Resolve some questions that confuse taxpayer

Resolve some questions that confuse taxpayer

This is the biggest confusion in the minds of taxpayers. The following points illustrate some of the points:

 1) The financial year 2019-20 is not extended till June 30, only the date is extended for some provisions. Hence F.Y. That is only until 31st March-2020.

2) Pending returns or correction returns can be filed by June 30 for the financial year 2018-19.

3) In the financial year 2019-20, the income is only taxable till March 31 and not till June 30, ie income is calculated only for the taxability of the financial year till March 31.

Income Tax department Launch New E-tax calculator

Income Tax department Launch New E-tax calculator
Utility desk. Income Tax Department has launched 'e-Calculator'. It will help to calculate the income tax. By comparing the new and old income tax slab options proposed in the budget with this calculator on the Income Tax Department website, www.incometaxindiaefiling.gov.in, you can find out which rates are beneficial for you. In it the taxpayer will only have to register his age, annual income and deduction. The app itself will tell you, that the old tax system is right for you or that the new tax system is right.

Finance Minister Nirmala Sitharaman has announced the implementation of two tax structures parallel in the Budget 2020. Those who choose this arrangement will have to go through exclusion and deduction. It's pretty easy. It has 6 tax slabs. You can choose this arrangement as you wish. That is, this arrangement is optional. You can choose a tax scheme according to your requirement each year. That means, if you find that the new tax system is not worth it to you, you can opt for the old system from next year.

IMPORTANT LINK:

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Income tax Calculator Excel file | Income Tax Calculator For F.Y. 2019-20

Income tax Calculator Excel file | Income Tax Calculator For F.Y. 2019-20
Implementation of the Right to Information Act 2005
in Income Tax Department
In order to promote transparency and accountability in the working of public authorities, the Right to Information Act 2005 (RTI Act 2005) empowers the citizens to have access to information under the control of public authorities.

This website aims to provide all information that the Income Tax Department is required to publish in terms of Section 4 of the RTI Act 2005.

The Income Tax Department functions under supervision and control of the Central Board of Direct Taxes (CBDT). It has around 60,000 personnel located in more than 500 cities and towns across the country. The field offices are divided into regions, and each region is headed by a Chief Commissioner of Income Tax. Every region is assigned annual performance targets, such as revenue collections, and is provided with necessary expenditure budget to meet with its operating expenses.

The Income Tax Act 1961 lays down the frame work or the basis of charge and the computation of total income of a person. It also stipulates the manner in which it is to be brought to tax, defining in detail the exemptions, deductions, rebates and reliefs. The Act defines Income Tax Authorities, their jurisdiction and powers It also lays down the manner of enforcement of the Act by such authorities through an integrated process of assessments, collection and recovery, appeals and revisions, penalties and prosecutions. The Act is fast changing and dynamic in nature and undergoes amendments annually through the Finance Act.

In exercise of the powers conferred by section 295 of the Income Tax Act 1961 and Rule 15 of Part A, Rule 11 of Part B and Rule 9 of Part C of the Fourth Schedule to the Act, the CBDT has notified Income Tax Rules 1962. These Rules lay down limits, conditions, definitions, explanations, and forms of applications and procedures for the uniform application of the Income Tax Act.

Other direct taxes are also governed through similar arrangements. Various offices of the Income Tax department maintain technical and administrative records as specified from time to time by the CBDT. Circulars are issued from time to time by the CBDT for effective management of assessment and collection of direct taxes.

The Manual of Office Procedure, in three volumes, deals with the administrative aspects, composition and organization of the Income Tax Department. The work allocation and such personnel matters as departmental examinations, confidential reports, vigilance, training and the grievance redressal mechanism. Vol II deals with technical aspects, assessment procedures, widening of tax base, central information branches, refunds, recovery, write off, interest, penalties, prosecution, appeals and revisions. Vol III deals with miscellaneous subjects such as Authority for Advance Ruling, Settlement Commission, search and seizure, internal audit, revenue audit, inspection and important reports.

Internal Audit Manual contains guidelines relating to conduct of internal audit and is relevant in that, it prescribes checks for detecting leakage of revenue. The Manual defines the scheme of auditing and lays down the role and functions of various authorities in this regard. It also prescribes the records/registers to be maintained. Manual of Inspection Guidelines, inter-alia, prescribes the guidelines for the qualitative and quantitative analysis of the performance of an officer as well as his staff. Such inspections are carried out by various supervisory authorities of the organization. Write Off of Tax Arrears Manual provides administrative rules relating to the powers of the authorities to write off and scale down arrear tax demands. It covers procedures dealing with the write off of Income tax, Wealth-tax and other direct taxes.

Double Taxation Avoidance Agreements are entered by the Government of India with another country to mitigate the taxation related problems of an entity having income in both the countries. It enables a person to seek credit for the taxes paid in one country in his assessment of taxable income in another country.

A citizen desirous of obtaining any information under the Right to Information Act shall approach the Central Public Information Officer (CPIO) or Central Assistant Public Information Officer (CAPIO) as the case may be, and specify the particulars of the information sought by him or her. Such request will have to be made in writing or through electronic means in English or Hindi or in the official language of the area in which the application is being made and will have to be accompanied with the prescribed fees. The CPIO or CAPIO as the case may be shall render all reasonable assistance to reduce the oral request in writing. An applicant making request for information shall not be required to give any reason for requesting the information or any other personal details except those that may be necessary for contacting him.

In respect of all requests received from the citizens under the RTI Act 2005, the respective CPIO has to provide the information within 30 days of the receipt of the request failing which he is liable to a penalty of maximum upto Rs.25,000/- and possible disciplinary action. There is appellate mechanism under the RTI Act which can be used by citizens if they are not satisfied with response of CPIO. Appellate authorities have also been appointed by the Income Tax department.​​

I​nformation under section 4(1)(b) of the RTI Act​​
For information sought under the RTI Act, please contact your CPIO. For details of CPIO Please click here​​ and visit the respective Field Offices/Directorate Generals Pages​​ or call Aaykar Sampark Kendra at 0124-2438000​​
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Tax Calculator || Chalan || 10(E) || House Rent

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New Income tax form 2019-20 with automatic calculation

New Income tax form 2019-20 with automatic calculation

income tax slabs and tax rates for FY 2019-20 are applicable to those who earn more than Rs.2.5 lakh p.a. The rate at which individuals are taxed depends on the level of income tax they earn, with rates charged at nil, 5%, 20% and 30%.In February 2019, the government announced certain changes in the structure of the tax slabs. As per the Interim Budget 2019, which came into effect from 1 April 2019, a Rs.12,500 rebate under Section 87A of the Income Tax Act, 1961, will be available to individuals who have an income tax of up to Rs.5 lakh. However, no changes have been made to the tax slabs and rates for the FY 2019-2020.

For domestic companies, the tax-slabs depend on the turnover, and it is mentioned below:Turnover Tax Rate Gross turnover can be a maximum of Rs.250 crore for the previous year 25% Gross turnover is more than Rs.250 for the previous year 30%Apart from the above-mentioned tax rate, an additional surcharge and cess are levied. Given below are the details of the surcharge and the cess that will be levied: Cess: 4% of corporate income tax Surcharge: In case the taxable income is more than Rs.1 crore but less than Rs.10 crore, the surcharge that will be levied is 7%. In case the taxable income is more than Rs.10 crore, the surcharge that will be levied is 12%.Non-resident Indians: For non-resident Indians, irrespective of their age, the exemption limit is up to Rs.2.5 lakh.
Income Tax slab Tax Rate

Up to Rs.2.5 lakh Nil
From Rs.2,50,001 to Rs.5,00,000 5% of the total income that is more than Rs.2.5 lakh + 4% cess
From Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.12,500 + 4% cess
Income of above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,12,500 + 4% cess.

Income Tax Form 2019-20
New Income tax form 2019-20 with automatic calculation

Important Points In case your net income is more than Rs.50 lakh but less than Rs.1 crore, apart from a 4% cess, a 10% surcharge is also levied. If the net is above Rs.1 crore, a 15% surcharge is levied.Compared to last year’s budget, cess has increased from 3% to 4%. FAQs about Income Tax Slabs.
Do I need to file Income Tax Return (ITR) if my annual income is below Rs.2.5 lakh?


Answer: You need not file an ITR if your yearly income is below Rs.2.5 lakh but you should file a ‘Nil Return’ just for the record as there are many cases where you can produce them as proof of your employment. For instance, you can provide your ITR while applying for a loan or passport.

How is the income tax of a taxpayer classified?
Under Section 14 of the Income Tax Act, the taxpayer’s income has been classified under 5 different income heads such as Salaries individuals, Capital gains, Gains/Profits from profession or business, Income from house property, Income from other sources.

Does family pension come under salary income during taxation?
No, family pension will not be taxed under salary income but as ‘income from other sources.’

Who can claim rebate under Section 87A?
Rebate under Section 87A can be claimed by any resident Indian whose total annual income is below Rs.5 lakh. The maximum available rebate under 87A is Rs.12,500.Help calculate the automatic tax calculation in this income tax tax Gujarti form 2019/20. For this, the rabbit will have to give your name, PAN card, support card, mobile number, the bank name, bank's ifsc code, your bank account number and your email ID in last for the first time. After that, save it, now the second sheet is for salaried, from March 2019 to February 2020, the total paid salary, which became the total automated After that, there are two types of taxpayers who write down the type of business, group, CPF or GPF. If there is a direct deduction from LIC pay, then it is also to write and also directly recruited LIC. If PLI is filled in the post office then it will also write month-wise Then there is special If you do not have to complete any income, you will not have to pay the income tax amount on 5th of 2019, if it is automatic, then you will be able to pay the amount in the Income Tax Tax Salary Calculation section. If there are seven payroll arrears, bills etc., then the amount will be deposited in the next fairstate sheet sheet. In which 40000 thousand standard dedication Tomato will be deducted from the total amount, after which the business tax and building lawn will be deducted after interest.

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Income Tax Slab For Ay 2020-21 and Financial Year 2019-20

Income Tax Slab For Ay 2020-21 and Financial Year 2019-20

1. Income Tax Slab Rate for AY 2020-21 for Individuals:

1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

Up to Rs. 2,50,000 :::: Nil
Rs. 2,50,000- Rs. 5,00,000 :::: 5%
Rs. 5,00,000- Rs. 10,00,000 ::::: 20%
Above Rs. 10,00,000 ::::: 30%

1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

Up to Rs. 3,00,000 :::: Nil
Rs. 3,00,000 – Rs. 5,00,000 :::: 5%
Rs. 5,00,000- Rs. 10,00,000 :::: 20%
Above Rs. 10,00,000 :::: 30%

1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

Up to Rs. 5,00,000 ::: Nil

Rs. 5,00,000- Rs. 10,00,000 :::: 20%

Above Rs. 10,00,000 :::: 30%

Plus: -
Health and Education cess: - 4% of income tax and surcharge.

Note: - A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.

What is rebate under section 87A and who can claim it?

Section 87A Rebate

During the interim budget declared in February 2019, the then finance minister Mr. Piyush Goyal announced the government’s proposal that people with income up to INR 5,00,000 will not have to pay any taxes. And this would be possible with the help of tax rebates.
The proposed modification to the Income Tax Act would make sure that taxpayers, whose net taxable income is up to INR 5,00,000 don’t have to pay any income tax. To allow for this to happen, an existing section, 87A was updated in the Income Tax Act.
Section 87A was introduced for the first time in 2013, allowing taxpayers to avail rebate if their net taxable income was below the threshold levels.
What is an income-tax rebate? As per the amendments to Section 87A, if your annual taxable income is INR 5,00,000 or lower, you can avail the tax rebate. The existing laws made way for a 2,500 income tax rebate. However, the updated law ensured that the limit was increased to a 12,500 income tax rebate.
But it is crucial to understand that this rebate holds good only for taxpayers whose annual taxable income is below the threshold limit. If you exceed the limit, you cannot avail any rebates. Here are the eligibility criteria for availing the tax rebate.
The rebate is designed only for individual taxpayers. If you belong to a HUF or firm or company, you cannot avail this rebate.
There are no restrictions based on gender for this section, meaning men and women can both avail the benefits.

Net taxable income of an individual should not exceed INR 5,00,000 for the FY 2019-2020.
The laws make way for a maximum rebate of INR 12,500 under this section. In other words, if the taxes that you are liable to pay are INR 12,500 or less, you can avail the rebate.

IMPORTANT LINK:::

Income Tax slab on Income tax official site

Income Tax Online Calculator for Ay 2020-21 and Financial Year 2019-20

Income Tax Online Calculator for Ay 2020-21 and Financial Year 2019-20

FAQs on Income Tax Calculation in India

Q What is income ?

Income means the amount that an individual earns in exchange for providing goods or services.In other words, income is the sum of all the wages, salaries, profits, interests payments, rents, and other forms of earnings received for a period of time.



For the purpose of taxation, income has been categorized into five heads :

Income from Salary .For detail please click here
Income from House Property. For detail please click here .
Income from Profit & Gain of Business & Profession
Income from Capital Gain
Income from Other Sources


Q What is income tax

An income tax is a direct tax which is imposed on assessee depending upon the their respective income or profit. In other words, it is the tax levied on the income earned.

Q When income tax is required to be paid ?

Income Tax is required to be paid when your income exceeds the Basic Exemption Limit. This limit is specified by the government every year. Currently, it is Rs. 2,50,000 for Individual below the age of 60 Years.

Q What is the period for which tax is calculated?

Tax is charged on any income earned during the period April 1- March 31. The year in which the income has been earned is known as the ‘previous year’ and the year in which the tax is calculated, is known as the ‘assessment year’.

Q What are the benefits of tax calculation beforehand?

You should calculate Taxes beforehand so that you are able to set aside the funds which you will be needing for paying taxes at the time of filing return.Therefore, at the time of return filing, you don’t have to rush for arranging funds.The other benefit is, it lets you know that whether your taxes will go up or down in comparison to the previous year.

Q How to calculate income tax in India?

In India,the Income tax is calculated on the basis of tax rates and slabs defined by Finance Ministry in the budget which is presented every year.

What calculations are made by the calculator?

The Income Tax calculator carries out following calculations for the Assessment Year selected by you :
Income from Salary and Wages, House Property, Presumptive Business and Other Sources.
Total Deductions available under various sections of Chapter VIA.
Taxable Income after taking into account income from all sources of income (viz. Salary and Wages, House Property, Capital Gains, Business and Profession, Agriculture (for Rate purpose) and Other Sources and available deductions.
Taxable Income at Normal Rates and Taxable Income at Special Rates.
Slab-wise Taxable Income and Income Tax
Rebate available under Section 87A to tax payees having taxable income below specified limit.
Health & Education Cess, Surcharge and Marginal Relief on Surcharge
Total Tax Liability and Income Net of Tax
IMPORTANT LINK::;

Click here for Income tax Department official Calculator

Who can use the Income Tax Calculator?

Any Resident Individual viz. Resident Individual aged below 60 year, Senior Citizen, Very Senior Citizen and HUF can use the calculator for AY 2020-21 and AY 2019-20.