FINBOAT

  TYPES OF INCOME TAX RETURN IN INDIA Income tax returns are forms in which taxpayers file information regarding their income earned during the financial year and tax applicable thereon. By filing Income tax return taxpayer determine his liability of tax and claim refund if already excess paid as tax deducted at source. There are seven types of income tax return depending on the taxpayer's category and income type. Such forms are: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. However, one should be cautious before choosing a tax return form to file. Therefore, here we are discussing about the applicability of different types income tax return so that taxpayer can file appropriate return.   ITR-1 For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand. ITR-2 For Individuals and HUFs not...

  TYPES OF NGO OR NPO there are only three types of Non Government Organization or Non Profit Organization are as follows SOCIETY Any society registered under society act can work as an NGO. It can be two types, one is state level and another is national level. Seven Members required for state level society and Nine Member required for national level of society at least eight from different state. TRUST Only registered public trust can work as an NGO. At least two people required to form a trust one is Settler and another is Trustee. Trust can work PAN India level. SECTION 8 COMPANIES Any company registered under section 8 of companies act 2013 can work as an NGO. There are two person required to form a section 8 company. To work as an NGO or NPO there must be the objectives of concern is within the definition of section 2(15) of income tax act.

  TAX SLAB UNDER NEW REGIME Up to 2.5Lacs tax amount will be Nil Above Rs.2.50 up to Rs.5 Lacs there will be tax @ 5% of Total income more than 2.5 Lacs Above Rs.5 Lacs up to Rs.7.5 Lacs there will be tax @10% of the total income more than 5 Lacs Above Rs.7.5 Lacs up to 10 lacs there will be tax @ 15% of the total income more than Rs.7.5 Lacs Above Rs.10 Lacs up to 12.5 lacs there will be tax @ 20% of the total income more than Rs.10 Lacs Above Rs.12.5 Lacs up to 15 lacs there will be tax @ 25% of the total income more than Rs.12.5 Lacs Above Rs.15 Lacs there will be tax @ 30% of the total income more than Rs.15 Lacs   There will be 4% addition on tax for education cess   Example An Employee earn Rs.1800000/- as net salary after all Exemptions and deductions Calculation of tax is as follow First 250000 Tax will be Nil Above 250000 up to 500000 = Tax Amount (250000* 5%=12500) Above 500000 up to 750000 = Tax Amount (250000*10%=25000) Above 75...