Income Tax Calculation For Senior Citizens

Income Tax Calculation For Senior Citizens FY 2019-20 Income tax calculation for senior citizens is very simple.Just have a quick look, 0-3,00,000 = nil tax. 3,00,001-5,00,000 = @5% & 5,00,001- 10,00,000 = @ 20% and above 10,00,000 = @30%. Standard Deduction Senior citizens are also alligible for standard deduction of ₹ 50,000 for FY 2019-20. […]

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How To Calculate Income Tax For NPS Employees

How To Calculate Income Tax For NPS Employees FY 2019-20 Today,You will learn how to calculate income tax for NPS employees for FY 2019-20.And NPS employees can take additional ₹ 50,000 deduction besides 150,000 under section 80CCD(1B). NPS employee’s CPF contribution to NPS comes under section 80CCD(1) of income tax act.And 10% of basic+DA is […]

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How To Calculate Income tax 2019-20

How To Calculate Income tax 2019-20 In this article you will learn How to calculate Income tax for AY 2019-20.According to budget 2019,there will be no tax ,if total income is up to 5 lakhs. Total Income Vs Gross Income The income you earn from all sources in a financial year is called gross income . […]

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Tax On Google Adsense Income

Tax On Google Adsense Income From Blog And YouTube Channel 2020 Google Adsense income is really taxable.And tax on Google Adsense income from blog And YouTube channel depends upon your gross income for a financial year. In other words,the more you derive income from Google Adsense ads,the more you pay the taxes. As per income […]

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Deductions under chapter VI-A FY 2019-20

Deductions under chapter VIA FY 2019-20 Deductions under chapter VIA FY 2019-20, are the savings ,that allow a tax payer to reduce tax liability as per income tax laws. Section 80C : There are the following components of section 80C : Amount  deposited towards life insurance. GPF : GOVT. Provident Fund. Public Provident Fund, (PPF). […]

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Penalty For Efiling Belated ITR -1

Penalty For Efiling Belated Return ITR -1 AY 2019-20 Belated return ITR-1:- There is no penalty for filing your ITR late. tax payers having income upto rs. 250,000 for an assessment year. If you have missed the August 31st  2019 due date for filing income tax return (ITR) for financial year 2018-19 (assessment year 2019-20). […]

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Efiling Belated Return AY 2019-20

Penalty For Efiling Belated Return AY 2019-20 Belated return is the return, we efile after due date as issued by IT department IT department. Also read how to efile ITR-1 Online Efiling belated return:In this article  we will share the penalties, you will have to pay in case you efile your ITR after due date […]

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Section 80TTB AY 2020-21

Take Income Tax Benefit Under Section 80TTB AY 2020-21 Section 80TTB AY 2020-21 is for senior and super senior citizens. And under this section bank will not deduct your TDS upto rs. 50,000. How To Show Interest Income In ITR When you file your ITR-1,you should put interest income under 80TTB column and at the […]

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