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Instructions and Help about Get and Sign STATEMENT OF GROSS INCOME, used with DR-501, 416, 416B form

in this presentation we will introduce the topic of adjustments for adjusted gross income otherwise known as above-the-line deduction for more accounting information and accounting courses visit our website at accounting instruction dot info here is our income tax equation remember what the tax calculation will be it's in essence an income statement that gets to taxable income which we will then apply some tax calculation to and then compare that to the payments that we have made to see if we owed tax or have a refund an income statement represents income minus expenses now of course this is a very strange income statement because the tax code has a lot of different objectives to it however it's still in essence and income statement and we're talking here about a type of deduction so we're gonna start off with the income and then we've got deductions and these are going to be called the above-the-line deductions because we're gonna call them adjustments for adjusted gross income and th

FAQ

  • How much will a doctor with a physical disability and annual net income of around Rs. 2.8 lakhs pay in income tax? Which ITR form is to be filled out?

    For disability a deduction of ₹75,000/- is available u/s 80U.Rebate u/s87AFor AY 17–18, rebate was ₹5,000/- or income tax which ever is lower for person with income less than ₹5,00,000/-For AY 18–19, rebate is ₹2,500/- or income tax whichever is lower for person with income less than 3,50,000/-So, for an income of 2.8 lakhs, taxable income after deduction u/s 80U will remain ₹2,05,000/- which is below the slab rate and hence will not be taxable for any of the above said AY.For ITR,If doctor is practicing himself i.e. He has a professional income than ITR 4 should be filedIf doctor is getting any salary than ITR 1 should be filed.:)

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