Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.23,720, grade Pay Rs.7,600, DA at prescribed rates, transport allowances @ Rs.3200+DA … [Read more...] about Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration
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INCOME TAX 2015-16
Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17)
Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17) RATES OF INCOME-TAX AS PER FINANCE ACT, 2015: As per the Finance Act, 2015, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2015-16 (i.e. Assessment Year 2016-17) at the following rates: Rates of tax : … [Read more...] about Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17)
Income Tax Exemption / Deduction on Interest paid on Education Loan under Section 80E of Income Tax Act 1961
Income Tax Exemption / Deduction on Interest paid on Education Loan under Section 80E of Income Tax Act 1961. Finance Minister Mr.Arun Jaitley recently informed in the Parliament that Section 80E of Income Tax 1961, allows deduction of interest paid in respect of Education Loan availed for completing higher education of self, spouse, children or a student for which the … [Read more...] about Income Tax Exemption / Deduction on Interest paid on Education Loan under Section 80E of Income Tax Act 1961
Income Tax Exemption on LTC – Income Tax provision relating to Leave Travel Concession under Section 10 (5)
Income Tax Exemption on LTC – Income Tax provision relating to Leave Travel Concession under Section 10 (5) Leave Travel Concession applicable to Central Government Employees and other Salaried Class Employees is exempted under Section 10 (13A) of Income Tax Act as a prequisite to an employee. However, Income Tax Exemption on LTC is not blanket one and involves … [Read more...] about Income Tax Exemption on LTC – Income Tax provision relating to Leave Travel Concession under Section 10 (5)
Budget 2015 India: Wish List of Salaried Employees on Income Tax
Budget 2015 India: Wish List of Salaried Employees on Income Tax Budget 2015 may be yet another one, but financial comfort and rising hopes on growing Indian Economy, may provide room for the finance minister Mr. Arun Jaitley to announce more exemptions or reliefs in the income tax front in this Budget. More than additional exemptions these measures can be called as updating … [Read more...] about Budget 2015 India: Wish List of Salaried Employees on Income Tax
Proposal to discontinue exemption of Rs. 1.5 lakh available for Savings under Section 80C
Proposal to discontinue exemption of Rs. 1.5 lakh available for Savings under Section 80C It is learnt that Finance Ministry is considering to put up a proposal for discontinuing Exemption of Rs. 1.5 lakh presently available under Section 80C for Savings and Insurnace such as premium paid, investment in NSS, Mutual funds, Pension funds etc. Alternatively, the basic income … [Read more...] about Proposal to discontinue exemption of Rs. 1.5 lakh available for Savings under Section 80C
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