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Video instructions and help with filling out and completing 2021 income tax calculator

Instructions and Help about 2021 income tax calculator

Hello friends today we'll know how to calculate income tax for a salaried individual for the financial 1819 also we can see a the assessment year 2021 and 20 so before going to the actual calculation let us discuss some of the important factors which affect the income tax amount so the first point that is the standard deduction from the current financial year the Government of India has introduced the standard deduction of rupees forty thousand for each salaried individual second point is the HRA exemption we'll discuss it with the help of example third party the income from house property then for teach the income from other sources number three teach professional tax exemption sixty deduction under different section light ATC ATC CD 180 C CD 2 and also there are so many other areas where we can get deduction and in number seven will discuss the text slab for the SME near 2019-20 so first Pony the standard deduction from the current year flat rupees 40000 standard deduction has been introduced by Government of India and it will replace deduction of transport allowance of rupees 19200 and medical reimbursement if any then that is which was being continued up to the last year second punic the HRA exemption there are three factors here you can see number one the actual HRA received number two each 40% of basic plus beer and this is 50% for metro cities and number three is actual rent paid - ten percent of the C plus D so here you can see actual HRA received whatever the amount just calculate and keep it separate please then 40% of BC plus B you you can calculate easily from your income sit then number three is actually unpaid minus ten portion of basic plus D and the exemption amount is the least of the ditch three the amount which will be less that amount will be exempted that means from total income that amount we deducted the next is income from house property here income means if you have any own house and you give for a rent to other people then you receive the Rend amount that your income and also you pay interest whenever you have any kind of house loan in that case also you have you pay interest and the interest amount is deducted here in that you have to two lakhs and random out which a debt in your income and you will understand this with the help of example next bondage income from other sources or the success like income from business agriculture so many other sources at that also you get prizes from load th you have investment plan then you get a capital gains also so like income from agriculture or income from your organization income from business all these come under your text slab if you are in five person then you have to pay five percent income tax if you are in 20.

FAQ

What is your view on Subramanian Swamy’s statement of abolishing income tax?
Q : What's your take on Subramanian Swamy calling for the abolition of IT?A : Even if the message is right, it has to be shared at at the right time and at a right place. I do not think the present time is right to abolish Income Tax. Income Tax is direct tax which the tax payer has to pay from his pocket while GST is indirect tax which is included in the price of the product itself. Needless to mention that all the people whether poor or rich pay GST whereas only those who have their income above taxable limit pay income tax. Therefore, in a way GST is compulsory while while paying Income Tax the businessman do resort to certain accounting jugglery to evade tax.Ideally the direct taxes should get more revenue to government treasury than indirect taxes so that the burden of taxes goes on shoulder of the rich than the poor. However in India whose population is around 132+ crore not even 10 crore people pay income tax. Although the gross revenue figure out of income tax has increased by around 84% since 2021. it it still less. The tax base needs to be enhanced to include more and more people. This is still not the case in India.Many film actors like the Bachchans and the Kapoors are agriculturists who club their unaccounted income as agricultural income and evade the tax. These are really rich people who should be paying 30% income tax, however, because of the prevailing legal provisions these people legalize their black money without paying any tax. Therefore, for abolishing income tax, I don’t think this is the right time. Let at least 25% of middle aged Indians start paying some income tax and more specifically the some tax be levied on agriculture. After this move the threshold income tax rates can be lowered and basic exemption limits can be enhanced.However, the income tax cannot be abolished.
How is it possible for Amazon to pay $0 in Federal Taxes for its 11.2 billion profits?
To start, for the sake of accuracy, let’s make some clarifications.Amazon recorded a provision for income taxes in 2021 of $1.2 billion. Of this amount, $436 million was provisioned for U.S. Federal Taxes, $327 million for U.S. State Taxes and $434 million for International Taxes.Out of the U.S. Federal Tax amount, $565 million was deferred and negative $129 million (i.e. “less than zero”) was provisioned for current-year obligations:Source: Amazon 10-K (2021) (Note 9, p. 62)In accounting-speak, “provision” is a fancy way of saying “estimate”. For example, in 2021. the tax provision includes a “one-time provisional tax benefit of the U.S. Tax Act recognized in 2017”. The Tax Cuts and Jobs Act of 2017[1] reduced the corporate tax rate from 35% to 21%, and this shows up as a benefit for profit-generating corporations like Amazon. Translation: what happened here is that the previously estimated figure was re-estimated based on recent changes in tax laws.Actual taxes paid are another matter, although it just so happens that for 2021 they were pretty much the same (also $1.2 billion). Normally, these numbers are different. Amazon’s 10-K does not pra breakdown of this amount between U.S. Federal, U.S. State and International.With this out of the way, let’s look at how Amazon managed to reduce its current-year U.S. Federal taxable income to the point where it could record a negative provision in 2021. Our tax code is complicated, and this means there are a lot of tricks that you can do to legally reduce taxes or push them out as far into the future as possible.Aggressive re-investment. Amazon plays in a number of sectors that (i) feature significant long-term growth opportunities and (ii) require significant capital or technology investment to capture. Historically, the company has re-invested nearly all of its growth back into the business, including the creation of entirely new market segments from scratch ‡ e.g. how it parlayed internal technology services into a third-party business (Amazon Web Services) that is now the largest contributor to consolidated group operating profit. Heavy re-investment, whether through capital assets (more on this below) or hiring of high-salaried technology workers, will serve to reduce taxable income.It took a long time before Amazon started generating GAAP[2] profits. Even after it started generating GAAP profits, the company still had to burn through all of the tax losses accumulated in the earlier, ramp-up years. It wasn’t until 2021 that Amazon’s retained earnings account on the balance sheet turned positive. And it has only been the last couple years where the company has really started to see its profits increase to substantial levels relative to its market cap.On top of this, remember that U.S. companies keep two sets of books, one for GAAP accounting and the other for taxes. This is perfectly legal, as the rules for tax treatment are often very different than GAAP treatment. This means that even as its accumulated GAAP earnings finally caught up in 2021. accumulated losses for tax purposes would take much longer to burn up.One of the key GAAP vs. tax accounting differences that Amazon takes advantage of is accelerated depreciation.Accelerated depreciation. Amazon is a capital-intensive business that requires significant capital to grow, both for its core e-commerce operation (logistics and fulfillment) as well as its technology services (Amazon Web Services). For e-commerce, it invests in warehouses and the equipment and machinery within the warehouses. For cloud/technology services, it invests in servers, networking equipment and some capitalized software development to expand capacity to meet both internal needs and that of third-party customers.These investments are typically made via something called a “capital lease”. Capital leases allow companies to finance the purchase of long-lived assets, but for tax purposes treat them like normal capital assets. As a capital asset, the company can take a depreciation charge for tax accounting purposes. Companies typically try to “accelerate” as much of the depreciation as possible, which has the net effect reducing current-year taxable income by pushing profits farther out into the future.This accelerated depreciation shows up in something called “deferred taxes”. When a company pushes taxable income into the future, this shows up as a future liability on the balance sheet through the deferred tax liability account. To the extent tax laws stay the same, at some point the company will need to pay those taxes. Of course, most companies, Amazon included, try their best to push the actual bill as far out into the future as possible.Other cool tricks. Interestingly, the largest adjustment to Amazon’s 2021 income tax provision was an adjustment made for stock-based compensation.Stock-based compensation arises when companies like Amazon issue stock options to employees. When equity is awarded to employees, a complicated calculation is performed ‡ typically by the HR department ‡ to calculate the value of the equity, using models with fancy-sounding names (e.g. the “Black-Scholes”[3] formula).However, in the time from when the equity award was issued to when it was exercised, the share price invariably changes. In the case of Amazon, the direction has historically been upwards, often at a very steep slope!When this happens, tax accounting rules[4] allow the company to calculate how much higher the realized equity award was compared to the original estimate. The difference between these two numbers gives rise to something called “excess tax benefits from stock-based compensation” and has the effective of lowering current-year income tax provisions.This is one reason why companies love to issue options!Profit-shifting. Another common practice is maximizing the allocation profits to overseas entities in jurisdictions where tax rates are lower. The most profitable segment within Amazon is its cloud/technology services division, and a not-insignificant proportion of these revenues are generated overseas. As I discuss here[5], because of the intangible nature of technology and software services, it is quite easy to structure things so that a big chunk of these profits are recognized offshore to lower the overall tax bill.In my view, Amazon is actually not as aggressive compared to some other technology companies at shifting profits overseas. A big part of this is, as described earlier, Amazon does not generate significant profits to begin with (again, relative to its market cap). The other reason is that a significant amount of its profit is actually generated onshore vs. offshore. For example, its International operations are barely profitable (as you can see in the first table above).However, as the company’s profits start to significantly ramp up, expect more of an effort to use international tax havens like Ireland and the British Virgin Islands to minimize its overall tax bill.As it states in its 10-K (p. 63) , “we intend to invest substantially all of our foreign subsidiary earnings, as well as our capital in our foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which we would incur significant, additional costs upon repatriation of such amounts.”I just want to add that even though Amazon’s corporate tax bill is relatively low (or even non-existent) at the federal level, the company is still responsible for generating significant tax revenue when you analyze things holistically. Amazon pays tens of billions of dollars in wage and compensation income to its employees, the majority of whom are based in the United States. A significant portion of the wages will fill government coffers in the form of federal and state-level income taxes.Its spending (on capital leases and other non-compensation related expenses) also indirectly generates taxable income for other companies in its eco-system.Finally, unlike many other multinational corporations, Amazon is actually heavily investing back into the United States, both in terms of hiring workers and investing in next-generation warehouse and datacenter operations.Footnotes[1] https://www.govinfo.gov/content/...[2] Generally Accepted Accounting Principles (United States) - Wikipedia[3] Black Scholes Model[4] Proposed ASU—Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting[5] Glenn Luk's answer to Where does the money I pay for an iPhone go?
How can I fill out the income tax return of the year 2016-17 in 2018?
There is no option to file online return but you can prepare an offline return and went to the officer of your jurisdiction income tax commissioner and after his permission you can file the return with his office.
What are the taxes imposed on my salary in India?
There are two taxes:Profession Tax is levied by some states in India, which will be Rs. 2500 in a year (divided into monthly instalments of varying amounts)Income Tax is levied on your income from all sources : Salary, House Property, Business & Profession, Capital Gains & Other Sources (which includes savings and FD interest etc.)Since you are asking specifically about salary, organisations may (if the organisation requires to get its accounts audited) deduct income tax from your salary if your income exceeds basic exemption limit and thus has taxable portions. This deducted tax is called TDS, but it isnt a a different tax. It's Income Tax deducted at source.You'll have to file your income tax returns if your income is taxable or TDS was deducted. If the tax deducted is more than what was actually leviable, you can claim refund of it, but even that is only possible by filing your tax returns (called ITR - Income Tax return)Hope this answered your question.Ref:Income Tax Return Filing (India): Interactive Post on “How do I find out which ITR Form I should fill for Assessment Year 2018-19?”How do I calculate Income Tax? [Income Tax Structure & Tax Rate Schedule ‡ AY 2018-19 (India)]Why should I file my Income Tax Returns (India)? What if I file them late? By when should I file my returns?Tax Planning, Tax Management and Deductions for Salaried Individuals ‡ AY 2018-19What documents do I need to submit to the Income Tax Department to claim Exemptions of 80C, Mediclaim & HRA?Savings Interest or FD Interest? Which is Exempt for me?How I take deduction of rent if I don’t receive HRA from my employer?Basics of TDS (Tax Deducted at Source)FAQs on Income Tax Refunds (India)Some things you should remember/consider while planning for your Income Tax Returns (India)
How do I fill out an income tax form?
The Indian Income-Tax department has made the process of filing of income tax returns simplified and easy to understand.However, that is applicable only in case where you don’t have incomes under different heads. Let’s say, you are earning salary from a company in India, the company deducts TDS from your salary. In such a scenario, it’s very easy to file the return.Contrary to this is the scenario, where you have income from business and you need to see what all expenses you can claim as deduction while calculating the net taxable income.You can always reach out to a tax consultant for detailed review of your tax return.
How do I submit income tax returns online?
Here is a step by step guide to e-file your income tax return using ClearTax. It is simple, easy and quick.From 1st July onwards, it is mandatory to link your PAN with Aadhaar and mention it in your IT returns. If you have applied for Aadhaar, you can mention the enrollment number in your returns.Read our Guide on how to link your PAN with Aadhaar.Step 1.Get startedLogin to your ClearTax account.Click on ‘Upload Form 16 PDF‡ if you have your Form 16 in PDF format.If you do not have Form 16 in PDF format click on ‘Continue Here’Get an expert & supportive CA to manage your taxes. Plans start @ Rs.799/-ContinueWhat are you looking for?Account & Book KeepingCompany RegistrationGST RegistrationGST Return FilingIncome Tax FilingTrademark RegistrationOtherStep 2.Enter personal infoEnter your Name, PAN, DOB and Bank account details.Step 3.Enter salary detailsFill in your salary, employee details (Name and TAN) and TDS.Tip: Want to claim HRA? Read the guide.Step 4.Enter deduction detailsEnter investment details under Section 80C(eg. LIC, PPF etc., and claim other tax benefits here.Tip: Do you have kids?Claim benefits on their tuition fees under Section 80CStep 5.Add details of taxes paidIf you have non-salary income,eg. interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26ASStep 6.E-file your returnIf you see “Refund” or “No Tax Due” here, Click on proceed to E-Filing.You will get an acknowledgement number on the next screen.Tip: See a “Tax Due” message? Read this guide to know how to pay your tax dues.Step 7: E-VerifyOnce your return is file E-Verify your income tax return
How do I fill taxes online?
you can file taxes online by using different online platforms. by using this online platform you can easily submit the income tax returns, optimize your taxes easily.Tachotax provides the most secure, easy and fast way of tax filing.
How do I fill out the income tax for online job payment? Are there any special forms to fill it?
I am answering to your question with the UNDERSTANDING that you are liableas per Income Tax Act 1961 of Republic of IndiaIf you have online source of Income as per agreement as an employer -employee, It will be treated SALARY income and you will file ITR 1 for FY 2017–18If you are rendering professional services outside India with an agreement as professional, in that case you need to prepare Financial Statements ie. Profit and loss Account and Balance sheet for FY 2017–18 , finalize your income and pay taxes accordingly, You will file ITR -3 for FY 2017–1831st Dec.2021 is last due date with minimum penalty, grab that opportunity and file income tax return as earliest
How much tax should I pay for an investment of less than 5,000 rupees in a private firm? What is the procedure of filing taxes?
Thank you for your question.As far as India is concerned, you don’t pay any taxes on Investment.Income Tax is not charged on any investment. It is taxed on profits and gains, salary and other sources like Interest, winnings etc. Investment is considered capital expense and not part of tax calculations until and unless you sell your Investment for a profit.GST is not levied on Investment either.Thus, you won’t be paying taxes on Investment in India.As far taxes in India are concerned, Income Tax is usually filed in India now, by way of the Government Income Tax website [ Click here - Login ]GST is levied on sale of products and services in India. Returns for the same are filed online on the GST website [Click here - https://services.gst.gov.in/serv... ]As far as Income Tax on Firms are concerned, Tax rate is 30% on any profits you earn as a firm. Salary paid to Partners will be taxed as part of their Individual Income while allowed as deduction to a firm (subject to the limits of Section 40b of the Income tax Act)Feel Free to check these articles:How do I calculate Income Tax? [Income Tax Structure & Tax Rate Schedule ‡ AY 2018-19 (India)]Income Tax Return Filing (India): Interactive Post on “How do I find out which ITR Form I should fill for Assessment Year 2018-19?”Reference:GST website https://www.gst.gov.in/Income Tax website e-Filing Home Page, Income Tax Department, Government of India
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