As
per section 89(1) of the Income Tax Act, 1961 relief for income tax has been
provided when in a financial year an employee receives a salary in arrears or
advance. As per Rule 21AA of the Income Tax Rules, 1962, Form 10-E has
been prescribed for claiming the relief.
Friday, 1 November 2019
Wednesday, 30 October 2019
The 80CCD deduction for AY 2019-20 can be divided into three different categories:
- 80CCD (1): You can avail of this deduction irrespective of whether you're in employment or self-employed on the amount deposited under a pension scheme notified by the Central Government (NPS deduction for AY 2018-19). The deduction allowed in this section is lower of the following 3 amounts:
- 10% of your Salary (Basic salary+D.A) (in case you're in employment) or 20 % of your Gross Total Income (in case you're self-employed)
- Limit left under section 80CCE i.e. Rs 1,50,000 - deduction u\s 80C - deduction u\s 80CCC.
- Actual Amount paid under eligible NPS.
Tuesday, 29 October 2019
Monday, 28 October 2019
Income Tax Deductions from Gross Total Income AY 2020-21 & FY 2019-20
Income
Tax Deductions from Gross Total Income relevant for Assessment
The year 2020-21 & Financial Year 2019-20 as per Finance Bill 2019]
Relevant deductions from gross total income under section 80 C to 80 U [Chapter VI-A] of income tax are given below:
Sunday, 27 October 2019
Since
there has been a tremendous increase in the numbers of income tax
return filers in very recent years, the Central Government has embraced
this act of taxpayers, and as a result, in the Finance Bill 2019
introduced or rather I would say enhanced the existing income tax rebate u/s 87A of the I.T Act up to 12500 from the F. Y 2019-20. On the other hand, this decision of the Government has made the middle-class people very much happier as this would leave them richer by Rs 12500 annually.
Saturday, 26 October 2019
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