Section 80G Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. All donations, however, are not eligible for deductions under section 80G. Only donations made to prescribed funds qualify as a deduction. This deduction can be claimed by [...]
Pay rent to your parents and save taxHouse Rent Allowance (HRA) is offered to almost every salaried employee. Taxpayers who have been living with their parents too can capitalise on the benefits under the Income Tax Act that allows tax deductions on house rent.You can pay rent to your parents by transferring money to their [...]
What is Cess? A cess is a government-imposed tax on tax, levied to raise funds for specific reasons. Generally, cess is expected to be levied when there is a need to meet specific expenditure for public welfare and discontinued once the government gets enough funds for that purpose. Cess is not the same as [...]
What is income tax slab ? Indian Income tax levies tax on individual taxpayers on the basis of a slab system. Slab system means different tax rates are prescribed for various ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation [...]
What is income tax slab ? Indian Income tax levies tax on individual taxpayers on the basis of a slab system. Slab system means different tax rates are prescribed for various ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation [...]
What is Cess? A cess is a government-imposed tax on tax, levied to raise funds for specific reasons. Generally, cess is expected to be levied when there is a need to meet specific expenditure for public welfare and discontinued once the government gets enough funds for that purpose. Cess is not the same as [...]
SURCHARGE: Surcharge is a tax on tax. It is levied on the tax payable, and not on the income generated. Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits: Range of Income Rate of Surcharge Rs. 50 Lakhs to [...]
Income Tax Rebate Under Section 87A An income tax rebate can simply be understood as a form of refund on taxes that you receive from the Income Tax Department under certain circumstances. An individual is liable to receive a tax rebate in the event that he or she pays more taxes in a financial year [...]
Budget 2018 introduced the provision of standard deduction for both salaried employees and pensioners. It refers to a flat deduction of Rs. 50,000 (previously Rs. 40,000 for FY 2018-19) on taxable income, providing tax relief to select group of individuals.Standard Deduction has been introduced to bring parity between salaried employees and self-employed individuals. While self-employed [...]
SURCHARGE: Surcharge is a tax on tax. It is levied on the tax payable, and not on the income generated. Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits: Range of Income Rate of Surcharge Rs. 50 Lakhs to [...]
