Income Tax

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   Related posts: Income-Tax […]

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 ACT, […]

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 […]

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) Expenditure by […]

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. […]

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) […]

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 […]

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 […]