Announcing relief to small tax payers Shri Jaitley proposed to raise the ceiling of tax rebate U/s. 87A from Rs.2000 to Rs.5000. With this, individuals having income up to Rs.5 lakh will get a relief of Rs.3000 in their tax liability.
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
Finance Ministry has announced Tax Relief up to Rs.1 lakh for the expenses incurred for Differently Abled dependent
Central Government has introduced a new Saving Scheme Sukanya Samriddhi Account, only for the female child below 10 years with Tax exemption. RBI/2014-15/494
IDMD(DGBA).CDD.No.4052/15.02.006/2014-15 March 11, 2015
Income Tax Relief under Section 89 of Income Tax Act – Updated GConnect Calculator to determine IT Relief for Arrears of Income from Salary received during the year 2013-14 (Assessment Year 2014-15)
Income tax Relief for Taxpayers in the Bracket of Rs.2 Lakh to 5 Lakh – Income Tax Credit of Rs.2000 to Every Person with Total Income upto 5 Lakh
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?
We lanuched an online calculator for estimating the Income Tax rebate under Section 89(1) for the arrears of pay and allowance received by an employee in the year 2009 as we thought that it will be very useful for gconnect readers