Amropam Gyan

Income Tax Return Assesment year 2019-2020 I ncome Tax return filling is important and necessary for everyone having any means of salary. but it can be tricky at times as it can be accomplished in minutes if you have the necessary documents with you. Since it is now necessary to provide a break-up of gross salary, income earned from house properties and income from other sources while filing ITR1 form, taxpayers should keep certain documents close to them during the process: Form 16   Salary Slips  Form 26AS  Insurance deduction certificates Form 16 All the form reflecting the tax deduction for that financial year must be considered containing the TAN number for tax deductions. If you are a salaried professional, this is one of the most important documents required while filing ITR. Form 16 is basically a TDS or tax deducted at source certificate issued by the employer, providing details of your gross remuneration and TDS deducted on it. A...

TA and Standard Deduction: for Disabled Employees      Till AY 2018-19, a deduction of Rs 1,600 per month was given to all government employee and a deduction of Rs 3,200 per month to employees with disability.  Section 10(14) read with Rule 2BB provides for exemption of transport allowance . The exemption is as follows: i.e. a deduction of 19,200 for employees and 38,400 for employees with  disabilities. But,   The CBDT vide third Amendment Rule (Notification No. 17/2018, Dated 06/04/2018) has amended the Rule 2BB of Income-tax Rules.  Click here to read the notice, 17/2018... This amendment has the effect of withdrawal of transport allowance allowed to an employee of Rs. 1,600 per month for commuting between the place of his residence and the place of his duty.  So, under this amendment government gave a benefit to all employees by increasing the deduction to 40,000/- and named it as Standard D eduction .  N...