Due date for filing of Income Tax Returns for taxpayers in Kerala – PIB Press Information Bureau Government of India Ministry of Finance 28-August-2018 Extension of date for filing of Income Tax Returns for taxpayers in Kerala In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) […]
Income Tax Calculation of House Rent Allowance U/S 10 (13A) For Assessment Year 2018-19 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 3,50,000 2 […]
Exemption u/s 10 (13A) 1.Mr. A, employed with XYZ Ltd. Up to 31.10.2016, received following emoluments S.No. Particulars Rupees 1. Basic pay p.m. 13,000 2. Bonus for the year received in July, 2015 7,200 3. Club facility (for private use only) Expenditure by employer p.m. 700 4. House Rent Allowance p.m. 2,800 5. Employer’s contribution […]
One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.40,000, DA at prescribed rates, transport allowances @ Rs.3600+DA thereon, and HRA (existing- from 1st July 2017 @24% of basic pay (though living in his own […]
Calculation of Income Tax – Above The Age Of 80 Years For Assessment Year 2018-19 A.Calculation of Income tax in the case of a retired employee above the age of 80 years and having gross pension of: i. 5,00,000/-, ii. 8,00,000/- , iii.12,50,000/-. B .What will be the amount of TDS in case of above employees, if […]
Calculation of Income tax – Retired employee above the age of sixty years but below the age of 80 years For Assessment Year 2018-19 A. Calculation of Income tax in the case of a retired employee above the age of sixty years but below the age of 80 years and having gross pension of: iv. 4,50,000/-, v. […]
Calculation Of Tax House Building Loan Example 6 For Assessment Year 2018-19 Illustrating Valuation of perquisite and calculation of tax in the case of an employee below the age of 60 years of a Private Company posted at Delhi and repaying House Building Loan ( With valid PAN furnished to employer). S.No. Particulars Rupees […]
4.5 Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted: 4.5.1 If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall […]
5. COMPUTATION OF INCOME UNDER THE HEAD “SALARIES” 5.1 INCOME CHARGEABLE UNDER THE HEAD “SALARIES”: (1) The following income shall be chargeable to income-tax under the head “Salaries” : (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; (b) any salary paid […]
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: […]