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)
Friday, 8 November 2019
Thursday, 7 November 2019
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.
Wednesday, 6 November 2019
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.
Tuesday, 5 November 2019
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
Monday, 4 November 2019
Sunday, 3 November 2019
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
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