Simplifying Taxation in India
CTC is cost to company and the components are Basic+HRA+ Conveyance+ Mobile/Telephone Expense Reimbursement+ Medical Reimbursement+ All allowances+ Leave Travel Allowance (LTA)+ Employer contribution of PF+ Employer Contribution towards ESI+ Total variable incentives+ Perks & benefits+ Insurance Premium (in case of Group insurance)Basic Salary is your Basic Pay and is fully taxableGross Salary/ Gross Pay … Read more
Under the existing provisions contained in sub-section (1) of section 80CCD of the Income-tax Act, 1961 if an individual, employed by the Central Government on or after 1st January, 2004, or being an individual employed by any other employer, or any other assessee being an individual has paid or deposited any amount in a previous … Read more
Raising the limit of deduction under 80U for persons with disability and severe disabilityThe existing provisions of section 80U, inter alia, provide for a deduction to an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability (as defined under the … Read more
Raising the limit of deduction under section 80DD for persons with disability and severe disabilityThe existing provisions of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, who has incurred—a) Expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a … Read more
(1) Available to: All assesses.(2) Nature of Expenditure: Donation during the PY in money, not in kind.(3) Amount of Deduction: Donations made to following are eligible for(A) 100% deduction without any qualifying limit. The Prime Minister’s National Relief FundThe Prime Minister’s Armenia Earthquake Relief FundThe National Foundation for Communal HarmonyThe National Defense Fund set up … Read more
Deduction u/s. 80DD for expenses on maintenance/ medical treatment of disabled dependent In Past few years cost of medical treatment has shoot up very sharply and has made medical treatment almost out of reach of Lower and Middle class families in India. Government of India has in order to provide some relief to those who … Read more
Introduction In order to tax individuals on basis of their earnings (higher tax bracket for high income group and lower tax bracket for lower income group) income tax department levies income tax on individuals on basis of certain range. This range is known as “income tax slab rates” wherein the individual has to pay tax … Read more
TO BE PUBLISHED IN PART II, SECTION , SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY| MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES) NOTIFICATIONNew Delhi dated the as oca- 2014 Notified Pension Fund under Section 80C(2)(xiv) SOE) . In exercise of the powers conferred by clause (xiv) of sub-section (2) of … Read more
Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:Public Provident Fund (PPF): Interest earned is fully exempt from tax without any limit. Annual contributions qualify for … Read more
Fixed deposit (FD) Limit Increased to Rs. ₹1,50,000 Under 80C [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART–II, SECTION 3, SUB‐SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi, the 13th November, 2014. (INCOME‐TAX) S.O. 2906(E).In exercise of the powers conferred by clause (xxi) of sub‐section (2) of section 80C of the … Read more