TAX MATTERS Archive

Rates of Income Tax – Financial Year 2017-18 (Assessment Year 2018-19)

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 Oct 17 Author CategoryPersonal Income Tax No Comment Read More

Health Insurance Premium and Deduction u/s 80D

80D, 80 D, section, health insurance premium, medical insurance, IT Act, Rs.25000, Rs. 30000, Senior citizen, very senior citizen, deduction, health insurance, mediclaim
Section 80D covers payment of Health Insurance Premium for keeping alive a health(medical)  insurance policy or on account of preventive health check-up. Deduction u/s 80D is allowed only if payment of health insurance premium is made by
12 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

Rajiv Gandhi Equity Saving Scheme (RGESS)-Section 80CCG

Section 80CCG, Rajiv Gandhi Equity Saving Scheme, RGESS , equity, investor, income, Rs.25000, investment, 80CCG
Section 80CCG of the Income-tax Act is related to  Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS). RGESS was introduced to encourage participation of small investors in the equity markets. Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) stipulates
11 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

Deductions under Section 80 CCD – NPS

Section 80CCD, NPS, New Pension Scheme, Rs.50000 , Rs 150000, 80CCD(1), 80CCD(1B), 80CCC, 80C, IT Act, 1961, income tax, income, deduction
Section 80 CCD of IT Act,1961  provides for deduction in respect of contributions made by  1.    an employee  and /or 2.    employer  to the New Pension Scheme (NPS) during a Financial Year, as follows: a.    Employer’s contribution
9 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

Investments – Section 80 C of Income Tax Act, 1961

Section 80 C, investments, PF, VPF, NSC, SCSS, expenditure, eligible, Rs.1,50,000, Life Insurance Premium, Tuition fee, NPS, ELSS, 80 C, 80 CCC and 80 CCD (1), IT act, 1961, payment
Section 80 C of Income Tax Act, 1961 specifies qualifying investments/ payments eligible to be considered for deduction from gross income. Main among them are contributions/ investments in: Provident Fund account (PF account) Voluntary Contribution to PF
7 Dec 16 Author CategoryPersonal Income Tax No Comment Read More

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