Showing posts with label INCOME TAX. Show all posts
Showing posts with label INCOME TAX. Show all posts

Income Tax Calculator for AY 2014-15 Calculator for AY 2012-13 / Free Tax Calculator / Simple Tax India Tax Calculator

Income Tax Calculator for AY 2014-15 Calculator for AY 2012-13 / Free Tax Calculator / Simple Tax India Tax Calculator / Free Income tax Calculator / Easy tax calculator


DOWNLOAD

House Rent Allowance (HRA) Calculator



House Rent Allowance (HRA) Calculator 

DOWNLOAD 

How to Calculate House Rent Allowance – HRA

House Rent Allowance (HRA) is provided by employer to employee as a part of consolidated Salary or you can say Cost to Company (CTC) to meet rent of accommodation. HRA is exempted up to some extent as per section 10(13A) of the Income Tax Act, 1961 and Rule 2A hence it is necessary to understand that How to Calculate House Rent Allowance – HRA Calculator Download here

Are You Eligible For Income Tax Credit / Rebate U/S 87A up to Rs.2000 ?

As per Union Finance Budget 2013, Government has given relief to taxpayers whose income is less than Rs.5 Lakhs (After deducting

A person whose Income is less than Rs.5 Lakhs will get a tax credit of Rs.2,000 under newly inserted section 87A in Income Tax Act.


As per section 87A,

 
Rebate of income-tax in case of certain individuals.
87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.


How To Calculate Tax Rebate U/S 87A?
This tax rebate will be available to those whose income is less than Rs. 5 lakhs. Here income means gross income minus deductions under Chapter VI.
If your net income is below Rs. 5 Lakh, you will receive a relief of Rs. 2,000 in your total tax payments.

Income Tax Rates F.Y. 2013-14

ASSESSMENT YEAR 2014-2015
RELEVANT TO FINANCIAL YEAR 2013-2014



I TAX RATES FOR INDIVIDUALS  OTHER THAN II & III BELOW
Upto 2,00,000                         - Nil
2,00,000 to 5,00,000               - 10% of the amount exceeding 2,00,000
5,00,000 to 10,00,000              - Rs.30,000 + 20% of the amount exceeding 5,00,000
 
10,00,000 & above                  - Rs.1,30,000 + 30% of the amount exceeding 10,00,000


II TAX RATES FOR INDIVIDUAL RESIDENTS  AGED 60 YRS AND ABOVE & BELOW 80 YEARS (SENIOR CITIZEN)
Upto 2,50,000                         - Nil
2,50,000 to 5,00,000               - 10% of the amount exceeding 2,50,000
5,00,000 to 10,00,000              - Rs.25,000 + 20% of the amount exceeding 5,00,000
10,00,000 & above                   - Rs.125,000 + 30% of the amount exceeding 10,00,000


III TAX RATES FOR INDIVIDUAL RESIDENTS  AGED 80 YRS AND ABOVE  (VERY SENIOR CITIZEN)
Upto 5,00,000                         - Nil
5,00,000 to 10,00,000               - 20% of the amount exceeding 5,00,000
10,00,000 & above                    - Rs.1,00,000 + 30% of the amount exceeding 10,00,000



Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000


Surcharge on Income Tax10% of the Income Tax payable, in case the total taxable income exceeds Rs.1,00,00,000. Surcharge shall not exceed the amount of income that exceeds Rs.1,00,00,000

EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of  3% on Income-tax.

Free and easy Income Tax Calculator Download here

Who is required to File Return Online Compulsorily for AY 2012-13?

Individual and HUF with or Without Digital Signature
1. an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupee.
2. an individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be.

Income Tax Rates F.Y. 2012-13

ASSESSMENT YEAR 2013-2014
RELEVANT TO FINANCIAL YEAR 2012-2013



I TAX RATES FOR INDIVIDUALS  OTHER THAN II & III BELOW
Upto 2,00,000                         - Nil
2,00,000 to 5,00,000               - 10% of the amount exceeding 2,00,000
5,00,000 to 10,00,000              - Rs.30,000 + 20% of the amount exceeding 5,00,000
 
10,00,000 & above                  - Rs.1,30,000 + 30% of the amount exceeding 10,00,000


Should I Report Salary Received From Previous to My Current Employer?

Salary taxation is what effect majority of tax payers.When you quit a job and joined another employer during the same year, there comes in question whether the salary received from previous employer be reported to current employer or you can afford to account for those salaries directly in the return of income yourself. 

Know About CTC and Your Salary Breakup

Whether you are joining your first job or changing jobs, it is important to understand the difference between Cost To Company (CTC) and take home salary. It will help you in better negotiation with the HR and structuring of the salary.

How to Check Income Tax Refund Status Online

You have filed your Income Tax Returns for the year and are eagerly awaiting your refund. Very often this wait could get quite painful. Weeks pass by, and tax payers are seldom aware of the status of their ITR, and as to when their refund would be sent to them. To solve such concerns, the Income Tax Department has introduced online availability of information regarding one’s tax refund. With the click of a mouse, you could now check the status of your income tax refund online. It is a quick, easy and safe way to know the status.

Know About Your Form 16


By now most salaried employees must have received their Form 16 from their employers. Now it’s time to file the return. Though we know that Form 16 is for tax filing but many of us still find it hard to understand the components of Form 16 while filing the return. Understanding Form 16 is the key to a better tax planning.

Know About Your PAN Card

Whether you are an Indian citizen or an NRI, if you are filing taxes or have financial transactions in India you will almost always need a PAN card.

Income Exempted in Income Tax Act (Section 10)

Section 10 of income tax act defines that some income are exempted from income tax means there is no income tax on these income. Some of these income are fully exempted from income tax and some are some exemption limit. Like agriculture income is fully exempted from income tax whereas minor income clubbed with individual has the exemption limit of 1500. So it is  necessary to remember all these exemptions before calculating somebody income tax. So I am presenting a full view of section 10 of income tax act with all the exemptions and exemptions limit of section 10.

Income Tax Rates 2011-12

ASSESSMENT YEAR 2012-2013
RELEVANT TO FINANCIAL YEAR 2011-2012



I TAX RATES FOR INDIVIDUALS  OTHER THAN II, III & IV BELOW
Upto 1,80,000                         - Nil
1,80,000 to 5,00,000               - 10% of the amount exceeding 1,80,000
5,00,000 to 8,00,000               - Rs.32,000 + 20% of the amount exceeding 5,00,000
 
8,00,000 & above                    - Rs.92,000 + 30% of the amount exceeding 8,00,000


Income Tax Rates


Assessment  year
Rate
Resident woman
Resident Sr citizen
General/others
2011-12
Nil
Up to 190000
Up to 240000
Up to 160000
10%
190000-500000
240000-500000
160000-500000
20%
500000-800000
500000-800000
500000-800000
30%
Above 800000
Above 800000
Above 800000
Surcharge: NIL
Cess: 3% on Income Tax (2 % education cess ,1% Higher secondary cess)
2010-11
Nil
Up to 190000
Up to 240000
Up to 160000
10%
190000-300000
240000-300000
160000-300000
20%
300000-500000
300000-500000
300000-500000
30%
Above 500000
Above 500000
Above 500000
Surcharge: NIL
Cess: 3% on Income Tax (2 % education cess ,1% Higher secondary cess)
2009-10
Nil
Up to 180000
Up to 225000
Up to 150000
10%
180000-300000
225000-300000
150000-300000
20%
300000-500000
300000-500000
300000-500000
30%
Above 500000
Above 500000
Above 500000
Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000
Cess: 3% on Income Tax & surcharge (2 % education cess ,1% Higher secondary cess)
2008-09
Nil
Up to 145000
Up to 195000
Up to 110000
10%
145000-300000
195000-300000
110000-300000
20%
300000-500000
300000-500000
300000-500000
30%
Above 500000
Above 500000
Above 500000
Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000
Cess: 3% on Income Tax & surcharge (2 % education cess ,1% Higher secondary cess)
2006-07 and
2007-08
Nil
Up to 135000
Up to 185000
Up to 100000
10%
135000-300000
185000-300000
100000-300000
20%
300000-500000
300000-500000
300000-500000
30%
Above 500000
Above 500000
Above 500000
Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000
Cess: 2% on Income Tax & surcharge (2 % education cess )