Income Tax

Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs Rates for Financial Year 2013-14 i.e. A/Y 2014-15 and Financial Year 2014-15 i.e. Assessment Year 2015-16 are the same. The Income Tax Slab can be divided in the following categories:- A.INDIVIDUALS & HUF For Male Individuals below 60 Years of Age and HUF For Female Individuals below 60 Years of Age For all Senior Citizen above 60 […]

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Section 87A: Income Tax Rebate of Rs 2000 for Income below 5L

Section 87A: Income Tax Rebate of Rs 2000 for Income below 5L

Income Tax Rebate under Section 87A was introduced by P. Chidambaram while presenting Budget 2013 and this Income Tax Rebate is applicable from Financial Year 2013-14, or in other words from Assessment year 2014-15. P. Chidambaram while announcing the Budget 2013 introduced an Income Tax Rebate of Rs. 2,000 for people earning income below Rs. 5 Lakh. It is important to […]

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Tax Audit under Section 44AB above Rs 1 Crore/ Rs 25 Lakh

Tax Audit under Section 44AB above Rs 1 Crore/ Rs 25 Lakh

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (Limit increased wef 1st April 2012) or The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (Limit increased wef 1st April […]

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Section 80DDB: Deduction for Treatment of Specified Disease

Section 80DDB: Deduction for Treatment of Specified Disease

Section 80DDB provides for Income Tax Deduction under Chapter VI-A for payment of medical treatment of a person suffering from a specified disease. The deduction under Section 80DDB is allowed only to Individual and HUF’s. Moreover, this deduction is only allowed to those Individuals and HUF’s which are resident in India for that year. (Recommended Read: Residential Status for the […]

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Section 80CCD(1) & 80CCD(2): Deduction for Contribution to NPS

Section 80CCD(1) & 80CCD(2): Deduction for Contribution to NPS

Income Tax Act provides for various deductions under Chapter VI-A for Contribution to Pension Plans. These Deductions are available under Section 80C, Section 80CCC & Section 80CCD and can be claimed at the time of filing of the income tax return. This article mainly focuses on Deductions allowed under Section 80CCD. For deductions under Section 80C & Section 80CCC, refer […]

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Section 80CCC: Tax Deduction for Contribution to Pension Funds

Section 80CCC: Tax Deduction for Contribution to Pension Funds

Section 80CCC was introduced so as to encourage taxpayers to invest in Pension Funds and secure their future. Section 80CCC provides for Income Tax Deduction for contribution to Pension Funds under Chapter VI-A from the Gross Total Income of a taxpayer for the financial year in which the contribution is being made. Section 80CCC does not limit itself only to […]

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Tax on Pension Income: Computation of Amount Exempted

Tax on Pension Income: Computation of Amount Exempted

At the time of retirement of an employee, the employer pays the employee a certain amount regularly in consideration of his past service. This periodic payment is paid by the employer to his employee is referred to as Pension. After the introduction of the National Pension Scheme, not only can the employer pay pension after retirement but the Pension Scheme […]

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Section 80GG: Deduction for Rent Paid

Section 80GG: Deduction for Rent Paid

Section 80GG provides for Deductions for House Rent paid, provided that a deduction for payment of House Rent has not been claimed under any other section of the income tax act. In other words, if a salaried employee is being given house rent allowance by his employer and he is claiming a deduction from the same, he won’t be eligible […]

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Section 80DD & Section 80U: Deduction for Disability

Section 80DD & Section 80U: Deduction for Disability

Section 80DD & Section 80U deal with income tax deductions for individuals and their family members with disabilities. Deduction under Section 80U is provided in case the individual is himself disabled and Deduction under Section 80DD is provided in case any of the dependent family members of the individual is disabled. Section 80U and Section 80DD can be claimed over […]

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Section 80D: Deduction for Medical Insurance & Health Check-up

Section 80D: Deduction for Medical Insurance & Health Check-up

Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a HUF. This tax deduction is available over and above the deduction of Rs. 1,00,000 under Sec. 80C. Recommended Read: How to Save Tax legally in 8 different ways through Tax […]

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