Saturday, January 2, 2021

Complete Income Tax Guide for 2020-21


Income Tax Calculation FY 2020-21 in Telugu Model Income Tax Calculation.

Under Section 192 of the Income Tax Act, 1961, every employee is required to pay tax on the total income, including his salary income and other income, as per the rules every year. Let us examine the highlights of the assessment of income tax payable by employees for the financial year 2020-21 (Income from 01.04.2020 to 31.03.2021).

వేతనాదాయంగా పరిగణించే అంశాలు: 

Base Wage, Drought Allowance DA, Home Rent Allowance HRA, Interim Allowance IR, Special Pay (HM Allowance, etc), Additional Increments, CCA CCA, Surrender Leave, Wage Advance, Bonus, Pension, Medical Allowance, Children Education Advance, Pension, Substance Allowance, Government Share in New Pension Scheme, Wage Arrears etc.

వేతనాదాయంగా పరిగణించబడని అంశములు :

Gratuity,. Pension commutation, payments from .YTC, .PF, .Tour / Transfer TA, DA, Retired Next Earner, Paid Leave Cash, Convenience Allowance Education Allowance.

స్థిరాస్తి (Housing Property) పై ఆదాయం :
Rents on residences and business complexes
Capital Gains: Income from shares.

Other resources:
Interest on banks, savings account at post offices, and fixed deposits. Interest on NSC Bonds Certificates, Family Pension received by the employee or service pensioner. Under Section 57 iia, one-third of the family pension or Rs. 15000 / - or whichever is less, the remaining family pension should be shown under other income.

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