Budget 2019 : Income Tax exemption limit raised to Rs. 5 lakh Finance Minister Piyush goyal has proposed that individuals with income upto Rs 5 lakh will not have to pay any income tax for FY2019-20. In the previous budgets also, the Narendra Modi led-government provided tax relief to taxpayers. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 … [Read more...] about Budget 2019 : Income Tax exemption limit raised to Rs. 5 lakh
IT Exemption
Income Tax benefits from Post Office Saving Schemes
Income Tax benefits from Post Office Saving Schemes Interest rates on these post office saving schemes move in line with the government's interest rates on small savings schemes.India Post or Department of Posts, which runs the postal network of the country, offers a number of saving schemes with income tax benefits. Using these saving schemes, investor can claim a deduction … [Read more...] about Income Tax benefits from Post Office Saving Schemes
Income Tax benefits In Sukanya Samriddhi Account (SSA)
Income Tax benefits In Sukanya Samriddhi Account (SSA) (i) Sukanya Samriddhi Account has been specified under clause (viii) of Sub Section (2) of Section 80(C) of Income Tax Act 1961 and deposits under these accounts enjoy benefit of this Income Tax Section up to the overall maximum limit of Rs. One lakh Fifty Thousand (1,50,000). (ii) By Finance Act 2015, a new clause … [Read more...] about Income Tax benefits In Sukanya Samriddhi Account (SSA)
Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000
Ministry of Finance Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000 Pradhan Mantri Vaya Vandana Yojana extended up to March 2020 Existed limit on investment under PMVVY enhanced to Rs 15 lakhs With the objective of providing a dignified life to senior citizens, the Union Minister for Finance and Corporate Affairs, Shri Arun … [Read more...] about Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000
No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation
No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation; Services provided by an educational institution to students, faculty and staff are fully exempt from GST. There are some reports that [email protected]% will be levied on annual subscription/fees charged for lodging in hostels. This is not … [Read more...] about No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation
Income tax exemption limit to be hiked to Rs 3 lakh
Income tax exemption limit to be hiked to Rs 3 lakh New Delhi: The Finance Ministry is considering raising the current tax exemption limit from Rs 2.5 lakh to Rs 3 lakh. "A core commitee for Budget 2017 has proposed to revise tax exemption limit aimed to benefit small taxpayers," a top official involved with the process of Budget told The Sen Times on the condition on … [Read more...] about Income tax exemption limit to be hiked to Rs 3 lakh
Salaried peoples expectations from Budget 2017-18
Salaried peoples expectations from Budget 2017-18 New Delhi: Finance Minister Arun Jaitley unveils the budget on 1 February. The salaried class has a lot of expectations from the Budget. Increase in the personal income tax exemption limit and a higher deduction limit on home loan interest are among the common ones, say analysts. The following salaried people's … [Read more...] about Salaried peoples expectations from Budget 2017-18
Budget 2017 – Expectations of the Salaried Class
Budget 2017 - Expectations of the Salaried Class With the Union Budget 2017 just a couple of weeks away, there are expectations that the government will take some measures to help the common man, especially the salaried class, who has rallied behind the government's decision on demonetization despite suffering a lot post the note ban. Experts are also of the view that the … [Read more...] about Budget 2017 – Expectations of the Salaried Class
Revision of interest rates for Small Savings Schemes
Revision of interest rates for Small Savings Schemes F.No.1/04/2016-NS.II Government Of India Ministry Of Finance Department of Economic Affairs (Budget Division) North Block, New Delhi Dated: December 30, 2016 OFFICE MEMORANDUM Subject: Revision of interest rates for Small Savings Schemes. The undersigned is directed to refer to this Department’s OM of even number d … [Read more...] about Revision of interest rates for Small Savings Schemes
Income Tax Exemption Calculation for Interest paid on Housing Loan
Revised Income Tax Exemption Calculator for Interest paid on Housing Loan - Income or Loss or House Property Calculation under Section 24 of the Income Tax Act. After enactment of Finance Act 2014, maximum housing loan interest amount (Interest on house property) which can be deducted from the income of a tax payer under Section 24 of the Income Tax Act in respect of self … [Read more...] about Income Tax Exemption Calculation for Interest paid on Housing Loan
