Most of the Indians are under the impression that a PAN Card can only be allotted once a person turns 18 years of age. However, this is a myth as Minors can also apply for PAN Card and the Income...
No Income Tax on Medical Reimbursement up to Rs. 15,000 Read More
Some employers provide medical reimbursement facility to their employees for the medical expenses incurred by the employees. This article explained the levy of Income Tax on Medical Reimbursement provided by the employer to the employee. Income Tax on Medical Reimbursement...
ITR Java Utility for Income Tax efiling in 2016: Download Now Read More
The Income Tax Department releases the updated ITR Utility every year for online income tax efiling which can be downloaded free of cost. Till now, the ITR Utility Sofware was an excel file through which details in the income tax...
Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS) Read More
To promote the Retail Investor to invest in Shares and Mutual Funds, the Govt has introduced the Rajiv Gandhi Equity Saving Scheme (RGESS) which allows a deduction under Section 80CCG for Investment in specified equity shares and Mutual Funds. The...
Loss from House Property: Income Tax Treatment Read More
Loss from House Property is a fairly popular scenario and commonly arises while filing the Income Tax Return. In this article, we would mainly be focussing on the Reason for Loss from House Property and the Income Tax treatment of the...
Section 80GGA: Deduction for Donation for Research/ Development Read More
Deduction under Section 80GGA is an Income Tax Deduction for Donations made for Scientific Research or Rural Development. The whole amount given as donation to the institutions specified under Section 80GGA is allowed as a deduction under Section 80GGA. In...
5 Heads of Income for Computation of Income Tax Read More
As per Section 14 of the Income Tax Act, for the purpose of charging of tax and computation of total income, all incomes are classified under the following 5 Heads of Income:- Salaries House Property Profits and Gains of Business...
Income from House Property: Deductions allowed Read More
The rent received from any property (whether commercial or residential) is taxable as Income from House Property and deductions are also allowed from such income. The manner of computation of taxable income from house property and deductions allowed from income...
Allowances exempt under Section 10 in 2023 {Detailed List} Read More
There are various allowances exempt under Section 10 for Salaried Employees like House Rent Allowance, Leave Travel Allowance, Travelling Allowance, Uniform Allowance etc. We have already discussed the following allowances in our previous posts and in this post we would...
8 useful Income Tax Exemptions for Salaried Employees Read More
The Income Tax Act allows various Income Tax Exemptions for Salaried Employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for Salaried...