income tax Archives - Page 3 of 3

Nature of payment for deduction under section 80C of Income Tax Act

July 28, 2016January 11, 2014 by CA Rajendra Shete

Meaning Individual or Hindu undivided family can claim deduction under section 80C. The qualifying amount under section 80C of income tax act is deductable form gross total income. Deduction is available on the basis of qualifying investment, contribution or payment made by taxpayer during financial year. Maximum amount deductable Maximum amount deductable under section 80C … Read more

Income tax rate for financial year 2013-2014

July 30, 2016December 29, 2013 by Taxclick Team

A. For resident individual (male or female) who is not senior citizen and HUF, AOP, BOI and AJP: Net Income Income Tax Rate Surcharge Up To Rs. 2 Lacks NIL NIL Rs.2 Lacks to Rs.5 Lacks 10% of (total income – Rs. 2 Lacks) NIL Rs.5 Lacks to Rs.10 Lacks Rs.30,000 + 20% of … Read more