Online Tool for calculating Income Tax Relief under Section 89 (1) of Income Tax Act for the year 2014-15
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
The lack of clarity over taxation of arrears that government employees will receive following the implementation of the 6th Pay Commission recommendations has finally cleared. The tax on first installment will be deducted in the current fiscal and that on the second installment will be deducted next year when they receive the actual payment. Confusion […]
We are all aware arrears payable on account of implementation Sixth Pay Commission are to be paid in two installments — 40% this year and the rest next year. As per reports, the tax on first installment will be deducted in the current fiscal and that on the second installment will be deducted next year. […]