What is Income Tax Calculator?
The income tax calculator lets you have the estimations and make a comparison between old and new tax regimes or laws for the financial year 2022-23. It is very useful to know “how much income tax amount do you need to pay.” This income tax calculator assesses your age group, financial year such as senior citizen, super senior citizen, residential status, taxpayers status, etc. Most importantly, this tax calculator will help you to know about the net tax, rebate, and other valid information.
Is the income tax act applied to residents only?
The income act applies to all the individuals or people who are earning income in a financial year. Any individual who is staying in India for 182 days or more than that is considered a resident regardless of his citizenship in that financial year. Any individual who stays in India less than 182 days, is considered a non-resident of India.
- Income from House property: If you are having any residential or commercial property that will be taxed. Even if your piece of real estate is not out of the city, state or country, it will be considered earning rental income and you will need to pay tax on it. If you have a home loan then the interesting part of it would also be considered as negative income from House property.
- Income from Business or Profession: Income earned through your profession or business is charged under the head ‘profits and gains of business.’ The chargeable tax income is the difference between the received credits based on business and expenses.
- Income from capital gains: Any profit or gain arising from the transfer of capital investments maintained as investments(such as a house, or jewelry, are chargeable to tax under the head capital gains.
- Income from Salary: Income can be charged under this regulation only if there is a relationship between the payer and payee. Salary includes basic salary or wages, any annuity, premium, the advance of salary, leave, commission, perquisites instead of or in addition to salary, and retirement advantages. The total of the above incomes, after exemptions available, is known as Gross Salary and this is charged under the regulation of income from salary.
What is the procedure to file tax?
You must be well aware of the procedures of filing income tax before pointing it out yourself. It is essential to know the major points to avoid consequences while going to file your tax. Following are the measures that you should follow in filing taxes. Collect all the valid documents and other applicable details along with form-16. Do sign in and select the financial years. Fill out the questionnaire and upload the form-16 with form 26AS. Please review your filled details carefully. Make the payment if asked but mostly it is free. You can see the price table.
What do you understand about PAN?
A permanent Account Number is a ten-digit alphanumeric number that is provided by the income tax department. Every PAN has a disparate number of individuals, HUF (Hindu Undivided Family) and company, etc. Having more than one PAN is illegal in India. PAN number is unaffected by the change of address even states.