Hello friends, today we'll know how to calculate income tax for a salaried individual for the financial year 2018-2019. Also, we can see the assessment year 2019-2020. So, before going to the actual calculation, let us discuss some of the important factors which affect the income tax amount. The first point is the standard deduction. From the current financial year, the Government of India has introduced a standard deduction of rupees forty thousand for each salaried individual. The second point is the HRA exemption. We'll discuss it with the help of an example. The third point is the income from house property. Then, we have the income from other sources. Number three is the professional tax exemption. Next, we have deductions under different sections like ATC, ATC CD 180C, CD 2, and many other areas where we can get deductions. Lastly, we will discuss the tax slab for the assessment year 2019-2020. Firstly, regarding the standard deduction from the current year, a flat rupees 40,000 standard deduction has been introduced by the Government of India. This will replace the deduction of transport allowance of rupees 19,200 and medical reimbursement if any, which was being continued up to the last year. Secondly, let's discuss the HRA exemption. There are three factors to consider: Number one, the actual HRA received. Number two, 40% of basic plus DA. This is 50% for metro cities. Number three, actual rent paid minus ten percent of basic plus DA. In terms of HRA exemption, calculate the amount for each of the three factors and keep them separate. The least of these three amounts will be exempted from the total income. Moving on to income from house property, this includes the income you receive from renting out your own house and any interest paid on house loans. The interest amount can be deducted, up to a limit of two...
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2022 income tax calculator Form: What You Should Know
Tax Estimator For the 2023 Tax Filing Season — IRS Use this tax estimator for the 2023 tax season. Use the interactive version and take advantage of our tax estimator's features like tax bracket calculator and additional income ranges. Tax Estimator — Annual 2023 Tax | Tax.gov Our 2023 tax estimator, the Tax Estimator, estimates your 2023 tax for you. Select the amount of federal tax to estimate as well as the tax brackets to estimate tax liability. Find out if you owe income tax | i-cord.com The free i-cord tax estimator estimates your Federal and State taxes for the upcoming tax year. Tax estimator calculates Federal and State tax according to your current income. Get a free Tax Return Estimator To estimate your tax for a given income, you should have a tax return estimate. You can use a tax return estimator to complete your Federal, State, Local, or IRA tax deductions as well as to estimate state and local sales, property, or other income taxes and any other tax payments. Frequently asked tax questions 2017 Which tax type do you file? As long as you're filing a personal tax return, you file as an individual. If you have any dependents filing a joint return, or you are married or living with other people, then you file as married filing jointly (MFC). How does IRS calculate my taxes? IRS determines your tax liability using two income tax computation methods. Tax Form 1040, 1040A, 1040EZ: The first is the standard federal tax method. This method is used for taxable income earned in the United States, its territories, and possessions. It also includes the federal income taxes withheld from each payee. The second method is the table method. All income earned in the United States, its territories, and possessions is allocated to you automatically and allocated in the exact same manner as income earned, without deductions. Which tax return do I use? If you have an Adjusted Gross Income (AGI) of less than 0, your tax liability is shown on Form 1040, Schedule A. If you have Income from sources other than wages and salaries, then you will use Form 1040, Schedule SE (Severance Pay and Split Income).
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