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FAQ

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.
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.
Are salaries for Congressional staffers insufficient for living in the Washington, DC, area?
Depends entirely on the staffer’s position within their office and their willingness to be frugal.Disclaimer: This answer only looks at salaries in the House of Representatives. It’s not that the data doesn’t exist to do the same for the Senate[1] , but their semi-annual salary reports aren’t in searchable format, and, I don’t have the time to manually enter tens of thousands of lines of code. Moreover, I don’t have the financial position to get a paid account with Legistorm[2] , who’ve otherwise done the work for me. In my experience[3] , Senate salaries are just enough above House salaries to be appreciably higher, but still close enough for government work.But seriously, if anybody in the Office of the Secretary of the Senate reads this: It’s the 21st Century, y’all ‡ there’s no reason why public accounting information shouldn’t be searchable.I’m largely going to skip over how Congressional offices organize themselves, although I’d strongly recommend you read up on it for awareness‡ sake[4] [5] . In broad strokes, House and Senate offices are provided with a bulk amount of money to hire staff, and how they choose to compensate employees thereafter is entirely at the discretion of the Representative or Senator.Noting my disclaimer, I pulled down the last four House of Representatives‡ quarterly “Statement of Disbursements” reports[6] (in the very helpful CSV format, Senate!), and then did some cleaning up to focus on those employees whoWere named in all reports, and,Were employed in the same office in each report.This left me with 7,833 unique employees of the House of Representatives, to include 5,625 employees in Representatives‡ offices and 931 employees in committee offices.So, a pretty good sample. Next step was to compare their annual(ized) salaries to the income distribution for the Washington, DC, metro area (and I further defined the “Core” metro area as DC and the immediately neighboring counties in Virginia and Maryland):Right. So, obviously, a few things stand out.More than half (51.5%) of the House’s employees are in the $35-75,000 range, compared to 22-23% of DC area households, depending on how you look at the area. Additionally, the (near) absence of House employees earning $200,000 or more reflects the fact that no employee of the House is permitted to make more than the Speaker of the House (and, by convention, not more than a Representative - but I found a few folks…).But if you’re familiar with Congressional offices (because you did the reading), you’d recognize that they’re not all equal. Representative/Senator offices tend to have more junior staffers than committee offices, moreover, the sample includes field representatives and caseworkers who’re not based in the DC area, and so may not require similar compensation. So, getting more granular, here’s the House salary distribution by office type or function:Pretty stark difference between Representatives‡ offices and committee offices. Once again, more than half (57%) of Representatives‡ DC staff are drawing annual salaries between $35-75,000, whereas fully two-thirds of committee staff are compensated at $75,000 per year or more. In leadership offices (eg, Office of the Speaker, Minority Leader, etc.), more than half of employees (56%) are compensated at $100,000 or more per year.The House’s apolitical (or at least non-partisan) supporting offices also prbetter compensation than Representatives‡ personal offices (which, given the crap they have to put up with from Representatives and their aides: fair enough).Here are the differences in table form:So, again, there’s a very clear difference in levels of compensation in Representatives‡ personal offices than elsewhere in the House.But let’s pull this discussion back to how these salaries compare to those in the Washington, DC, area, specifically, let’s draw comparison to nonfamily households in order to try and make a better comparison of individuals‡ salary distribution in the Washington, DC, area (and saving us from having to guess which Hill staffers are more comfortable at home by being married/de facto and which aren’t):Again, you can see committee staffers‡ incomes taking off relative to the general (nonfamily) population, while personal staffers‡ are disproportionate in the $35-75,000 range.But now we’re really at the thrust of the question: Sure, Representatives‡ personal staff aren’t making as much as committee staffers and nonfamily households in the region, generally, but does that mean they can’t afford to live in the DC area?I’m going to focus on the below-median income earners, since it’s less likely that the above-median earners are doing well enough in the area (unless, of course, we find reason to believe otherwise):So let’s consider some basic expenses.First, obviously, we need to get our arms around what the staffers‡ after-tax salaries are and that‡ Sucks. We can make a reasonable guess as to what their Federal tax liability is ‡ we know what the Federal income tax brackets are[7] , plus rates of Social Security and Medicare withholding[8] . Obviously, any staffers‡ actual liability will depend entirely on their individual circumstances, however, as a ballpark, we can go with the basic rates (and, again, assuming staffers are filing individually because they’re workaholics who don’t date).Enjoy this table:Immediate takeaway is that staffers on the bottom of the payscale should choose to live in Maryland (and, as a born and bred Northern Virginian, it pained me to say that, however, numbers are numbers).Now that we’ve taken away basically half the staffers‡ pay, we need to figure out where they’ll live.According to the American Community Survey run by the Census Bureau, the median gross rent (which includes basic utilities[9] ) in the DC area is about $1,600 per month, with a range of $1,385-$1,895 in the core area. For single bedroom apartments, the range is more like $1,100-$1750, however, as others have mentioned, it’s popular for staffers to shack-up in multiple bedroom homes and apartments to drop their rental cost. So here, again, is a table that shows the area’s rental prices per occupant, assuming all bedrooms are filled:If staffers don’t mind giving up a little privacy and exclusivity (and spaciousness), then it’s not infeasible to keep rental costs to somewhere between $5-8,000 per year, but with $6-8,000 more likely.For the purposes of filling out our table, though, let’s start with the average of the annual, minimum rents for fully occupied three and four bedroom apartments/homes ($6,235). Those minimums were out in Manassas, Virginia, so let’s begin calculating expenses from there.If the staffers are dumb enough to try to drive into DC from Manassas on a weekday, they deserve every bit of the Hell that will be their variable 1.5-2.5 hour one-way commute:That map is also being very generous in assuming the staffers at the bottom end of the payscale will have a parking space on the Hill. They won’t. That’s laughably naïve ‡ and any staffer who was too lazy to look at the parking situation near Capitol Hill before driving all the way in will fast find themselves paying $24 per day at Union Station if they want to be in any kind of reasonable walking distance to work and subsequently being laughed at by everyone else on the Hill.So don’t do that.The other downside to commuting into the city from Virginia is that, if you want to avoid the rage-inducing traffic jams, then you’ll also incur approximately $20 in tolls per day on I-66 ($5,200 per year). I-395 will be no better after the extension project is finished (and no, contrary to Google Maps‡ depiction, “taking the long way” around I-66 to I-395 on a weekday morning to avoid tolls is not a viable option unless you’re a masochist).Staffers might be tempted to take the Metro, but parking is $4.95 per day in Virginia and then the rail itself costs $12 per day (so $4,400 per year).Also, didn’t we decide based on taxes to not live in Virginia? Yeah, F-this.Moving out to Prince George’s County, Maryland, increases the rent a little bit ($6,560), but we’re easily saving around $2,000 in taxes, so that’s not such a bad trade-off. Parking at Metro stations is a little higher on the Maryland side ($5.20/day), but the rail fares are less ($8/day ‡ Orange and Blue Lines), so that comes out to $3,400 per year ‡ $1,000 less than Virginia.…You just don’t know how hard it is for me to be making the case to live in Maryland…And, of course, living in D.C. would mean almost no commute time or expense, but taxes, so please don’t.Now to food.Getting good information on average food expenses is actually friggin‡ difficult. You’d think data’d be more readily accessible, but it was a struggle. The closest I got was the Consumer Expenditure Survey, published by the Bureau of Labor Statistics, and the results for the cost of food prepared at home varied pretty significantly by metric. When looked at by income levels, for households with incomes between $30-$70,000 per year before taxes, annual food costs ranged from $3,780-$4,160. However, for all single, sole-income earners, the average cost was $2,316.Interestingly, sole-earners spent an annual average of $487 on alcohol, above the $305-$480 for the income brackets.No judgment.Anyway, those are national averages, and most available indices peg the DC area’s food and groceries somewhere around 25% more expensive than nationally. Again, assuming our staffers are pinching pennies, a base annual food spend of $2,895 (25% above the BLS‡ data for single, sole income earners) doesn’t seem unreasonable (if very optimistic and not much beyond the basics).So having sorted taxes, rent, food and transport, here’s what we’re looking at for a frugal, low-paid Hill staffer living in Maryland:That, of course, doesn’t include things like health insurance (a quick scan of the DC market reveals costs around $5,000 per year for low-coverage plans), car insurance and maintenance, utilities, clothing, any existing debts, student loans‡ You know, life.And it’s incredibly optimistic in the basest sense that a staffer would be able to find an apartment at the low end of the scale with a constant number of roommates to keep rent down. A staffer who decides to share space with a bunch of roommates in DC only to have them all move out one month and then struggle to fill the rooms (as happened to me ‡ good times), they could find themselves living paycheck to paycheck very fast (ibid.).But having said all that, for most Hill staffers, it isn’t impossible to live in the DC area on their salary. They just have to be smart - which is good advice for everyone. Entry-level Staff Assistants and newly minted Legislative Correspondents, however, probably ought to think hard about splurging on the weekends.And can somebody please, please tell the Senate to start putting out salary data in searchable format?Footnotes[1] Report of the Secretary of the Senate[2] Congress Revealed[3] Carter Moore's answer to What is daily life like for a congressman or a congressional staffer?[4] https://www.everycrsreport.com/f...[5] Carter Moore's answer to Who and how many people are on the staff of a United States congressman?[6] Statement of Disbursements[7] Federal Income Tax Brackets 2018[8] Social Security and Medicare Contributions[9] https://www2.census.gov/programs...
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
What are the 2021 federal income tax brackets and new rates?
The year 2021 is witness to a vital revamping of the federal Income tax structure. Income tax payments have undergone a sea of changes. Income tax brackets, thresholds, rates and deductions have been re-evaluated. With the makeover of the Tax Cuts and Jobs Act, the renewed federal income tax structure has been redesigned.The noteworthy changes which will affect the Income taxpayers will be an elimination of personal expenses, Pease Limitation on itemized deduction and the expansion of the child credit.In the years before 2021. the Consumer Price Index was used by the Internal Revenue Service to calculate the inflation in the past years. However, with the advent of TCJA(Tax Cuts and Jobs Act) the system has changed.The IRS will now bring in the usage of the Chained Consumer Price Index (C-CPI), to decide the credit values, thresholds and amount to be deducted.In the revamped Federal Income Tax guidelines, the number of Income-tax brackets remains seven as in the previous year. However, the% rates in the brackets have gone down. The rates for individuals are valid till 2021 unless Congress increases the timelines. The lowest income tax rate is pegged at 10% while the topmost rates have been lowered from 39.6% to 37%.The 7 Income Tax Brackets have been improved with interest rates at 10%, 12%, 22%, 24%, 32%, 35%, and 37%.The details are illustrated below.Income Tax BracketTax for IndividualsTaxable Income RangeTax Liability1$0-$9,52510% of taxable income2$9,526-$38,700$952.50+12% on (amount exceeding $9,525)3$38,701-$82,500$4453.50+22% on(amount exceeding $38,700)4$82,501-$157,500$14089.50+24% on(amount exceeding $82500)5$157,501-$200,000$32,089.50+32% on(amount exceeding $ 157,500)6$200,001-$500,000$45,689.50+35% on(amount exceeding $ 200,000)7$500,001+$150,689.50+37% on(amount exceeding$500,000)Joint Returns filed by Married IndividualsTaxable Income RangeTax Liability1$ 0-$19,05010% of taxable return2$19,051-$77,400$1,905+ 12% on(amount exceeding $ 19,050)3$77,401-$165,000$8907+22% on(amount exceeding $ 77,400)4$ 165,001-$315,000$28179+24% on(amount exceeding$165,000)5$315,001-$400,000$64,179+32% on (amount exceeding $315,000)6$400,001-$600,000$91,379+35%on (amount exceeding $400,000)7$600,001+$161,379+37% on(amount exceeding $600,000)Returns filed by Married Persons separatelyTaxable Income RangeTax Liability1$ 0-$9,52510% of taxable income2$9,526-$38,700$952.50+12% on(amount in excess of $9,525)3$38,701-$82,500$4453.50+22% on(amount in excess of $38,700)4$82,501-$157,500$14,089.50+24% on(amount in excess of $82,500)5$157,501-$200,000$32,809.50+32% on (amount in excess of $157,500)6$200,001-$300,000$45,689.50+35% on(amount in excess of $200,000)7$300,000+$80,689.50+37% on (amount in excess of $300,000)House Hold HeadsTaxable Income RangeTax Liability1$ 0-$13,60010% of taxable return2$13,601-$51,8001360+12 % on(amount in excess of $13,600)3$51,801-$82,500$5944+22%on (amount in excess of $51,800)4$82,501-$157,500$12698+24% on (amount in excess of $82,500)5$157,501-$200,000$30,698+32% on (excess amount over $157,500)6$200,001-$500,000$44,298+35% on(excess amount over $200,000)7$500,000+$ 149,298+37%on(excess amount over 500,000)Estates and TrustsTaxable Income RangeTax Liability1$0-$2,55010% of taxable income2$2,551-$9150$255+24% on (excess amount over $2,550)3$9151-$12,500$1839+35% on(excess amount over $9,150)4$12,501+$3011.50+37%on (excess amount over $12,500)Exemptions and Standard Deductions.Change in the Federal Income tax rules has also been reflected in the standard deductions and exemptions. For a couple who were filing their taxes jointly the standard deduction amount will jump from $13,000 to $24,000.For individuals or single filers, the standard deduction will jump from $6,500 to $12,000.The personal exemption of$ 4,150 would remain as it is.The child tax credit gets a substantial hike. Currently, it starts at $1,000.and starts to phase out at $110,000 in income for couples and for everybody else it is $75,000.The credit doubles to $2000,$1400 of which is a refundable tax credit as per the new law. It phases out at $400,000 income for couples and for singles at $ 200,000.Phase outReduction of a tax credit that an Income tax payee is eligible for, as their income approaches the qualifying criteria to get that credit is known as phase out.The maximum amount is eligible for people with lower income. Higher income earning people who exceed the upper limit are not eligible for the credit.Phase out is recognized by the Internal Revenue Service. The Federal Child Tax Credit phases out when the modified gross income (MAGI) reaches $400.000 for married taxpayers filing their taxes jointly.Itemised DeductionsFundamental changes have undergone in the itemized deductions basket. State and Local taxes can be itemized, but capped by an amount of $10,000.Primary and secondary mortgages are deductible. The cap has come down from loans up to $100, loans up to $750,000. Medical expenses are deductible up to 7.5 % of the income.Alternative Minimum TaxIn 1960 a tax model called Alternative Minimum tax was announced. This move was taken to prevent high-income taxpayers from shirking from income tax payments.This lateral income tax has to be assessed twice by the high-income group people, once under the normal taxation route and the other under the Alternative Minimum Tax.The Income-tax payee has to pay the tax which is higher among the two. Alternative Minimum Taxable Income(AMTI) is an alternative definition of taxable income.Taxpayers are allowed to absolve a heavy amount of their of their income from AMTI, to prevent low and middle-income taxpayers from being subject to the AMT.For high-income taxpayers, this exemption phases out. For 2021. the AMT exemption amount for singles is $70,300and $109,400 for married couples filing jointly.The 28% AMT rate will be applied to excess AMTI of $191,500 for married taxpayers and $95,758 for unmarried taxpayers.Earned Income Tax CreditIf the single or joint filer is childless maximum Earned Income Tax credit is $ 520.If a filer has one child, he or she gets a credit of $3,468.If a filer has two children then a credit of $5,728 is given. If a single or joint filer has three or more children then a credit of $6,444 is given. Tax credits precisely cut down the amount of taxes you owe, not being affected by the tax bracket.
How are the income tax brackets calculated?
The brackets themselves? They’re determined by Congress, and a discussion of how Congress comes up with the rates is beyond the scope of human comprehension, as far as I’m concerned.However, there is one part of this that I do understand: every year, someone at the IRS takes the current year’s tax table and adjusts all of its values according to the CPI and a formula set forth in the law (in 26 U.S. Code § 1 - Tax imposed) to come up with the tax table for the upcoming year. This has been done every year since 1992, as far as I can tell. Of course, Congress sometimes pokes at this process from time to time, and so it’s fairly challenging to figure out if the tables published by the IRS are correct. But there are people (called “tax attorneys”) who keep an eye on all this and if they spot a problem boy howdy will they let people know about it.The decisions on where to break between brackets and how much to charge in each bracket are almost entirely political.
How can I do my income tax return filing without the help of an auditor?
You can do the same, by using online tools available, free chat forums and with the help of professionals that are ready to help at Quora. Even i try to answer all the queries that are posted on QuoraHowever, a word of advise, do not try to do your self. The filing of return, apparently has been simplified. But the correlation in returns from external source of information is so much that filing one-self(unless you are a professional) can be dangerous
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