Income Tax Calculator for 2018-19

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As responsible citizens of this country, it is our duty to pay taxes on time. But what we need to determine in this regard is how much we have to pay and where we can avail tax deductions.

Moreover, we need to keep an eye on tax rates and changes in tax forms which vary year to year. While the first-timers may find the whole thing to be a little hectic, calculation of taxable income is easy when you know where to start and what to consider while you are calculating tax returns for a financial year.

In this article, we sum up everything that you need to know for calculating Income Tax for 2018-2019.

Where to start?

Basically, one has to  calculate income tax on the basis of his/her salary. There are a few income slabs and the rate of tax depends on the particular slab that your annual income falls into. Therefore, you need to calculate your total taxable income by applying the tax rate on your salary. The taxpayer needs to apply deductions such as LTA exemptions, HRA, investments, interest on home loan etc. on the total taxable income to find out the net taxable income

Battery storage cheaper than new coal power plants in TN: Analysis finds

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A new economic viability analysis on Friday revealed that renewable energy along with battery storage in is cost competitive with new coal power plants.


The report finds the levelized cost of energy for a hypothetical hybrid, solar, wind and li-ion battery storage system for the state to be Rs 4.97/kWh in 2021, which falls to Rs 3.4/kWh by 2030.



In comparison, cost of electricity produced from new coal power plants in is between Rs 4.5-6/kWh.


The hybrid system is designed to cater to 1GW of solar and wind capacity in 2021 with two hours of battery backup, which increases step wise to a four-hour backup by 2030.


The research further highlighted that lithium-based battery storage systems could also help reduce curtailment of renewable energy. Close to 50 per cent of solar power in was curtailed since the lockdown in March 2020.


Similarly, its curtailment of wind power in 2019 went up to 3.52hours per day from 1.87 hours per day in 2018.


“Our analysis found that the cost of hybrid RE with battery storage system is at

Biocon posts 19% dip in Q3 net profit as generics biz takes a hit

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Biopharmaceutical major Ltd has posted a nearly 19 per cent dip on a year-on-year (YoY) basis in its consolidated net profit at Rs 186.6 crore for the third quarter of FY21, owing to its generics business taking a hit along with headwinds across operational, regulatory and commercial functions.


The third quarter of the last financial year had seen the Bengaluru-headquartered company post a net profit of Rs 230.3 crore. Biocon’s consolidated revenue for Q3 of FY21 increased by 7.20 per cent at Rs 1878.9 crore as against Rs 1752.6 crore for the said quarter last year.



The company’s consolidated revenue growth came on the back of a 13 per cent rise in research services and 11 per cent in biosimilar business segments on a YoY basis, along with core earnings before interest, tax, depreciation and amortization (EBITDA) margins of 31 per cent, said Biocon’s executive chairperson Kiran Mazumdar-Shaw.


The generics business, on the other hand, reported a three per cent dip in the third quarter at Rs 561 crore, as against Rs 576 crore in the corresponding period last year.


“2020 has been one of the

Biden Orders Masks, Travel Clampdown In New War On Covid

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President Joe Biden on Thursday tightened mask wearing rules and ordered quarantine for people flying into the United States, as he got to work on tackling the coronavirus pandemic on his first full day in power.

Signing 10 executive orders in the White House, Biden told the nation that the Covid-19 death toll would likely rise from 400,000 to half a million next month — and that drastic action was needed.





Biden receives a Covid-19 vaccine on January 11
 AFP / JIM WATSON

“We’re in a national emergency. It’s time we treated it like one,” he said, adding that he wants to restore public trust in the wake of the divisive Donald Trump era.

Scientists, he said, will “work free from political interference” under his administration, and he pledged: “We will level with you when we make a mistake.”

In addition to needing a negative Covid test result before flying, travelers to the US will now need to quarantine upon arrival, Biden said. This toughened existing regulations under Trump.



US President Joe Biden bows his head in prayer to honor those lost due Covid-19 as he gives his inaugural address during the 59th Presidential Inaguration ceremony on January 20, 2021, at the US Capitol in Washington, DC


US President Joe Biden bows his head in prayer to honor those lost due Covid-19 as he gives his inaugural address during the 59th Presidential Inaguration ceremony on January 20, 2021,

India’s tech industry hails Joe Biden’s stand on immigration, H-1B rules

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The Indian tech industry has welcomed the US President Joseph Biden’s stand on immigration and H-1B visa.

“President Biden has pledged a new approach on Trade and Immigration, as well as a renewed and revitalised interest in science and technology. We appreciate President Biden’s commitment to review and make necessary changes to harmful regulatory policies put in place by the previous administration,” said National Association of Software and Services Companies (Nasscom) in a statement on Thursday.


The previous Donlad Trump administration had placed several curbs and made unfavourable changes to the H-1B visa rules, that is most commonly used by Indian software engineers to travel to the US for work.

Dexpite many representations from various quarters, the Trump administration had brought in harsh rules such as requiring selection of H-1B workers based upon highest salary, paying foreign workers significantly higher wages, redefined the employer-employee relationships and so on.

In a memo on Wednesday, the Biden administration either withdrew or froze some of these provisions.

ALSO READ: Biden’s immigration bill proposes to scrap country cap, to help IT in India

“A modern US immigration system drives innovation,” said Jason Oxman, Information Technology Industry (ITI) President and CEO.

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