IT Exemption for LTC fare Ministry of Finance Income-tax Exemption for payment of deemed LTC fare for non-Central Government employees 29 OCT 2020 In view of the COVID-19 pandemic and resultant nationwide lockdown as well as disruption of transport and hospitality sector, as also the need for observing social distancing, a number of employees are not able to avail … [Read more...] about IT Exemption for payment of deemed LTC fare for non-Central Government employees
IT Exemption
Income tax exemption for gratuity increased from Rs.10 lakhs to 20 lakhs w.e.f. 29.3.2018
IT Exemption on Gratuity - 20 lakhs w.e.f. 29.3.2018 Income tax exemption for gratuity increased from Rs.10 lakhs to 20 lakhs w.e.f. 29.3.2018 Ministry of Finance has enhanced the income tax exemption for gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs. 20 lakhs. Shri Santosh Kumar Gangwar, Minister of State for Labour and Employment has expressed hope … [Read more...] about Income tax exemption for gratuity increased from Rs.10 lakhs to 20 lakhs w.e.f. 29.3.2018
Budget 2019 : Income Tax exemption limit raised to Rs. 5 lakh
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
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)
INCOME TAX FAQ : What are allowances? Are all allowances taxable?
INCOME TAX FAQ : What are allowances? Are all allowances taxable? What is considered as salary income? section 17 of the Income-tax Act defines the term 'salary'. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. What are allowances? … [Read more...] about INCOME TAX FAQ : What are allowances? Are all allowances taxable?
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
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees under Section 10, Section 24, Section 89(1), Chapter VIA, and Section 87A Income Tax Rate 2016-17 TAXABLE INCOME RANGE RATE OF INCOME TAX Up to RS.2,50,000 NIL Rs.2,50,001 to Rs.5,00,000 10% of the amount by which the income exceeds … [Read more...] about Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees
No TDS on Disability Pension to Armed Forces Personnel
No TDS on Disability Pension to Armed Forces Personnel By Prashant Thakur -February 3, 2016 The tax exemption of disability pension received by Armed Force Personnel are among those exemptions under Income Tax Act for which you may not get a direct reference in the Income Tax Act. However , such tax exemption are allowed by the executive instruction issued by either … [Read more...] about No TDS on Disability Pension to Armed Forces Personnel
Raise income tax exemption limit to Rs 5 lakh: Unions
Raise income tax exemption limit to Rs 5 lakh: Unions New Delhi: Trade unions today asked the government to increase the income tax exemption limit to Rs 5 lakh and the minimum wage to Rs 18,000 besides raising the minimum monthly pension to Rs 3,000 for all. They also sought a special package for victims of the recent Tamil Nadu floods. These demands were raised under … [Read more...] about Raise income tax exemption limit to Rs 5 lakh: Unions
Income Tax Exemption / Deduction on Interest paid on Education Loan under Section 80E of Income Tax Act 1961
Income Tax Exemption / Deduction on Interest paid on Education Loan under Section 80E of Income Tax Act 1961. Finance Minister Mr.Arun Jaitley recently informed in the Parliament that Section 80E of Income Tax 1961, allows deduction of interest paid in respect of Education Loan availed for completing higher education of self, spouse, children or a student for which the … [Read more...] about Income Tax Exemption / Deduction on Interest paid on Education Loan under Section 80E of Income Tax Act 1961
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