Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, 05rd March, 2015 PRESS RELEASE Gross direct tax collection during April-February of the Financial Year 2014-15 is up by 10.67 percent at Rs. 6,12,432 crore as against Rs. 5,53,373 crore collected during the same period last year. Gross … Read more
1. Exemption in respect of transport allowance increased: The exemption in respect of transport allowance, which is granted to an employee to meet his expenditure for the purpose of travelling between the place of his residence and the place of his duty is proposed to increase from Rs. 800 per month to Rs. 1,600 per … Read more
Deduction of interest on saving account under section 80TTA What is deduction under section 80TTA of Income Tax Act: Section 80TTA has been inserted with effect from the assessment year 2013-14. It provides deduction up to Rs. 10,000 in aggregate to an assessee in respect of any income by way of … Read more
What is “House Rent Allowance” (HRA)? The HRA is the allowance given by employer to employee for meeting the expenses of housing rent, when such an employee is residing at the rented premise during the course of his employment, and paying rent for that house. Let’s know the tax … Read more
There are various ways to save tax by taking housing loan. We can take tax benefit on housing loan under section 80C, section 80EE and section 24. § What is the maximum limit of deduction u/s 80C? Ø If the loan is taken for Repairs/ Renewal/ Re-construction: No tax deduction is allowed for interest … Read more
What is allowance? The allowance is the fixed amount of money or other substance given regularly in addition to salary for the purpose of meeting some particular requirement connected with the services rendered by the employee or as compensation for unusual conditions of the service. The allowances are fixed amount and it … Read more
What is deduction? The deduction is specified amount which the taxpayer can deduct from his Gross Total Income. The deduction under section 80C not only encourages savings, but also assists the taxpayers in meeting their essential expenditures. Let’s know the background of section 80C: Most of the Income … Read more
What is Section 80D? Deduction under this section is available in respect of payment to Medical Insurance Premium. Mediclaim Insurance Policy is the policy on the health of a person. Health Insurance, popularly known as Mediclaim, protects you against unexpected medical costs, arising from disease or accidental injuries. As essential financial tool, it ensures you receive medical … Read more
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Circular No. 3/2015, Dated: February 12, 2015 Subject:- Clarification regarding ‘Amounts not deductible’ under sub-clause (i) of clause (a) of section 40 of Income-tax Act, 1961 (‘Act’)-regarding. Section 40(a)(i) of the Act stipulates that in computing the income chargeable … Read more
The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate … Read more