CBDT : Premature Retirement Under Fr 56(J) – Income Tax No. A-32011/02/2014 -Ad.VI(A) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 10 June 2019 ORDER No. A 155/2019 WHEREAS the President is of the opinion that it is in the public interest to do […]
Income Tax Rates
Income Tax Rates Assessment Year 2018-19,2019-20
Income Tax Rates Assessment Year 2018-19,2019-20 Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above […]
One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C.
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
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
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. […]
Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted
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 […]