Calculation of Income Tax to be Deducted from Salary under Section 192 of Income Tax Act 1961 and Illustrations as per Income Tax Circular No: 17/2014 dated 10.12.2014
Admissible Deductions under Chapter VI A and Section 16 of Income Tax Act 1961 Deductions from Salaries under Section 16 of Income Tax Act Entertainment Allowance [Section 16(ii)]: A deduction is also allowed under section 16(ii) in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the […]
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 […]
Income Tax Deduction from Salaries during FY 2014-15 under Section 192 of Income Tax 1961 – Circular No: 17 / 2014 issued by Income Tax Departmant Income Tax Department has issued Circular No: 17/2014 dated 10.12.2014 for Income Tax Deduction from Salaries during the Financial Year 2014-15 (Assessment Year 2015-16) under Section 192 of Income […]
Income Tax Department issues this year’s (financial year 2012-13 and Assessment year 2013-14) Circular for envisaging the procedure for Income Tax calculation in respect of salaried class and deduction of tax from salary by the concerned DDO.