Amount paid by the employer in the head of the arrears of salary, have you ever thought of tax relief under section 89(1) on salary arrears: No, Most of us don’t know what is relief under section 89. Most of the employee says it “relief 89“. This article is all about “How to calculate income tax on arrear salary”. What is relief under section 89 Calculation of income tax depends on the income of the assessee, arrears is the part of the income which was received in the current years of last…
Year: 2020
Download Automated Excel Based Income Tax Deposit Challan 280 FY 2019-20 AY 2020-21
Excel Challan 280 FY 2019-20 AY 2020-21. Download Income Tax payment Challan No. ITNS 280 in Excel. This excel Challan 280 for payment of Income Tax should be used for making payment of income tax on companies (corporation tax) or income tax other than companies. Please note that Finance Act, 2013 w.e.f. 01/06/2013, had inserted Clause (aa) of Explanation to sub-section (9) of the section 139 providing that a return of income shall be regarded as defective unless the self-assessment tax together with interest, if any, payable in accordance with…
Coronavirus: MP allowances, pensions slashed by 30% for a year, President, PM, governors to take salary cut
The Union Cabinet has approved an ordinance slashing the pension and allowances of members of the Parliament by 30 per cent for a year. The Union Cabinet has approved an ordinance slashing the pension and allowances of members of the Parliament by 30 per cent for a year, Union minister Prakash Javadekar said on Monday. The ordinance – an amendment to Members of Parliament Act, 1954, will reduce the allowances and pension by 30 per cent with effect from April 1, 2020. The reduction will be applicable for a year.…
Download Automated Income Tax Calculator for the Financial Year 2020-2021 and Assessment Year 2021-22 on the basis of the Budget 2020 ( Optin as Old Tax Regime)
As we begin the new financial year, there was a demand for extension of FY 2019-20 to June 30, 2020, owing to the COVID – 19 outbreaks. However, the Government has not announced any changes, which aptly reminds us of Sir Benjamin Franklin’s famous words, “Only two things are certain in life, death and taxes.” During this lock down period, those who have amassed wealth for their future generations and those who earn their livelihood on a daily basis have come to a common ground. Therefore, though the world is…
New Income Tax Regime – Structural Shift in Taxation under Income Tax Act as per the Budget 2020, Structural Shift in Taxation under Income Tax Act as per the Budget 2020 Where you Opt in Old or New?
Honorable Finance Minister (FM) Nirmala Sitaraman in her budget has introduced a new taxation regime under personal taxation. Instead of giving relief to all the Individual & HUF by increasing the tax slabs directly, Budget 2020 have proposed to introduce new section 115BAC in the Income Tax Act 1961 in which Individuals or HUF have been given an option to give up various exemptions and get advantage of lower tax rates. Following is the comparison of the existing tax rates and the new tax slabs. INCOMES(In Rs) OLD RATE (IN…
No extension of Financial Year clarifies Finance Minister of India
The Ministry of Finance issued a clarification that the Financial Year has not been extended. The clarification was issued to clear the confusion about the extension of the Financial Year caused after a notification was released by the Government of India about the amendments in the Indian Stamp Act. After the notification was released many people misquoted it and a fake news was circulated on social media regarding the extension of the Financial Year. However, the government later made it clear that the notification is being misquoted and it does…
The Truth About Vitamin D, Zinc, and Other Coronavirus Rumors
[ad_1] What might work, what probably doesn’t, and what’s flat-out wrong Here’s a lot of misinformation and half-truths going around right now about the novel coronavirus. That’s understandable — the virus is very new and doctors and scientists are still learning about how the infection works and best ways to treat it. The news being reported about tests, symptoms, and treatments is conflicting at times, which is confusing. Plus, everyone wants to protect themselves as best they can, so it makes sense that people will try anything to stave off…
Free download Converter Amount to In Words in Excel
[ad_1] Free download Amount to in word Converter in Excel Tools Most of the Professionals mainly in Accounts related persons and who are working in computers mainly used in Excel, they have needed these Excel Tools, which can easily Convert the Amount to In Words automatically. This Excel Tolls mainly valuable for those, who are working in Accounts and where frequently need the Amount to in word manually typing in Computer. Hope this Utility can help and reduce the time and errors of the spelling of in word typing. For Download…
Why didn’t China warn the world in December?
[ad_1] The reality is, the worldwide toll could have been checked within time if China had been more transparent and had warned countries regarding the new strain of Severe Acute Respiratory Syndrome (SARS)-like infection, which originated at a ‘wet market’ in its province of Hubei late last year. Almost 5,00,000 covid-19 positive cases and more than 23,000 deaths later, Beijing is now urging for an all-out global war against the pandemic that originated in its own courtyard, Wuhan, before sweeping the world, perishing men, women, children, old and derailing the…
Hundreds of Volunteers Are Working to Create Open-Source Ventilators to Fight Coronavirus, We are Proud of them, God Bless themselves.
[ad_1] Without support from the government, a community of volunteers is stepping up to address the shortages. Across the globe, volunteer health care experts and engineers are building open-source ventilators so that doctors don’t have to decide who should get them. As of Friday, more than 250 people around the world have signed up on a Google Sheet to volunteer for an effort to develop one million emergency ventilators. The document is open — anyone can add their name and information to help — and is being used to field…