{"id":618,"date":"2019-09-09T13:54:29","date_gmt":"2019-09-09T13:54:29","guid":{"rendered":"https:\/\/www.finsafe.in\/financial-wellness\/?page_id=618"},"modified":"2021-11-03T11:36:58","modified_gmt":"2021-11-03T06:06:58","slug":"taxation-about","status":"publish","type":"page","link":"https:\/\/www.finsafe.in\/financial-wellness\/taxation-2\/taxation-about\/","title":{"rendered":"Taxation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"618\" class=\"elementor elementor-618\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cc28855 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cc28855\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-0af2893\" data-id=\"0af2893\" data-element_type=\"column\" id=\"headings-faq\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-42f8eba elementor-widget elementor-widget-heading\" data-id=\"42f8eba\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">About<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-664b0b8 elementor-widget elementor-widget-text-editor\" data-id=\"664b0b8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b>Income From Salary<\/b><\/p><p><b>Components of salary:<\/b><\/p><ul><li>Basic<\/li><li>Bonus<\/li><li>Allowances<\/li><li>Perquisites<\/li><li>Leave Encashment<\/li><li>Gratuity &amp; Superannuation<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c4d05d elementor-widget elementor-widget-text-editor\" data-id=\"5c4d05d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b>Allowances<\/b><\/p><p><b>House Rent Allowance<\/b><\/p><ul><li>Amount exempt under HRA is lower of actual HRA received and 40-50% of basic + DA (depending on the city) and rent paid less 10% of salary.<\/li><li>You can pay rent to parents and claim exemption for HRA.<\/li><li>Cannot pay rent to spouse and claim exemption.<\/li><li>70% of rent received by parent will be taxed as income.<\/li><\/ul><p>\u00a0<b>Leave Travel Allowance<\/b><\/p><ul><li>Actual domestic travel can be claimed twice in a block of 4 years.<\/li><li>Only travel in public transport can be claimed for self, spouse, parents and children<\/li><li>Only expenses on travel can be claimed. Food, sight seeing and other expenses cannot be claimed.<\/li><li>Current block is from 2018-21.<\/li><li>If LTA is not used in a block, it can be claimed in the immediate year succeeding the block year. (currently till 2022).<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a80148b elementor-widget elementor-widget-text-editor\" data-id=\"a80148b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Other Sources Of Income<\/strong><\/p><ul><li>Income from house property<\/li><li>Dividend Income<\/li><li>Interest Income<\/li><li>Gifts<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c79891 elementor-widget elementor-widget-text-editor\" data-id=\"7c79891\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b>Taxation of Income from House Property<\/b><\/p><p>Value to be considered is highest of:<\/p><ul><li>Rent received<\/li><li>Fair Market Value (this is the assumed rental value of the property depending on the rental value of similar properties)<\/li><li>Municipal Value<\/li><li>Value of the property as perceived by municipal authorities<\/li><\/ul><p>Deductions Allowed:<\/p><ul><li>Municipal Taxes<\/li><li>Interest on loan<\/li><li>Standard Deduction \u2013 30% of (Rent received \u2013 Municipal taxes)<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9228c08 elementor-widget elementor-widget-text-editor\" data-id=\"9228c08\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b>Taxation of gifts received<\/b><\/p><ul><li>Cash gifts less than Rs 50,000 received from relatives \u2013 exempt from tax<\/li><li>Gift of immovable property with stamp duty less than Rs 50,000\/- &#8211; Exempt from tax<\/li><li>Gift of movable property with fair value of property less than Rs 50,000\/- &#8211; Exempt from tax<\/li><li>Aggregate value of gift from employer less than Rs 5000\/- &#8211; Exempt from tax<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ae157c elementor-widget elementor-widget-text-editor\" data-id=\"0ae157c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Sections for Tax Saving<\/strong><\/p><ul><li>Section 80C<\/li><li>Section 80CCD<\/li><li>Section 80D<\/li><li>Section E<\/li><li>Section 80G<\/li><li>Section 80TTA<\/li><li>Section 24<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b8efb6 elementor-widget elementor-widget-text-editor\" data-id=\"2b8efb6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Products to Invest under Sec 80 C<\/strong><\/p><ul><li>EPF \/ VPF<\/li><li>PPF<\/li><li>SSY<\/li><li>NSC<\/li><li>Tax Saving FD<\/li><li>ELSS<\/li><li>Insurance Premium<\/li><li>NPS<\/li><li>Repayment of Home Loan Principle<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a58aed elementor-widget elementor-widget-text-editor\" data-id=\"4a58aed\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Home Loan Deductions<\/strong><\/p><p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1079 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax.jpg\" alt=\"\" width=\"725\" height=\"605\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax.jpg 725w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax-300x250.jpg 300w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax-720x601.jpg 720w\" sizes=\"(max-width: 725px) 100vw, 725px\" \/><\/p><p><b>Section 80 D<\/b><\/p><ul><li>Tax deduction up to Rs 100,000 for medical insurance premium<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6d0b9c elementor-widget elementor-widget-text-editor\" data-id=\"d6d0b9c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1080 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax1.jpg\" alt=\"\" width=\"741\" height=\"334\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax1.jpg 741w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax1-300x135.jpg 300w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax1-720x325.jpg 720w\" sizes=\"(max-width: 741px) 100vw, 741px\" \/><\/p><p><strong>Section 80DD<\/strong><\/p><p><b><i>Disabilities covered are<\/i><\/b><b><i>:<\/i><\/b><\/p><ul><li>Blindness<\/li><li>Low vision<\/li><li>Leprosy-cured<\/li><li>Loco motor disability<\/li><li>Hearing impairment<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a74406 elementor-widget elementor-widget-text-editor\" data-id=\"5a74406\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Who are qualified?<\/i><\/b><\/p><ul><li>For Individuals, disabled dependent can be spouse, children, parents and siblings.<\/li><li>For HUFs, a disabled dependent can be any member of the HUF<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82b6b82 elementor-widget elementor-widget-text-editor\" data-id=\"82b6b82\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Section 80DD taxation<\/strong><\/p><p><b>Dependent person with disability :<\/b><\/p><ul><li>Dependent with 40% of disability<\/li><li>Tax deductions of Rs. 75000<\/li><\/ul><p><b>Dependent person with\u00a0 severe disability :<\/b><\/p><ul><li>Dependent with 80% of disability<\/li><li>Tax deductions of Rs. 125000<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b278fbd elementor-widget elementor-widget-text-editor\" data-id=\"b278fbd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Section 80DDB<\/i><\/b><\/p><p><b><i>cover specific ailments :<\/i><\/b><\/p><ul><li>Neurological diseases with 40% or more disability.<\/li><li>Malignant cancers<\/li><li>AIDS<\/li><li>Chronic Renal Failure<\/li><li>Hematological disorders<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7f4e221 elementor-widget elementor-widget-text-editor\" data-id=\"7f4e221\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Who are qualified?<\/i><\/b><\/p><ul><li>For Individuals, disabled dependent can be spouse, children, parents and siblings.<\/li><li>For HUFs, a disabled dependent can be any member of the HUF<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d387d03 elementor-widget elementor-widget-text-editor\" data-id=\"d387d03\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Section 80DDB <\/i><\/b><b><i>txation<\/i><\/b><\/p><p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1081 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax2.jpg\" alt=\"\" width=\"644\" height=\"183\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax2.jpg 644w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax2-300x85.jpg 300w\" sizes=\"(max-width: 644px) 100vw, 644px\" \/><\/p><ul><li><b>Section 80 E<\/b><\/li><li>Interest paid on loan taken for higher studies is fully deductible<\/li><li>Max period to claim deduction is 8 years<\/li><li><b>Section 80 G<\/b><\/li><li>Donations<\/li><li><b>Section 80 TTA<\/b><\/li><li>Deduction of Rs. 10,000 for interest income earned on savings accounts<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc563ea elementor-widget elementor-widget-text-editor\" data-id=\"cc563ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Capital <\/i><\/b><b><i>Gains<\/i><\/b><\/p><p>A gain from the sale of a capital asset<\/p><ul><li>Capital Assets :<\/li><\/ul><p>\u2013Property<\/p><p>\u2013Gold<\/p><p>\u2013Shares<\/p><ul><li>Capital gains takes into account the inflation and adds it to the cost<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6561d6b elementor-widget elementor-widget-text-editor\" data-id=\"6561d6b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Capital Gains on assets classes<\/i><\/b><\/p><p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1082 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax3.jpg\" alt=\"\" width=\"722\" height=\"305\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax3.jpg 722w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax3-300x127.jpg 300w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax3-720x304.jpg 720w\" sizes=\"(max-width: 722px) 100vw, 722px\" \/><\/p><p><b><i>Exemption from capital gains under Section 54<\/i><\/b><\/p><p><b>Property:<\/b><\/p><p><b>Sec 54; Exemption from capital gains:<\/b><\/p><ul><li>If the capital gains from sale of house property are reinvested into another property<\/li><li>One year before the sale or within <br \/>2 years of the sale<\/li><li>Gains can be invested in construction <br \/>of property provided construction is completed in 3 years<\/li><li>Exemption will be taken back if new property is sold within 3 years of purchase or completion.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13771c3 elementor-widget elementor-widget-text-editor\" data-id=\"13771c3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Mutual<\/i><\/b><b><i> Fund <\/i><\/b><b><i>Taxation<\/i><\/b><\/p><ul><li>Short Term and Long Term Capital Gains<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0604ee4 elementor-widget elementor-widget-text-editor\" data-id=\"0604ee4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1083 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax4.jpg\" alt=\"\" width=\"608\" height=\"447\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax4.jpg 608w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax4-300x221.jpg 300w\" sizes=\"(max-width: 608px) 100vw, 608px\" \/><\/p><p><b><i>Income Tax Slabs<\/i><\/b><\/p><p><b>Income Tax Slab Rates for Assessment Year 2020-21<\/b><\/p><p>For Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person<\/p><p>Slab Rates for A.Y. 2020-21 (F.Y. 2019-20) \u2013 For individual below age 60 years.<\/p><p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1084 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax5.jpg\" alt=\"\" width=\"752\" height=\"364\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax5.jpg 752w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax5-300x145.jpg 300w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax5-720x349.jpg 720w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/p><p>*Rebate up to Rs 12,500 is available for those whose net taxable income does not exceed Rs 5 lakh, thereby resulting in zero tax liability.<\/p><p><b><i>Income Tax Forms<\/i><\/b><\/p><ul><li>Form 16<\/li><li>Tax deducted at source from salary<\/li><li>PART A &amp; PART B<\/li><li>Form 26AS<\/li><li>ITR \u2013 1 to be used for tax filing<\/li><li>ITR \u2013 2 to be used for tax filing<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fb712b elementor-widget elementor-widget-text-editor\" data-id=\"6fb712b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Form 16<\/i><\/b><\/p><p><b>What is Form 16?<\/b><\/p><ul><li>Form 16 is a certificate issued under section 203 of the IT Act for tax deducted at source from salary.<\/li><li>It is also known as a Salary Certificate since<\/li><li>It contains complete details of salary paid by the employer and its components as well as tax deducted from salary.<\/li><li>Issued by the employer.<\/li><li>Form 16 is divided into Part A &amp; Part B.<\/li><\/ul><p><b>Part A<\/b><\/p><ul><li>Part A is the certificate of TDS. Contains PAN number, TAN number, name and address of employer and PAN number of employee. It contains a summary of tax deducted and deposited quarterly, which is certified by the employer.<\/li><\/ul><p><b>Part B<\/b><\/p><p>Part B is annexure containing details of salary paid, other income, tax due and tax paid. This is a complete detailed record of salary and related deductions and exemptions computed in a step by step manner.<\/p><p><b><i>ITR Forms for Salaried<\/i><\/b><\/p><p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1085 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax6.jpg\" alt=\"\" width=\"751\" height=\"316\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax6.jpg 751w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax6-300x126.jpg 300w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax6-720x303.jpg 720w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/p><p><b><i>Changes in Disclosure in Income Tax Forms<\/i><\/b><\/p><ul><li>Contact Details to be provided<\/li><li>ITR 1 is now in sync with columns of Form 16. Now individual must mention gross salary, then amount of exempt allowances, perquisites and profits in lieu of salary to be deducted to arrive at taxable income.<\/li><\/ul><p>\u2013Separate reporting of all deductions under Sec 16, like standard deduction, entertainment allowance, professional tax<\/p><ul><li>Income from other sources<\/li><\/ul><p>\u2013Details on interest income, income tax refund<\/p><ul><li>House Income :<\/li><\/ul><p>\u2013 mandatory to mention whether it is self-occupied, let out or deemed to let-out.<\/p><p>\u2013PAN of the tenant to be provided in case rent&gt; Rs 50,000 per month &amp; TDS is being deducted<\/p><ul><li>Capital gains:<\/li><\/ul><p>\u2013 Immovable property- mandatory to furnish details of buyer including name, PAN number, %age share, amount.<\/p><p>\u2013Details of capital gains\/losses from equities<\/p><ul><li>Residential Status :<\/li><\/ul><p>\u2013Information with respect to tax status needs to be provided like number of days stayed in India, jurisdiction of\u00a0 residence<\/p><ul><li>Foreign assets:<\/li><\/ul><p>\u2013 Foreign bank details, depository account,\u00a0 foreign debt, equity , insurance contract and cash<\/p><ul><li>Donations :<\/li><\/ul><p>\u2013Amount of donation made in cash\/other methods to charitable institutions to be given<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43535c4 elementor-widget elementor-widget-text-editor\" data-id=\"43535c4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Changes in Disclosure in Income Tax Forms<\/i><\/b><\/p><p>\u00a0<b>ITR 1 (<\/b><b>Sahaj<\/b><b>)<\/b><\/p><ul><li>Furnish details of exempt income like HRA and specify nature of income from other sources.<\/li><li>Field for standard deduction and exemption on interest from bank and post office deposits under Section 80TTB introduced.<\/li><\/ul><p><b>ITR 2<\/b><\/p><ul><li>Detailed information on number of days spent in and out of India to determine residential status.<\/li><li>Disclosure of information on unlisted shares.<\/li><li>Disclosure of house buyers, details in case you have sold a property.<\/li><li>Furnish details related to agricultural income including ownership, size, location and address and status on irrigation.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8adfec elementor-widget elementor-widget-text-editor\" data-id=\"f8adfec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><b><i>Late Filing<\/i><\/b><\/p><ul><li>For 2017-18 : Taxes cannot be filed unless IT dept sends notice &amp; can be prosecuted<\/li><\/ul><ul><li>Late filing but paid taxes: no interest<\/li><li>Late Filing but outstanding tax liability:<\/li><\/ul><p>\u00a0 Interest is payable u\/s 234A:<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e615a2b elementor-widget elementor-widget-text-editor\" data-id=\"e615a2b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone wp-image-1086 size-full\" src=\"http:\/\/blackbro.in\/wp-content\/uploads\/2019\/09\/tax7.jpg\" alt=\"\" width=\"723\" height=\"158\" srcset=\"https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax7.jpg 723w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax7-300x66.jpg 300w, https:\/\/www.finsafe.in\/financial-wellness\/wp-content\/uploads\/2019\/09\/tax7-720x157.jpg 720w\" sizes=\"(max-width: 723px) 100vw, 723px\" \/><\/p><p><strong>Tax refund<\/strong><\/p><ul><li>After calculation of income tax, if excess tax has been paid, you can claim a refund<\/li><li>It can be claimed at the time of filing returns<\/li><li>Tax refund takes approximately 2-6 months<\/li><li>Can claim refund only up to previous financial year<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-6fcab6f\" data-id=\"6fcab6f\" data-element_type=\"column\" id=\"fixed-side\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3216a73 elementor-widget elementor-widget-heading\" data-id=\"3216a73\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Index<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-016b15e elementor-widget elementor-widget-text-editor\" data-id=\"016b15e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/www.finsafe.in\/financial-wellness\/taxation-2\/taxation-about\/\"><strong>About<\/strong><\/a><\/p><p><a href=\"\/financial-wellness\/taxation-2\/taxation-faqs\/\"><strong>FAQs<\/strong><\/a><\/p><p><a href=\"\/financial-wellness\/taxation-2\/taxation-videos\/\"><strong>Articles<\/strong><\/a><\/p><p><a href=\"\/financial-wellness\/taxation-2\/taxation-videos\/\"><strong>Videos<\/strong><\/a><\/p><p><a href=\"\/financial-wellness\/taxation-2\/taxation-calculators-finguide\/\"><strong>Calculators <\/strong><\/a><\/p><p><a href=\"\/financial-wellness\/taxation-2\/taxation-calculators-finguide\/\"><strong> Finguide<\/strong><\/a><\/p><p><a href=\"\/financial-wellness\/taxation-2\/taxation-videos\/\"><strong>Post<\/strong><\/a><\/p><p><a href=\"\/financial-wellness\/taxation-2\/taxation-glossary\/\"><strong> Glossary<\/strong><\/a><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-97dcc0f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"97dcc0f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a64a8b\" data-id=\"6a64a8b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-884ef4e elementor-widget elementor-widget-text-editor\" data-id=\"884ef4e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p style=\"color: #2db1a6; font-size: 17px; font-weight: 600;\">The articles are from various news publications &amp; some of the articles may need a subscription.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0c461eb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0c461eb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-883b2d0\" data-id=\"883b2d0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9561ea2 elementor-widget elementor-widget-text-editor\" data-id=\"9561ea2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p style=\"font-size: 12px;\"><b>Disclaimer :<\/b> The purpose of the Training Materials and the resources is to encourage you to plan for \u00a0investments based on \u00a0goals and is solely meant for education purposes. There is no guarantee that \u00a0goals will be achieved. The workforce are advised to consult their investment \/ financial advisor, prior to taking any investment decisions. While, every care has been taken in preparing the Training Materials and the Documentation to ensure accuracy at the time of publication and creation, however, FINSAFE India Private Ltd assumes no responsibility for any errors, which despite all precautions may be found herein. Finsafe India Private Limited shall not be liable under, or in connection with:<\/p>\n\n<ul style=\"padding-left: 131px; font-size: 12px;\">\n \t<li>loss of income;<\/li>\n \t<li>loss of business profits or contracts;<\/li>\n \t<li>business interruption;<\/li>\n \t<li>loss of the use of money or anticipated savings<\/li>\n \t<li>loss of information<\/li>\n \t<li>loss of opportunity, goodwill or reputation;<\/li>\n \t<li>loss of, damage to or corruption of data; or\nany indirect or consequential loss or damage of any kind howsoever arising and whether caused<\/li>\n<\/ul>\n<p style=\"font-size: 12px;\">All intellectual property rights in the Training Materials and the resources (whether registered or not) anywhere in the world belong to Finsafe India Private Limited.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>About Income From Salary Components of salary: Basic Bonus Allowances Perquisites Leave Encashment Gratuity &amp; Superannuation Allowances House Rent Allowance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":505,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/618"}],"collection":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/comments?post=618"}],"version-history":[{"count":24,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/618\/revisions"}],"predecessor-version":[{"id":5368,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/618\/revisions\/5368"}],"up":[{"embeddable":true,"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/pages\/505"}],"wp:attachment":[{"href":"https:\/\/www.finsafe.in\/financial-wellness\/wp-json\/wp\/v2\/media?parent=618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}