There is a limit of income below which one need not pay tax,called asExemption limit. Our articleUnderstanding Income Tax Slabs,Tax Slabs Historycovers the tax slabs and history of slabs in detail. Example of Income Tax calculation For indian man/woman less than 60 years of age forFor Finan...
However, the new tax regime brings lower tax rates but eliminates many of the exemptions and deductions available under the old system. Instead, it offers a fixed standard deduction of Rs 50,000 for all taxpayers, along with an increased basic exemption limit of Rs 3 lakh and tax rebates fo...
The rules for setting off house property losses under the new tax regime: TDS NRI Landlords Can Consider This ‘Tax Hack’ to Resolve Money Stuck in TDS Deducted by Tenants TDS 19 Feb at 12:33 am 31ST Mar time limit for revising TDS return: ...
It is mandatory for an individual to file income tax return in case her gross total income (before allowing deductions under sections 80C to 80U) exceeds Rs.2,50,000 in a given FY (this limit is Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens). However, i...
2. In case you have not utilized your deduction limit u/s 80C to 80U, you can do so by March 31, 2018and can claim the same at the time of filing ITR. 3. It is always advisable tostart your tax planning at the beginning of financial yearand avoid rushing at the last minute makin...
You can claim up to Rs 200,000 or the actual interest repaid whichever is lower. The limit before FY 2014-15 was 1.5 lakh If the house is given on rent, there is no restriction on the interest amount. There is no restriction ofSelf Occupied Propertyfor claiming the tax break on interes...
The Income Tax Notice, a notification from IT department is regarding inconsistency between salary income and Form 26AS in ITR. The breakup of salary in ITR2 is not shown properly. You can disagree and give the reason as missing HRA /Professional Tax.We would recommend agreeing as the problem...
The revised return should be filed only if the mistake is valid or you have got the notice from income tax department under section 143(1)a.If after furnishing the original return, any omission or any wrong statement is discovered which was done totally unintentional then one may file a revi...