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Resident: An individual is considered as a resident in a financial
year if he was in India during that Financial Year for a total period of 182 days
OR He was in India during that Financial Year for a period of 60
days or more and he was in India for a period of 365 days or more during 4 financial
years immediately preceding the relevant Financial Year.* (Exception applicable)
Non-Resident: If any one of the above conditions is satisfied,
the individual is said to be resident in India. However, if none of the conditions
is satisfied, he is said to be a non-resident.
Ordinarily Resident: A resident individual is said to be ordinarily
resident in India in any Financial Year if such person has been resident in India
in at least 2 out of 10 previous years immediately preceding the relevant previous
year and 2) he has been in India for a period of 730 days or more during 7 years
immediately preceding the relevant previous year.
Resident but not ordinarily resident: If an Individual is able
to satisfy either none or only one of the two additional conditions specified above
he qualifies himself as a resident but not ordinarily resident’.
Gross Salary before any exemptions or deductions from salary
Perquisites include facilities like; rent free accommodation, company leased car, car and driver reimbursement, medical reimbursement, medical facilities at specified hospitals or company funded hospitals, gas, electricity, water, sweeper, gardener, etc.
Where to find this figure: Your projected tax statement issued by the employer, for the year will have this figure.
Exempt incomes include allowances like HRA, LTA, Uniform or attire allowance etc. These are exempt up to a certain extent from taxes. Write the total value of exempt allowances here.
Where to find this figure: Your projected tax statement received from employer will have this figure.
Depending on which state you are working the amount of profession tax will be deducted by your employer. You can find this figure in your salary slips/ projected tax statement received from employer.
The total amount of annual TDS that can be taken from the projected tax statement received from employer.
You can find the amount of interest payable for the year from the estimated interest certificate from your bank/housing finance company. Just ensure that you take only interest figure and not the principal amount. For self-occupied property interest deduction is restricted to Rs. 2lakh.
For principal repayment, you can claim the deduction u/s 80C.
Club the details of all the properties that you have rented out and insert the aggregate figure in respective field.
Interest deduction from rented out property is available without any limit however the entire negative income from house property is restricted to Rs 2 lacs.
taxability based on new amendment. For detailed calculation it is recommended to reach
out to your tax expert at H&R Block.
Aggregate of interest eared for the year on all your savings bank account/s.
Interest earned on bank FD, corporate FD, bank RD, Post Office deposits, from business loans, etc.
Any casual brokerage or commission received for the year which does not form part of your business or professional income.
Income you have earned by participating in games, lotteries, quizzes and other such activities