Income Tax Relief under Section 89 of Income Tax Act – Income Tax Relief under Section 89 of Income Tax Act – GConnect Calculator to determine IT Relief for Arrears of Income from Salary received in 2020-21
Things become more serious if the undeclared income is substantial and tax has not been paid on it. The taxpayer could be slapped with a late payment penalty.
The tax department has uploaded the new income tax return (ITR) Form1 or Sahaj for the financial year 2017-18 on its e-filing website. This is the form that is used by most of the salaried class to file their ITRs.
A person can avail tax benefit in respect of interest paid for a loan taken for the purpose of higher education of certain relatives under Section 80E.
Income Tax Relief for Senior Citizens on Interest Income up to Rs. 50,000 – Pradhan Mantri Vaya Vandana Yojana extended up to March 2020
Income Tax for Salaried Class – Standard Deduction introduced – Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions 2.5 Crores salaried employees and pensioners to benefit Differently-Abled will continue to get transport…
CBDT definition about computation of Income under the Salaries Head as per Income Tax Act. – Ministry of Finance Circular
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 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