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Comprehensive Tax Process Guide

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20it039.jay.varmora
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9 views4 pages

Comprehensive Tax Process Guide

Uploaded by

20it039.jay.varmora
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Tax Process

INCOME FROM OTHER SOURCES


 Income from Salary
 Income from House Property
 Income from Business and Profession
 Capital Gain
 Income from other Sources

Advance Tax Due Dates


 15th June - 15%
 15th September - 45%
 15th December - 75%
 15th March - 100%

Old Tax Slabs


 Up to Rs 2.5 lakh Nil
 Rs 2.5 – 5.5 lakh 5%
 Rs 5.5 - 10 lakh 20%
 Rs 10 lakh & 50 lakh 30%

New Tax Slabs


 Up to Rs 3 lakh Nil
 Rs 3 - 7 lakh 5%
 Rs 7 - 10 lakh 10%
 Rs 10 - 12 lakh 15%
 Rs 12 - 15 lakh 20%
 Rs 15 lakh & 50 lakh 30%

In New Tax Slabs you don’t claim Exemptions and Deductions.

Earning - Exemptions = Taxable Income


Taxable Income - Deductions = Net Taxable
Income

Exemptions
 House Rent Allowance (HRA) (10-13A)
 HRA received annually
 Actual rent paid – 10% Basic salary
 Basic salary * 40/50%
 Leave Travel Allowance (LTA) (10(5))
 4 Year only Two times
 Children Education/Hostel (10(14))
 Education 1200/Year
 Hostel 3600/Year
 Professional Pursuit (2%)
 Uniform Allowance
 Reimbursement
 Mobile Recharge
 Internet Charges
 Furniture
 Books/Subscriptions/Periodicals
 Food Coupons (17(2)(viii))
 100 Per Day
 Gratuity (20 Lakh Lifetime)
 15 Days Per Year
 Leave Encashment

Deductions ( If > 5 Lakh )


 Standard Deduction (75K)
 80C Investments (1.5 Lakh)
 LIC Premium
 EPF and PPF Contribution
 ELSS Investment
 FD Investments
 Loan Principle
 Medical Insurance (80DD)
 25K For Self, Spouse
 50K For Senior Parents
 5K Yearly Check
 Loan Interest (80EE) 2 Lakh
 NPS, APY, (80CCD) 50K
 Donations NGO (80G)

Depreciation rates
 Machinery/Plant - 15%
 Buildings - 10%
 Furniture/Fixtures - 10%
 Vehicles - 40%
 Intangibles - 25%
GST (For Goods > 40 Lakh)
 Invoices
 Cash Vouchers
 Bank Statements

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