Income Tax Calculator Ay 2019-204/8/2021
Any Incurred or reimbursed by employer Not chargeable to tax with no monetary celling Approved by chief commissioner For treatment of prescribed diseases given in Rule 3A(2) Incurred or reimbursed by employer Not chargeable to tax with no monetary celling Health insurance policy - Medical insurance premium paid or reimbursed by employer Not chargeable to tax with no monetary celling Maintained by any other person Any Incurred or reimbursed by employer Not chargeable to tax upto Rs.This exemption is not applicable from A.Y 2019-20).
Cost of travel of the employee or any member of his family or any one attendant who accompanies the patient in connection with treatment outside India Expenditure shall be excluded from perquisites only in the case of an employee whose gross total income as computed before including therein the expenditure on travelling does not exceed Rs. Cost of stay aboard of the employee or any member of the family for medical treatment and cost of stay of one attendant who accompanies the patient in connection with such treatment Expenditure shall be excluded from the perquisites only to the extent permitted by RBI. Non-Government Employer (accommodation is owned) If population () exceed 25 Lakhs: 15 of salary minus rent paid by employee If population () exceeds 10 lakhs but up to 25 lakhs: 10 of salary minus rent paid by employee. ![]() Non-Government employer (accommodation is taken on lease) Rent paid by the employer or 15 of salary (whichever is lower) minus rent paid by employer. Value of perquisites as calculated in case of unfurnished accommodation shall be increased by 10 p.a. Accommodation provide in a Hotel NA 24 of salary or lease charges payable in hotel (whichever is lower) minus amount paid by employee. Further, any allowance granted to an employee to meet the hostel expenditure on his child (whatever name called) is exempt upto Rs. This calculator enables calculation of taxable and exempt portion of HRA. While filing Income-tax return, the same should be shown under the income from salary. After claiming these deductions from GTI, the income remaining is called as Total Income. Following table gives a better understanding of the difference between GTI and TI. The whole concept of deferred tax is depend on timing difference. Before proceeding further we need to understand the meaning of Accounting Income and Taxable Income. As per AS-22 Timing differences are the differences between taxable income and accounting income for a period that originate in one period and are capable of reversal in one or more subsequent periods. In Simple words, Timing Difference is those items of ExpenseIncome which creates difference between Accounting Income and taxable Income of a period and subsequent period. Tax liability is to be computed by applying the rates prescribed in this regard. Following table will help in understanding the manner of computation of the total tax liability of the taxpayer.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |