Income Tax

Excel based Income Tax Calculator for FY 2020-21–AY 2021-22 Budget 2020, bring two tax regimes, somehow benefit certain income taxpayers and drag additional tax from certain taxpayers. From the middle-class taxpayers, the choice is yours. This excel-based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit, … Read more

How to Fill Short Term Capital Gain in ITR-2 AY 2019-20 sounds complicated, which it really is, the whole capital gain sheet in ITR-2 consists of sections and subsections. ITR form Schedule CG (Capital gain) sheet only allows the user to enter their Short term and Long term capital gain details. Section A – For … Read more

Income from other sources under Income tax act is the head of the income which is unidentified or such income which can consider all the different sources of income that do not fall under other heads such as income from salary, or house property or capital gains. ITR Form I – VI, there is a … Read more

Major Portion of Indian Economy includes “Agriculture portion”. What would be the treatment of income tax on agricultural income? Most of the people still including farmers are unaware of the taxation system and ignore to fill income tax return. Although Agriculture income is exempt under section 10(1) of the Income-tax Act. Income incurred from agriculture up … Read more

Today I’m going to show you exactly how to verify income tax return using pre-validation. E verification of ITR is mandatory otherwise it will be treated unfilled. Once your ITR is uploaded on the e-filing website, you get 120 days to verify your return. ITR form asks the taxpayer before the commencement of filling your return to “select … Read more

Looking for long term capital gain tax calculator in excel, you are at the right place. LTCG Tax is popularly known for the sale of the property, agriculture land or any Equity-linked shares, which was held for more than 24 months. In easy terms, if the difference of purchase of any assets and sales for … Read more

What is House Rent Allowance (HRA) House Rent Allowance is the part of salary every employee gets from their employer which is clearly shown in the salary slip. House Rent Allowance (HRA) is given to meet the cost of rent paid by the employee for his stay. The Income-tax department allows the employee for House … Read more

In the real world, some events can said to be uncertain, death of the dear one brings a lot of responsibility to the second-hand command of the house. Apart from the loss, his family has to confront issues relating to the transfer and distribution of the deceased’s estate, which includes all his property, assets, etc. … Read more