1.               Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs)

2.               Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000

3.               Increased Tax for the super-rich: Surcharge increased to 25% for income between 2 to 5 crore & to 37% for income beyond Rs 5 crores

4.               Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on home loans on purchase of the affordable home

5.               Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on purchase of Electric vehicles

6.               No Tax on Notional Rental Income from Second House

7.    TDS threshold increased from Rs 10,000 to Rs 40,000 on Bank Interest Income

On November 09, 2019 by www.taxexcel.net

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1.               Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs)

2.               Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000

On November 08, 2019 by www.taxexcel.net

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HOW TO CLAIM RELIEF WHEN SALARY IS PAID IN ARREARS OR IN ADVANCE

Whereby any portion of assessee’s salary is received in arrears or in advance or by reason of his having received in any one financial year salary for more than 12 months or payment which under the provisions of section 17(3) is a profit in lieu of salary, he is hence taxed at a higher slab then that at which it would otherwise have been assessed. The Assessing The officer shall, on an Application made to him, grant such relief as prescribed. The Procedure for computing the relief is given in Rule 21.  This relief is provided in the financial year in which such arrears have been received.

On November 07, 2019 by www.taxexcel.net

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HOW TO CLAIM RELIEF WHEN SALARY IS PAID IN ARREARS OR IN ADVANCE

Whereby any portion of assessee’s salary is received in arrears or in advance or because of his having received in any one financial year salary for more than 12 months or payment which under the provisions of section 17(3) is a profit instead of salary, he is hence taxed at a higher slab then that at which it would otherwise have been assessed. The Assessing The officer shall, on an Application made to him, grant such relief as prescribed. The Procedure for computing the relief is given in Rule 21.  This relief is provided in the financial year in which such arrears have been received.

On November 06, 2019 by www.taxexcel.net

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Taxes made easy’, was always an ever promoted agenda of the Indian government. With the announcement of the Budget 2019-2020, the government briefed for tax goals of the economy and the essential amendments required in the present direct tax laws. Several changes to the tax rules were proposed for the coming year 2019-2020. One such key amendment was made under Section 87A of the Income Tax Act

On November 05, 2019 by www.taxexcel.net

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The income tax calculator uses the latest income tax slabs based on income and takes into account income and deductions that are available to you in the income tax act. It will provide you with an accurate insight into your income tax liability.

On November 04, 2019 by www.taxexcel.net

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Section 80EEA introduced in July Budget 2019 with the objective “Housing for all”. The government has extended the benefit for the FY 2019-20.

The main motive to the introduction of the section is to provide affordable housing finance for every class in common man and to enable the home buyer to have low-cost funds.

In this article, you will get all the features and benefits of this section for the Indian economy

On November 03, 2019 by www.taxexcel.net

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