Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh Deduction up to Rs. 10,000 Proposed for Savings Bank Interest Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax The exemption limit for the general category of individual […]
tax
Income Tax exemption on Post Office saving account
An important amendment has been made by the Department of Posts regarding that the ceiling of maximum balance in a post office savings account. Prior to this, the ceiling of maximum balance in the savings account was Rs. 1 lakh in single savings account and Rs.2 lakh in Joint savings account. Now it has been […]
TAX STRUCTURE IN INDIA- REALLY FUNNY
TAX STRUCTURE IN INDIA M.Peer Mohamed Sardhar 1) Qus. : What are you doing? Ans.: Business. Tax: PAY PROFESSIONAL TAX! 2) Qus. : What are you doing in Business? Ans.: Selling the Goods. Tax: PAY SALES TAX!! 3) Qus. : From where are you getting Goods? Ans.: From other State/Abroad […]
No income tax on amount received to meet the cost of Annual medical check-ups
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICAT1ON New Delhi, the 3rd June, 2011 S.O.1295(E).—In exercise of the powers conferred by clause (23AAA) of Section 10 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of Government of […]
Tax exemption on gratuity
The government has hiked the limits of gratuity payment from Rs 3.5 lakhs to Rs 10 lakhs. This enhanced limit is applicable to employees who retire, become incapacitated before retirement, expire or whose services were terminated on or after May 24, 2010. As per Section 10(10) of Income Tax Act, gratuity is paid when […]