Income Tax

Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20 Circular No. 21 of 2019 F.No.370142/1/2019-TPL (Pt.-1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 27th August, 2019 Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20   The … [Read more...] about Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20

Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20 Circular No. 18 of 2019 F.No.370142/1/2019-TPL (Pt-1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 8th August, 2019 Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20 The … [Read more...] about Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20

Income Tax some Illustrations Example – Assessment Year 2018 - 19 EXAMPLE - 1 EXAMPLE - 2 EXAMPLE - 3 EXAMPLE - 4 EXAMPLE - 5 EXAMPLE - 6 EXAMPLE - 7 EXAMPLE - 8 EXAMPLE - 9 EXAMPLE - 10 Also read: Income-Tax deduction from salaries during the financial Year 2017-18   … [Read more...] about Income Tax some Illustrations Example – Assessment Year 2018 – 19

Income-Tax deduction from salaries during the financial Year 2017-18 CIRCULAR NO : 29 /2017 F.No. 275/192/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Date: 5th December, 2017 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2017-18 UNDER SECTION 192 OF THE INCOME-TAX … [Read more...] about Income-Tax deduction from salaries during the financial Year 2017-18

Income Tax Calculation - Housing Loan and Deduction u/s 80C Example 10 One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.40,000, DA at prescribed rates, transport allowances @ Rs.3600+DA thereon, and HRA (existing- from 1st July 2017 @24% of basic … [Read more...] about Income Tax Calculation – Housing Loan and Deduction u/s 80C

Income Tax Calculation - Exemption u/s 10 (13A) Example 9 Exemption u/s 10 (13A) 1. Mr. A, employed with XYZ Ltd. Up to 31.10.2016, received following emoluments : S.No. Particulars Rupees 1. Basic pay p.m. 13,000 2. Bonus for the year received in July, 2015 7,200 3. Club facility (for private use only) … [Read more...] about Income Tax Calculation – Exemption u/s 10 (13A)

Calculation of Income tax in the case of a retired employee above the age of 80 years Example 8 For Assessment Year 2018-19 A. Calculation of Income tax in the case of a retired employee above the age of 80 years and having gross pension of: i) Rs.5,00,000/-, ii) Rs.8,00,000/- , iii) Rs. 12,50,000/-. B. What will be the amount of TDS in case of above employees, if PAN is … [Read more...] about Calculation of Income tax in the case of a retired employee above the age of 80 years

Calculation of Income tax in the case of a retired employee - below the age of 80 years Example 7 For Assessment Year 2018-19 A. Calculation of Income tax in the case of a retired employee above the age of sixty years but below the age of 80 years and having gross pension of: iv) Rs.4,50,000/-, v) Rs.8,00,000/- , vi) Rs. 12,50,000/-. B. What will be the amount of TDS in … [Read more...] about Calculation of Income tax in the case of a retired employee – below the age of 80 years

Calculation of tax in the case of an employee below the age of 60 years of a Private Company posted at Delhi and repaying House Building Loan Example 6 For Assessment Year 2018-19 Illustrating Valuation of perquisite and calculation of tax in the case of an employee below the age of 60 years of a Private Company posted at Delhi and repaying House Building Loan ( With valid … [Read more...] about Calculation of tax in the case of an employee below the age of 60 years of a Private Company posted at Delhi and repaying House Building Loan

Calculation of tax in the case of an employee below age of sixty years of a private company in Mumbai who was provided accommodation in a flat at concessional rate for ten months and in a hotel for two months Example 5 For Assessment Year 2018-19 Illustrating valuation of perquisite and calculation of tax in the case of an employee below age of sixty years of a private … [Read more...] about Calculation of tax in the case of an employee below age of sixty years of a private company in Mumbai who was provided accommodation in a flat at concessional rate for ten months and in a hotel for two months

Calculation of House Rent Allowance U/s 10 (13A) in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years Example 4 For Assessment year 2018-19 Illustrative calculation of House Rent Allowance U/s 10 (13A) in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years (with … [Read more...] about Calculation of House Rent Allowance U/s 10 (13A) in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years