Personal Income Tax Archive

Income/ Loss from House Property- Deduction u/s 24 A

Income/loss, From House Property, section 24 A, income, loss, IT Act 1961, Income tax Act, Income, Tax, Definition, Calculation, house property, annual value, net annual value, let out, self occupied, previous year, financial year, deduction
As per the Income Tax Act, income/loss from a house property has to be considered for calculation of income tax. Calculation of income/ loss from house property is covered under section 24 A.  The said income/loss comes
5 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

Net Annual Value Calculation u/s 22 of IT Act 1961

net annual value, Income From House Property, section 22, u/s 22, IT Act 1961, Income tax Act, Income, Tax, Definition, Calculation, house property, annual value, let out, self occupied, previous year, financial year
Section 22 covers ‘Income from house property’ and Net Annual Value calculation.  Income Tax is to be charged under the head ‘Income from house property’ on the annual value of property consisting of any building or land
4 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

HRA exempted Under Section 10(13A) 

HRA, exempt, section 10(13A), exemption, calculation, IT Act 1961, House rent, leased, rented, income, salary, employee, actual HRA, exemption
As per section 10(13 A) of Income Tax Act, employees who draw HRA from the employer, but  staying in  rented houses can exempt amount up to the ceiling stipulated.  Section 10(13A) acts as a tax saving The
3 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

Rates of Income Tax – Financial Year 2016-17 (Assessment Year 2017-18)

Tax, rates of tax, Rates of Income Tax, surcharge, education cess, rebate, 87A, income slab, resident, individual, huf, taxed, income tax, income, AY, FY, 2016-17,2017-18, assessment, financial, year
Rules of Income Tax Act are subjected to periodical revisions. Accordingly, the rates of income tax also undergo periodical changes. Different tax rates have been stipulated for various categories of taxpayers and for different sources of income.
2 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

Tax Savers and Various Sections & Ceilings for Tax Saving – FY 2017-18( AY 2018-19)

Tax, tax saver, tax savers, investment, planning, financial planning, sections, ceilings, FY 2016-17, AY 2017-18, Financial year, assessment year, donations, health policy, 80C, 80CCD, 80GG, 80TTA, 80U, 80D, 80CCD
Timely payment of tax is an obligation on the tax payer. Government of India provides various tax saving investment options to tax payers. The multiple investment/deduction options provided for tax saving are known as tax savers. They
1 Dec 16 Author CategoryPersonal Income Tax No Comment Read More