if a person earns Rs 12 lakhs in a financial year, they will not be paying tax on Rs 12 lakhs. Instead, according to the income tax slab rates explained in the above table, they will pay Rs.1,12,
If the employee is a non-Government employee and has received gratuity, 1/3rd part of the corpus can be commuted and the commuted pension would be exempted from tax For other individuals, i.e. those who are not salaried, tax exemption is allowed on commutation of pension received from a...
This provides an additional window for taxpayers, particularly those with foreign assets or ... INCOME TAX CBDT: Completing Schedule FA & Schedule FSI in their ITR RJA 19 Nov, 2024 CBDT: Completing Schedule FA & Schedule FSI in their ITR The CBDT has launched a Compliance-Cum-Awareness...
The worddeductmeansto subtract or take away for the total. In Income Tax the word deduction, means the amount is taken away or reduced from the total taxable income. Usually when the government wants to encourage savings, they offer deductions for investing in certain instruments and hence lower...