Example 3 For Assessment Year 2018-19 Calculation of Income Tax in the case of an employee below age of sixty years where medical treatment expenditure was borne by the employer (With valid PAN furnished to employer). S.No. Particulars Rupees 1 Gross Salary 5,20,000 2 Medical Reimbursement by employer on the treatment of self and dependent […]
Income Tax Calculation Ay 2018-19 – Handicapped Dependent
Income Tax Calculator Ay 2018-19 – Handicapped Dependent For Assessment Year 2018-19 Calculation of Income Tax in the case of an employee below the age of sixty years having a handicapped dependent (With valid PAN furnished to employer). S.No. Particulars Rupees 1 Gross Salary 4,20,000 2 Amount spent on treatment of a dependant, being person […]
TDS on Income from Pension
TDS on Income from Pension In the case of pensioners who receive their pension (not being family pension paid to a spouse) from a nationalized bank, the instructions contained in this circular shall apply in the same manner as they apply to salary-income. The deductions from the amount of pension under section 80C on account […]
Income Tax – Deductions Under Chapter VI-A Of The Act
Deductions Under Chapter VI-A Of The Act In computing the taxable income of the employee, the following deductions under Chapter VI-A of the Act are to be allowed from his gross total income: Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. (section […]
Deductions U/S 16 Of The Act From The Income From Salaries – F.Y 2017-18
5.4 DEDUCTIONS U/S 16 OF THE ACT FROM THE INCOME FROM SALARIES 5.4.1 Entertainment Allowance [Section 16(ii)]: A deduction is also allowed under section 16(ii) in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee, who is in receipt of a salary from the Government, a sum equal […]