Showing posts with label SALARY. Show all posts
Showing posts with label SALARY. 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


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House Rent Allowance (HRA) Calculator



House Rent Allowance (HRA) Calculator 

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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.

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.

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.