TDS
How to set up TDS in Finjinn
TDS Setup Guide in Finjinn Step 1 Login to Finjinn App using your credentials. You will be directed to the Home Page. On the Home Page , click the menu bar (3 horizontal lines on the top left hand corner). Step 2 Click on Settings (Configure Profile, ...
What is the basis for issuing Form16?
Irrespective of Salary earned and Tax deducted, every employee who has a PAN must be issued Form16.
Is there an exemption for Penalty?
If below conditions are met, penalty will not be applicable: The tax deducted is paid to the Government. Late filing fees and interest (if any) is paid to the Government. The return is filed before the expiry of a one year from the due date.
Are there any penalty imposed by the Assessing Officer for non-filing of returns?
The Assessing Officer may impose penalty of minimum INR 10,000/- and maximum INR 1,00,000/- for non-filing of returns in addition to late filing fees under Section 234E. For more on Section 234E, click here.
Is there any late fee for not / delayed filing of quarterly returns?
There will be late fee of INR 200/- for every day of delay in filing the returns as per Section 234E. However, the total penalty will be capped to the total TDS deducted during that quarter. For more on Section 234E, click here.
What is the due date for filing Quarterly Returns?
Below is the due date for filing quarterly returns: Quarter Months Covered Due Date Q1 April -June 31st July Q2 July-September 31st October Q3 October-December 31st January Q4 January-March 31st May
Is there any Interest of delayed payment of Income Tax?
There will be an interest calculated at the rate of 1.50% per month from the date on which TDS was deducted and the actual date of Payment as per Section 201(1A). Click here to know more on section 201(1A)
What is the due date for payment of Income Tax deducted from employees’ salaries?
7th of the following month is the due date for payment of Income Tax for the months April to February every year. 30th April will be the due date for payment income tax for the month of March every year.
What is the applicable Cess for the Financial year 2021-22?
4% is the Cess applicable on Income Tax and Surcharge for the Financial year 2021-22.
What is Cess on Income Tax?
A cess is a form of tax levied by the government on tax with specific purposes till the time the government gets enough money for that purpose. Currently Income Tax is charging Cess for the purpose of Health and Education Cess. Health and Education ...
What are the current slabs of Surcharge on Income Tax?
Below are the current Surcharge slabs for the financial year 2021-22
What is Surcharge on Income Tax?
Surcharge on income tax is an extra tax to be paid by the taxpayers earning a higher income beyond a certain limit. Government ensures that with the surcharge provision, the rich contribute to the income tax more than the poor. For more, click ...
What is the maximum rebate allowed under Section 87A Rebate?
INR 12,500/- is the Maximum rebate allowed under Section 87A for the Financial Year 2021-22.
Who can claim Section 87A Rebate?
Section 87A rebate is available for Taxpayers whose Net Taxable Income is between 2.50 Lacs to 5.00 Lacs.
What is Section 87A Rebate?
A rebate under section 87A is one of the income Tax provisions that helps taxpayers to reduce their income tax liability. Employee will get this rebate if total income does not exceed Rs 5 lakh in a financial year. Thus, income tax liability becomes ...
What are some of the differences between the Old Regime and the New Regime?
The main difference between Old Regime & New Regime is that the Tax Slabs have been changed to give more tax benefit. Other than there are certain Allowance / Exemptions & Deductions are not allowed in New Regime. See the below table for what is ...
What is New Tax Regime?
During the financial year 2020-21, new section 115BAC was introduced as type of tax calculation with reduced Rate of Tax. This is applicable only for Individuals & HUF. Under this, employee will have to forego various exemptions/deductions & ...
What are the current Income Tax Slabs applicable for financial year 2021-22?
Below are the current Income Tax Slabs for the financial year 2021-22
What are the available investments / deduction under Chapter VIA?
Income tax department with a view to encourage savings and investments amongst the taxpayers have provided various deductions from the taxable income under chapter VI A deductions. Click here to see the qualifying investments / deduction with limits ...
How is Income / (Loss) from let out property calculated?
Income / (Loss) from let out property is calculated as below:
Can an employee get tax benefit for repayment of Interest on Home Loan?
A residential property owned by employee and either employee or their family is residing in that property, employee can claim tax benefit up to INR 2,00,000/- per year.
What is Standard Deduction?
Standard deduction means a flat deduction allowed to individuals earning Salary or Pension Income. It was introduced back in Budget 2018 in lieu of exemption of Transport Allowance and reimbursement of medical expenses u/s 16 (1). For the FY 2020-21 ...
How is House Rent Allowance (HRA) exemption calculated?
Employees who live in rented house can claim HRA exemption to reduce their Income Tax under Section 10(13A). HRA is either fully or partially exempt. HRA exemption is minimum of below: The actual HRA received Rent paid reduced by 10% of salary 50% ...
Is Gratuity taxable as Salary?
Gratuity paid to an employee is exempt under section 10 (10) of the Income Tax up to INR 20 Lacs. To know more on section 10 (10), click here.
Are all allowances taxable?
Based on the respective tax treatment, allowances can be categorized into three types: Taxable Non-taxable Partially taxable
What are allowances?
An allowance is a fixed amount of money received by a salaried employee from his employer to meet a particular type of expenditure which may or may not be part of Salary.
What is Assessment year as per Income Tax Act?
The year in which persons income is assessed is known as Assessment Year. The period for Assessment Year starts from 1st April and ends on 31st March of the next year. For Financial year 2021-22, the Assessment year will be 2022-23.
What is Previous Year as per Income Tax Act?
The year in which income is earned is known as the previous year. In layman language the financial year is known as the previous year i.e, 2020-21. Current financial year is 2021-22.
What is the period for which a person’s income is considered for the purpose of Income-tax?
Income-tax is levied on the annual income of a person earned during the Financial Year i.e., Income Earned from 1st April to 31st March of the next year.
What is considered as salary income?
Section 17 of the Income-tax Act defines the term ‘salary’. Generally, whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. To know on section 17 of IT Act, click here.
What is Income-Tax?
It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961. Click here to view all provisions.
A brief introduction to Income Tax
Income Tax in India is a direct tax on the income or earnings in a financial year. The government can change the income slabs and tax rates every year in its Union Budget. Income does not only mean money earned in the form of salary. The Government ...