CBDT definition about Duties and Responsibilities of Tax Deducting Officers of Income-Tax as per Finance Act, 2016 – Ministry of Finance Circular
Revised Income Tax Exemption Calculator for Interest paid on Housing Loan – Income or Loss or House Property Calculation under Section 24 of the Income Tax Act. After enactment of Finance Act 2014, maximum housing loan interest amount (Interest on house property) which can be deducted from the income of a tax payer under Section […]
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees under Section 10, Section 24, Section 89(1), Chapter VIA, and Section 87A Income Tax Rate 2016-17 TAXABLE INCOME RANGE RATE OF INCOME TAX Up to RS.2,50,000 NIL Rs.2,50,001 to Rs.5,00,000 10% of the amount by which the income exceeds Rs.2,50,000 Rs.5,00,001 to […]
Income Tax Circular No. 20/2015 dated 02.12.2015 provides detailed instructions and guidelines for all provisions of income tax act which are applicable to Salaried Employees
Income Tax Circular 20/2015 dated 02.12.2015 stipulates exemptions for certain income that are totally exempted from income tax and need not be included in Total Income
Although agricultural income is not taxable, it must be included with non-agricultural income in the case of non-corporate assessees who pay tax at prescribed slab rates. Resultantly, the rate of tax on non-agricultural income is higher for such assessees
This is the Login version of GConnect Income Tax Calculator for the Year 2015-16 (Assessment Year 2016-17) incorporating all the changes made in Budget 2015 as far as Income Tax is concerned. There is no need for entering all the values of income and deductions at the same time for calculating Income Tax in this version.
Additional Income Tax Exemption under Section 80 CCD (1) for contribution in NPS announced in Budget 2015-16
Income Tax Exemption and Deductions – Things to do and not to do to retain Income Tax Exemption – PF withdrawals within 5 years – Discontinuance of a life cover within two years
Income Not included under the Head Salaries for computing Income Tax under Section 192 of the Income Tax Act 1961 Want to Calculate your Income Tax for the year 2014-15 (A.Year 2015-16) ? Click here to reach GConnect Income Tax Calculator 2014-15 Any income falling within any of the following clauses shall not be included […]
Perquisites covered under Income Tax Act – Circular 17/2014 dated 10.12.2014 Want to Calculate your Income Tax for the year 2014-15 (A.Year 2015-16) ? Click here to reach GConnect Income Tax Calculator 2014-15 Perquisites includes: I. The value of rent free accommodation provided to the employee by his employer; II. The value of any concession […]
How to compute Income Tax Liability ? – Compilation of Frequently Asked Questions on computing Income Tax liability of an Individual Other important Income Tax 2014-15 related articles: Income Tax Exemptions available to Salaried Employees in 2014-15 Instant Income Tax Calculator 2014-15 (Assessment year 2015-16) How to use new GConnect Income Tax Calculator 2014-15 ? […]
Instant GConnect Income Tax Calculator 2014-15 (Assessment Year 2015-16) suitable for users who prefer not to login and save values Instant GConnect Income Tax Calculator 2014-15 (Assessment Year 2015-16) is launched today with a view to make Income Tax Calculation more easier. This version of Income Tax Calculator has all the capabilities of login version […]
GConnect online Calculator to estimate Income Tax Relief under Section 89 of IT Act in respect of arrears of pay received in the year 2012-13: I have received arrears of pay this year as a result of one time increment granted by govt this year for employees received increments from Feb-06 to Jun-06 in the pre-revised Scale – Should I have to pay income tax for the same? Is there any exemption?
As Drawing and Disbursal Officers (DDO) responsible for deduction of income tax from the salaried employees need to prepare for deduction and payment of income tax from the end of November of a financial year, all salaried employees have to declare Savings, income or loss on house property and other income to their DDO before end of November in every financial year.