INCOME TAX CALCULATOR EXCEL FILE FOR YEAR 2020 - 2021 AND FINANCIAL YEAR 2019 - 2020
BY :- SULEMANBHAI
PASSWORD ;- 1234
FAQS ON INCOME TAX CALCULATION IN INDIA
income mens the amount that an individual earns in exchange for providing goods or services . in other words, income is the sum of all the wages, salaries, profile, interests payments, rents and other forms of earning received for a perio of time.
For the purpose of taxation income has been categorized onto five heads :-
1.Income From Salary.
2. Income From House Property.
3. Income From Profit And Gain of business And Profession.
4. Income from Capital Gain.
5. income From Other Sources.
An Income tax is a direct tax which is imposed on assess depending upon the their respective income or profit. in their words, it is the ax levied on the income earned.
Income Tax is required to be paid when your income exceeds the basic exemption limit. this limit is specified by the government every year. currently it is Rs. 2,50,000 for Individual below the Age of 60 Years.
Tax is charged on any income earned during the period April 1 - March 31 The year in which the income has been earned is known as the previous year and the year in which the tax is calculated is known as the assessment year.
You should calculate taxes before hand so that you re able to set aside the funds which you will be needing for paying taxes t the time of filing return. therefore t the time of return filing you don't have to rush for arranging funds. the other benefits is it lets you now that whether your taxes will go up or down in comparison to the previous year.
in Indian the income tax i calculated on the basis of tax rates and slabs defined by finance ministry in the budget which is presented every year.
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INCOME TAX GANATRI
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