by Admin | Mar 24, 2023 | Income Tax
The income tax calculation format is pretty simple. To get a basic calculation, you can do Base pay plus HRA plus Special Allowance plus Transport Allowance plus any other allowances. In India, calculating income tax is a difficult procedure. The mere notion of income... 
by Admin | Mar 24, 2023 | Income Tax
You may benefit from Section 44AD of the Income Tax Act if you are a small business owner or assessor. Section 44AD of the income tax act exempts you from having to undergo an audit or show your books. If your occupation comes under Section 44AA, you are not eligible... 
by Admin | Mar 24, 2023 | Income Tax
The income tax calculator for partnership firm is a simple formula guided by the income tax authority of India, making them subject to a 30% income tax rate. Here, we have outlined a few steps to derive your tax liability for the partnership firms. Do you run a... 
by Admin | Mar 24, 2023 | Income Tax
The Finance Act of 2020 adds a new Section 115BAC of the Income Tax Act. It allows you to choose between the old and new tax regimes without considering the legal requirements for exemptions or deductions. However, there is no clarity in this new Section 115BAC on... 
by Admin | Mar 24, 2023 | Income Tax
The income tax department of India is trying its best to process the ITR filed by taxpayers as early as possible. As per CBDT, last year the IT Department issued refunds to close to 2 billion taxpayers. The amount refunded back to the taxpayers was estimated close to... 
by Admin | Mar 24, 2023 | Income Tax
Most taxpayers pay extra taxes while paying their advance taxes. If you are one of them you might be eligible to get a refund from the IT department. And can also cash some interest on the refund. Let’s see how this is possible. Interest on income tax is...