Income Tax Act allows tax payers to deduct up to Rs.2 lakh towards the interest paid on housing loan from the Gross total income. When declaring Annual Rental Value which will be added with Gross total income, there will not be any ceiling as far as deduction of interest paid on the loan availed for buying the house property is concerned.
Section 89 of Income Tax Act provides for Relief of Tax for the salary income received as arrears by distribution of the same to relevant previous years
Income Tax Deduction under Section 80D is available up to Rs.25000 for health insurance and health check-ups for self and family. Also deduction up to premium paid up to Rs.25000 for parents (Rs. 30.000 for Senior Parents) is allowed.
As per Income Tax Section 80DDB of the Act, an assessee, resident in India is allowed a deduction of a sum not exceeding eighty thousand rupees, being the amount actually paid, for the medical treatment of certain chronic and protracted diseases such as Cancer, full blown AIDS, Thalassaemia, Haemophilia etc.
Income Tax rebate under Section 80U Rs.1.25 lacs allowed for individual with severe disability. Certificate from certified medical authorities regarding the extent of the disability will have to be produced(Rule 11D) Check the document link found against this field for detailed provision under Income Tax in respect of this deduction.
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
Income Tax department is in the process to create name based email ids for PAN users for accessing the ITBA portal. Users have been identified who do not having name based email id to receive login credentials and, therefore, may not be able to access the new PAN module under the ITBA system
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.
CBDT has simplified the format and procedure for self declaration of Form No.15G or 15H. The procedure for submission of the Forms by the deductor has also been simplified
Last date for filing Income Tax Return was revised already from 31st July 2015 to 31th Aug 2015 and then to 7th September 2015. Now, the present circular conveys that ITRs which are due by 30th September will have to be filed in time and that no further extension of last date will be provided
Extension of time limit for ITR 2014-15 from 31st August 2015 to 7th September 2015 is attributed to difficulties faced by tax payers in using online facility on 31st August 2015
Easy tutorial for filing Income Tax Return online – Procedure for using offline excel utility for filing ITR and quick e-file facility (online interface) for filing ITR-1 and ITR-4S