Hi I am a salaried professional My taxable income for year FY 2015 16 was 721 000 as per form 16 IT file was done for this amount Nowin FY 2016 17 as of Oct16 I have received salary of 4 5 lakh as of now tds deducted My current bank balance is 10 000 LIC
Though the Flat in Joint name but the payment has been(are /will be) paid by you and wife has not contributed any money in the Flat purchasing . As per section 27(i) of the income tax act ,ownership shall be deemed for taxing income from house property : (i)When house property is ...
This article focuses on Senior Citizen and Income Tax, their sources of income, tax deductions exemptions, their tax slabs. TDS and Form 15H, filing of the income tax return. Does Senior Citizen have to pay advance tax? Scrutiny and Senior Citizen. As per Budget 2021, applicable from FY 2...
Similarly, customer can claim a deduction of upto Rs 2 Lakhs per financial year on the interest paid under Section 24(b). 7. How to claim tax benefits on a home loan? To qualify for tax benefits, on a home loan you need to submit your loan statement, proof of interest and principal...
Paying Income Tax : Challan 280 Public Provident Fund (PPF) under Public Provident Fund Act, 1968 is another system of contributing to the provident fund. Self-employed people can also take part in this scheme. A minimum contributing limit of Rs. 500 per annum and a maximum of Rs. 150000...
The process for filing of income tax return is same as citizen less than 60 years of age. Other than exemption limit there is no change in Income under various heads, type of ITR form to fil. l So if your income in year is above 5 lakhs you need to e-File your return. If TDS ...
NRIs are taxed as per the tax rate and slabs prescribed for resident Indians below 60 years irrespective of whether he is a senior citizen or not. NRIs cannot adjust the taxable capital gains against the basic exemption limit. So if an NRI earns Rs 2.5 lakh capital gains, he will have ...
How to calculate tax liability for interest on Income Tax Return? As mentioned earlier,Interest that is earned on fixed deposits is taxable in the hands of the depositor as per the income slabso a person who earns above 10 lakh pays 30% tax (And education cess and surcharge extra). If ...