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Income Tax

IT calculation 2009-10 for salaried class Notified

The Income tax Department has issued notification on 11.01.2010, for envisaging procedures for income tax deduction from salaries under Section 192 of the Income tax 1961 for the financial year…

Online tool to calculate Rebate under Section 89(1)

We have come up with an online tool for calculating rebate under Section 89(1) of Income Tax Act for Second Installment of Sixth Pay Commissioner Arrears.  This Calculator would get you the exact…

New Income Tax code – It’s time to act

Recently the draft of the Direct Tax Code has been released by Finance Minister Pranab Mukherjee. The idea is to finalise the Direct Tax Code Bill for introduction in Parliament sometime during the…

Online Tool to generate ITR-1 & ITR-2 return

Having got your income tax calculated for this year (2008-09) through GConnect online Income Tax calculation application, now it's time to file those details in the form of ITR-1 or ITR-2 with Income…

Standard Deductions for Income Tax may be back

Ahead of the annual budget, here’s some cheer for salaried employees and pensioners. The finance ministry is considering bringing back standard deduction of up to Rs 20,000 in individual taxable…

New ITR-1, ITR-2 Notified

Income tax deparment has recently notified New Income Tax returns Form ITR 1, Form ITR 2, Form ITR 3, From ITR 4, Form ITR 5, Form ITR 6, Form ITR 7, Form ITR 8, and ITR V for the year 2008-09…

Tax Benefits of Health Insurance

The average life span of an individual has increased in India due to better health conditions, awareness about one’s well being and improved medical facilities. At the same time, the medical costs of…

Income tax 2008-09 (assessment year 2009-10)

Check this Online Income Tax calculator for estimating your Income Tax for the year 2008-09 Income Slab Tax Rate Up to Rs.1,50,000 (Male) / Up to Rs 1,80,000 (Female) / Up to 2,25,000…

Income/Loss from House Property

One of my senior friends, who constructed a house ten years ago after borrowing House Building Advance asked me last week, whether interest accrued in respect of Housing loan during the year 2008-09,…

IT Exemption for HRA – Should we take DA ?

The exemption from tax with regard to HRA is restricted to the least of the following amounts:- (i) Actual amount of H.R.A. (ii) The amount by which actual rent paid by the employee exceeds 10%…