Income Tax Pay or Not Clarification
3 years ago
My joining date is 1st March 2021 and my salary now increased to 7L package, previous company package 4.8L. Should I need to pay income tax for full of 2020-2021 or only for March month?
Govardhan Marada
Responded 3 years ago
A.As per the provisions of the income tax . The person who crossed the basic exemption limit of 2.5lacs of gross income in the financial year is mandate to file the income tax return.
in this scenario already the previous company was paying the 4.8L package which means the income already crossed the basic exemption limit of 2.5L.
you must have to file income tax return. but i am assured that your tax payable in nill. It means no tax is payable.
if you want file the return without paying tax then consult me.
in this scenario already the previous company was paying the 4.8L package which means the income already crossed the basic exemption limit of 2.5L.
you must have to file income tax return. but i am assured that your tax payable in nill. It means no tax is payable.
if you want file the return without paying tax then consult me.
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A.Hi,
Your income tax for assessment year 2020-2021 will include your increased salary of March.
the tax will be computed for the entire financial year.
If you like my answer, please give good review.
Your income tax for assessment year 2020-2021 will include your increased salary of March.
the tax will be computed for the entire financial year.
If you like my answer, please give good review.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Your tax will be calculated at the end of the financial year at 31st March, 2021.
If you like my answer, please give a good review.
Your tax will be calculated at the end of the financial year at 31st March, 2021.
If you like my answer, please give a good review.
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