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...
In the case of income tax, Exempt income refers to income which though is earned and received during the financial year is not taxable.You gettax exemption on income. The worddeductmeansto subtract or take away for the total. In Income Tax the word deduction, means the amount is taken awa...
An employee can choose to pay certain amount of tax, which is not based on any other component. TheVoluntary tax deductionrule (INVT) calculates this Voluntary Tax. The system provides you with three options for voluntary tax deduction: Deduction of an additional tax amount in a period without...
I have filed the income tax return for the period A.Y-2016-17 in the form ITR 4,but a notice has been issued by the CPC as a defective return Us.139(9)and to mention the profit and loss acount details in your form,So I want to know that which have filed the income tax return...