Income Tax Computation Format – Step by Step [A.Y.2019-20 & 2020-21]

Income Tax Computation [A.Y.] Pariculars Download Link Income Tax Computation Format (Excel Format) Download Income Tax Computation Format (PDF Format) Download (1) Income from Salaries Amount (Rs.) a) Basic Salary ₹……. b) Taxable Allowances ₹……. c) Taxable value of perquisites ₹……. Gross Salary ₹……. Less: Standard Deduction ₹……. Less: Entertainment Allowance ₹……. Less: Professional Tax … Read more

Basics to Know About Income Tax Return for Salaried Persons

Most of our readers asks about these FAQ regularly by salaried persons. So we have prepared this post for our readers to clarify things in a very simple manner to eliminate confusion about income tax return. What is Form 16?  Form 16 is a TDS certificate in respect of tax deducted from salary. The certificate … Read more

How to File Revised Income Tax Return?

Revised returns are nothing less than a second chance to live for people when it comes to filing online income tax returns. People can use this mechanism to rectify their existing filed return and thus, save penalties and other losses. What is revised income tax return? Taking a reference from Indian Tax Law, the facility … Read more

10 Most Common Questions on Clubbing of Income

Q.1) What is the meaning of clubbing of income? ​​​​​​Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in … Read more

A Very Simple Guide for Tax on EPF Withdrawals

The biggest burden on every employee is tax on EPF. People make very wrong statement about EPF, that EPF withdrawals are not taxable but it is not purely true because these withdrawals can be taxable under some conditions that are given below. If before the completion of 5 years the employee withdraws the EPF balance … Read more