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Professional Tax: Enrolment, Registration & Payment

Wednesday, April 3rd, 2019 Amritesh 9 responses

Professional tax (PT) is levied by the State Governments in India on salaried individuals, working in government or non-government entities, or in practice of any profession, including chartered accountants, doctors, lawyers etc or are involved in business. States were conferred the power of leveling the Tax under Clause (2) of Article 276 of Constitution of India,1949. The rate at which PT is charged is based on the Income Slabs set by the respective State Governments. However the maximum Professional Tax that can be levied by any State till date is Rs 2500/-. The total amount paid as PT during the year is allowed as Deduction under the Income Tax Act. The professional tax is a source of revenue for the State…

Professional Tax Rates For The FY 2019-20

Monday, April 1st, 2019 Amritesh 314 responses

Professional tax is a tax levied by the various State Governments of India on salaried individuals, working in government or non-government entities, or in practice of any profession, including Chartered Accountants, Doctors, Lawyers etc or carry out some form of business. This form of tax is in practice for a long time and States were conferred the power of leveling the Tax under Clause (2) of Article 276. The Professional tax rates is based on the Income Slabs set by the respective State Governments. However, the maximum Professional Tax that may be levied by any State has been capped at Rs 2500/-. The total amount of professional tax paid during the year is allowed as Deduction under the Income Tax…

Income Tax Deductions & Exemptions FY 2019-20

Friday, February 8th, 2019 Amritesh one response

The Income Tax Slab Rates remain unchanged for the Financial Year 2019-2020. However, Individuals with Taxable Income up to Rs 5,00,000/- per annum may avail Tax Credit up to Rs 12,500/- under Section 87A on the Income Tax payable. Thereby, implying that Individuals with Income up to Rs 5,00,000/- will not have any Tax Liability for the Financial Year 2019-20 and Assessment Year 2020-2021. Standard Deduction benefit has been increased to Rs 50,000/- for the Financial Year 2019-20. For FY 2019-20, Income Tax Deductions and Exemption is available to reduce the Taxable Income, allowing Individuals to minimize the Tax Implications. Income Tax Calculation for Various Income Slabs Income Tax Slabs and Rates For Financial Year 2019-20 In this post, we…

Income Tax Liability Calculation FY 2019-20

Sunday, February 3rd, 2019 Amritesh 5 responses

Income Tax Liability calculation for Salaried Individual (below 60 years of age) for the Financial Year 2019-20 has been discussed below, post Budget 2019. The Income Slabs and Rates remain unchanged for the Assessment Year 2020-21 (FY 2019-2020). Standard Deduction has been raised to Rs 50,000/-, Tax Rebate under Section 87A has been increased to Rs 12,500/- from Rs 2,500/-. Thereby, Individuals with Taxable Income up to Rs 5 lacs will not be required to pay any income tax. Income Tax Slab Rates For Financial Year 2019-20 Income Tax Deductions and Exemptions Standard Deduction is a flat deduction from the Salary Income of an Individual. Health & Education Cess @ 4% is levied on Income Tax Payable. Income up to…

Income Tax Slab Rates FY 2019-20 (AY 2020-21)

Saturday, February 2nd, 2019 Amritesh 4 responses

Income Tax Slab Rates remain unaltered in the Interim Budget 2019 for the next Financial Year. However, Tax Rebate U/S 87A increased from Rs 2,500/- to Rs 12,500/-, Individuals with Taxable Income up to Rs 5 lacs will enjoy 100% tax rebate. Income Tax Slab Rates chart above shows the latest Tax rates applicable for the Financial Year 2019-2020 (Assessment Year 2020-21). Health & Education Cess is levied @ 4% on Income Tax payable. Standard Deduction re-introduced last year has been increased to Rs 50,000/-. Taxable Income along with exemption limit for Senior Citizens has been discussed below. Increase in Standard Deduction for Salaried Individuals: Standard Deduction has been raised from Rs 40,000/- to Rs 50,000/- for the Financial Year…

Mutual Fund Taxation-Capital Gains

Thursday, September 13th, 2018 Amritesh no responses

Capital Gain Tax is levied on transfer (sale) of Capital Assets. Investment in Mutual Funds is ideally done with the aim to earn decent returns which would enable Investors to meet future financial objectives. Capital Gain Tax on Mutual Fund gain is levied as per the provisions under the Income Tax Act. In this article we would try and understand the Mutual Fund Taxation-Capital Gains and Tax Implications. Classification of Mutual Funds (Long or Short Term Gains) Capital Gain may be classified as Short Term Capital Gain (STCG) or Long Term Capital Gain (LTCG) based on the holding period of the respective asset. Equity oriented Mutual Funds, Balanced Mutual Funds (More than 65% diversified in to Equity), holding period of…

Tax Benefits on Health Insurance

Friday, August 31st, 2018 Amritesh no responses

Health Insurance is aimed at providing the Insured with financial cover in case of any medical exigency.  Health Insurance covers the medical cost incurred on treatment undergone by the policy holder or any of the member covered under the policy. The Health Insurance plans have been discussed in my previous articles. However, in this post I will discuss about the Tax Benefits on Health Insurance available to the Individuals on the premium paid towards the same. These tax benefits are available on the Mediclaim (Cashless) and Critical Illness Insurance Plans. Health Insurance: Importance & Need Medical Insurance (Mediclaim) Accident Insurance Critical Health Insurance Budget 2018, Tax Deduction for current Financial Year (FY) 2018-19 on premium paid towards medical insurance for…

How to e-File Income Tax Return (ITR1-Sahaj)?

Thursday, July 26th, 2018 Amritesh 5 responses

The last date to file income tax return for the Financial Year 2017-18 (Assessment Year 2018-19) is 31st July, 2018 (Date extended till 31st August,2018 for certain categories of tax payers). Previously, I had shared details of the Income Tax Return (ITR) Forms applicable for different class of income, link for the same is provided below. Income Tax Filing: Types of Income Tax Forms Income Tax Slabs For Financial Year 2017-18 (Assessment Year 2018-19) In this post I will discuss the probable steps to file return using ITR-1 (Sahaj) form in a nutshell. The detailed instruction related to file income tax return is provided in the link below. Income Tax (ITR-1) Instructions: Income Tax Department ITR-1 (Sahaj) is applicable for…

Instant e-PAN Online For Individuals

Tuesday, July 10th, 2018 Amritesh 6 responses

Income Tax Department (IDT) has launched facility to apply for instant e-PAN online for Individuals with valid Aadhaar ID, free of cost, for limited time period. This step is taken to facilitate the income tax return filing process, the last date for return filing is 31st July, 2018. The facility is provided for free and e-PAN (Permanent Account Number) is allotted in shortest possible time to the Individual. Currently, the Instant e-PAN facility (Beta Version) is closed as of 06.07.2018. However, the facility is expected to be made available at a later date. Income Tax Return (ITR Forms): Assessment Year 2018-19 e-PAN card is digitally signed electronic version of the conventional PAN Card issued by the Income Tax Department using the…

Income Tax Return (ITR) Forms: AY 2018-19

Sunday, July 1st, 2018 Amritesh 2 responses

Income Tax Return (ITR) Forms for the Financial Year 2017-18 (Assessment Year 2018-19) is available on the Income Tax Portal. Central Board of Direct Taxation (CBDT) has issued 7 Income Tax Return (ITR) forms for the Financial Year 2017-18 (Assessment Year 2018-19). The applicability of the Income Tax Return (ITR) forms has been discussed below. Return Forms: Income Tax Assessment Year 2018-19 Some of the changes introduced in the previous year have been continued in the current Assessment Year as well. Instructions related to Filing of Returns The new forms require Salaried Individuals to provide the basic details of the Salary (components as available in Form 16). Furthermore, for Income from Business, GST and Turnover details need to be furnished…

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