Updated January 06, 2018 08:57:49There’s no need to panic.
There are no new figures to update.
The last update was on January 07, 2018 07:49:40.
The calculator shows the results of the lottery tax in the following categories:Total income tax amount: Rs 2,400 crore (tax rate)Total excise tax amount : Rs 8,000 crore (rate)Total income and capital gains tax amount (income tax paid by the taxpayer): Rs 2 lakh crore (age bracket)Total capital gains and dividends tax amount from the last tax year: Rs 3,000-5 lakh croreTotal interest rate paid by last tax period: 6-9 per centThe calculation of tax rates is carried out using the latest information available on the website of the National Lottery, Taxation, and Excise Authority of India.
The calculator also includes the tax on dividend income received from the bank.
The final results will be published on January 06, 2019 09:00.
The latest results are available on their website at: www.gov.in/gov.india/lottery.aspx.
Income tax calculationThe calculation based on the previous income tax returns is used.
It’s the same calculation as the previous year and it will be calculated for the next tax year.
The latest income tax return includes income tax paid on the last day of the previous tax year, and on the basis of the last year’s income tax income tax and tax on dividends received on the day of tax filing.
The total amount of income tax payable on the year will be included in the income tax.
The income tax on the dividend received will be deducted from the amount of tax payable and the amount is deducted from total tax payable.
In addition, the tax is charged on the amount received of the dividend.
Tax on dividends earnedThe amount of the tax will be determined on the tax paid.
The amount received by the person from the company will be taken as income tax liability.
The dividend will be taxable as income.
Dividend receivedThe dividend received by a person will be taxed as income, and will be treated as income for the year.
If the person pays income tax, it will not be subject to taxation.
If the person makes a return, the dividend will also be taxed.
The income tax will also not be taken into account in determining whether the dividend was taxable as dividend income or not.
The amount received is taxed at the rate of 5 per cent on the date of filing the return, and at 10 per cent in the case of non-residence dividend income.
If a person remits a dividend to the company, the amount will be refunded.
The tax on that amount is also refunded in the year of the remittance.
If there is a dividend received in the previous years, the refund will be limited to the amount that is refunded or credited in the return.
Taxable dividends receivedThe amount that was received by you from the person on the earlier date of the taxable dividend will not become taxable income.
It will become taxable dividend income for each subsequent year of your taxable dividend.
The taxable dividend may be received from another person in the same taxable dividend year, or from an entity in the taxable dividends year.
If any amount received in one taxable dividend is taxable dividend amount received from an entities taxable dividend, the remaining taxable dividend shall be taxable dividend for each taxable dividend received from other entities.
Determining taxable dividendsA taxable dividend must be declared in accordance with the following rules:If the taxable amount is declared as taxable dividend by the company or the person, the income received by that person from that taxable dividend should be declared as income in the tax return for the taxable year in which the taxable income is declared.
If that person remains with the company as a director, employee, or a member, the taxable profit earned by that employee from that company’s taxable dividend in the preceding taxable year should be recorded in the gross income of the person.
If an entity is a non-resident entity, the entity’s taxable income for a taxable year shall be reported on the taxable profits declaration.
Taxation of dividendsThe taxable dividend and the income earned from it should be taxed at their respective rates and the tax due on them should be deducted in accordance.
If a dividend or income from a dividend is taxed, it should not be refundable.
If no tax is due on the dividends received, the company may deduct the tax payable from the income.
In that case, the person should include the dividend in income.