RATES OF INCOME-TAX AS PER FINANCE ACT, 2017: As per the Finance Act, 2017, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2017-18 (i.e. Assessment Year 2018-19) at the following rates: 2.1 Rates of tax A. Normal Rates of tax: […]
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Income Tax Calculation For House Rent Allowance – U/s 10 (13A)
Illustrative calculation of House Rent Allowance U/s 10 (13A) in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years (With valid PAN furnished to employer). S.No. Particulars Rupees 1 Salary 7,00,000 2 Bonus 1,40,000 3 Free gas, electricity, water etc. (Actual bills paid by company) 40,000 […]
Calculation Of Income Tax Assessment Year 2018-19 – Medical Treatment Expenditure
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 […]
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 […]