Revision of interest rates for Small Savings Schemes for first quarter of financial year 2020 - 21FAQs on Salary Income 1. What is considered as salary income? section 17 of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. 2. What are allowances?Allowances are […]
Income tax
Income-Tax Deduction from Salaries during the Financial Year 2019-2020
Income-Tax Deduction from Salaries during the Financial Year 2019-2020 F.No.275/192/2019-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi the 5th March, 2020 CORRIGENDUM TO CIRCULAR NO.4 OF 2020 DATED 16.01.2020 Subject : Income-Tax Deduction from Salaries during the Financial Year 2019-2020 under Section 192 of […]
Income-tax (5th Amendment) Rules, 2020 -PAN(Aadhar Linking)
Income-tax (5th Amendment) Rules, 2020 -PAN(Aadhar Linking) MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 13th February, 2020 G.S.R. 112(E).- In exercise of the powers conferred by proviso to sub-section (2) of section 139AA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes […]
New income tax slabs 2020 – 21
New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to […]
Income tax – list of benefits available to salaried persons – AY 2020-21
list of benefits available to salaried persons – ay 2020-21 – incometaxindia S. N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt:a) Actual HRA Receivedb) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Madras)c) Rent paid minus 10% of salary* […]
80TTA – Deduction in respect of interest on deposits in savings account.
Deduction in respect of interest on deposits in savings account. 80TTA. (1) Where the gross total income of an assessee 94[(other than the assessee referred to in section 80TTB)], being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time deposits) in a savings account with— […]