Permissible deductions from gross total income edit This section needs expansion.
Using your 2012 tax-year return to plan for creative gifts under 25 the future Presti Naegele Accounting Offices "IRS Withholding Calculator".Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available.Like NPS, tax deduction also available for APY (Atal Pension Yojana) This excel calculator supports inclusion of following components, explanation for each is also provided along: House Rent Allowance (HRA) : Rent receipts can be shown for taking tax benefit for living in a rented house.3 lacs or income received, whichever is less.Now difference of income tax between payment year and actual year would be allowed for deduction.15 Tax penalties edit There are various penalties fees which can be levied as per the Income Tax Act, 1961.Income attributable to a farm house (subject to some conditions).Tax refunds may also be due for income deductions that are applied after the tax year has ended, if one finishes working prior to the year end, or for joint assessment of taxes for a married couple.25,000/- for insurance in respect of parent/parents of the assessee.Of such income-tax; In the case of a company other than a domestic company - Rates of income-tax (i) on so much of the total income as consists of, (a) royalties received from Government or an Indian concern in pursuance of an agreement made.80CCG Investment under Rajiv Gandhi Equity Savings Scheme, 2013 The deduction was 50 of amount invested in such equity shares or 25,000, whichever is lower.4, the bill, however, could not go through and eventually lapsed after revocation of the Wealth Tax Act in 2015.49C to the Assessing Officer within sixty days from the end of such financial year.
"Evasion of personal tax dips to 59 of mop-up".
To claim tax deduction under section 80DDB, medical expenses are to be incurred for medical treatment of; The taxpayer himself or, wholly dependent spouse, Children, Parents, Brothers and Sisters of the taxpayer or any of them.Further, by Finance Act, 2007 deduction under this section shall be available not only in respect of loan for pursuing higher education by self but also by spouse or children of the assessee.1.50 Lakh can be claimed as deduction u/s 80CCC.Maximum deduction can be Rs 40,000 (goes up to 80,000 in case patient is senior citizen).3,00,000 but does not exceed.The quantum of fees u/s 234F has been enumerated as below : (i) If the return is filed after 31st July but on or before the 31st day of December of the assessment year -.In Hand monthly salary without reimbursements: Some of the employees get reimbursements components separately in a different payment other than salary, So this figure shows in hand salary w/o reimbursement components like medical, telephone, internet bills, driver salary etc.And no rebate will be applicable for taxpayers having income above.Rent paid minus 10 of (basic salaryDA).
Income partly agricultural and partly business activities edit Income in respect of the below mentioned activities is initially computed as if it is business income and after considering permissible deductions.
17 See also edit References edit Institute of Chartered Accountants of India (2011).
Period for applicability of long term capital gains for house property reduced to 2 years from 3 years, and base year changes to April 2001 for indexation computation.