to file income tax return online

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Before getting into the steps of filing income tax return for a salaried individual, we want you to know the due dates of filing your tax return and late fee to be paid if its missed.IT return filing due date for a salaried person is 31st July of the following financial year to the relevant previous year for which ITR is to be filed. For the financial year 2018-19, due date … [Read more...] about 5 steps for salaried persons to file income tax return online

Due basis or receipt basis – When salary income is taxable

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Before getting into what is due basis or receipt basis and when salary income is chargeable to tax, you first need to understand whether your income is taxable under the head salaries or under some other head of income.For instance, if you are hired by a software company as a contractor, amount incurred by you from the software company will not be taxable under the head … [Read more...] about Due basis or receipt basis – When salary income is taxable