Income Tax and Tax form filling

Taxation
1

@TAXIQ.IN @Ca_Omprakash_Jain In FY 2018-19 I have earned 2,91,855 (27000 as salary and 21855 as a bonus) and the total 18000 was deducted (16200 PF and 1800 professional tax).
Here is my salary slip of March Month.
How much income tax do I need to pay and which form do I need to file?

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2

You can fill ITR 1 if you have only salary income

3

Thanks for reply.
Do I need to pay Tax?
Somewhere I have heard/read that by FY 18-19, upto 5Lac is income tax free but dint get any authentic source to confirm it. Sources says upto 2.5 Lac is income tax free. Please help me out with it.

4

Upto 5 lakh plz read it again it rebate, not exemption

You can use income tax calculator simply bro.

https://www.incometaxindia.gov.in/pages/tools/income-tax-calculator.aspx

It is very easy…

You are only salary person no meed of ca or tax advisor.

Even take some help from your father, mother or brother, sister

5

Hi Shivam,

Calculation of Income Tax

Instead of calculating Income Tax from your Salary Slip, you should review certain documents and file ITR with accurate data.

  1. Ask for Form 16 from your employer. It is a TDS certificate with details of Salary Income and TDS deducted on the same
  2. Review Form 26AS to view details of TDS deducted on all your incomes

ITR Form

Assuming you have only Salary Income, you need to file ITR-1. It is always advisable to file return using Form 16 to report correct data in the tax return, avoid any mismatch notice from the income tax department and claim all the eligible deductions.

If you need further assistance, you can write to me on [email protected]

6

Hi Shivam,

Income Tax is calculated as per the basic exemption limit. The Basic Exemption limit is Rs.2.5 lacs. So if your total taxable income exceeds Rs. 2.5 lacs, tax needs to be paid at slab rates.

The announcement you heard was regarding Rebate u/s 87A

Upto FY 18-19 (AY 19-20)
If the total taxable income is upto Rs.3.5 lacs, Rebate of upto Rs.2,500 can be claimed

FY 19-20 (AY 20-21) onwards
Sec 87A was revised.
If the total taxable income is upto Rs.5 lacs, Rebate of upto Rs.12,500 can be claimed

Thus, the basic exemption limit is intact at Rs.2.5 lacs but the limit for rebate has been increased to Rs. 5 lacs which would be applicable for ITR filing of FY 19-20 onwards.

If you need further assistance, you can write to me on [email protected]

7

Very simply income tax calculator should be in place for your case, I assume even that sometimes even persons at your work doing that stuff automatically correct ? I assume that much as well anyway. Thanks for letting me know all that really;) Quite informative.