At Present, the rebate of tax is accessible for those individuals whose income is not over ₹5 lakhs. Notably, This rebate is available as per Section 87A. Let us discuss how this section works for you. What is the Provision Related to Section 87A of the Income Tax Act? Recalling ...
What are the alternatives to EPF and does it make sense to contribute to EPF beyond 2.5 lakhs. The image below shows how much you can invest in Provident Fund, EPF, and VPF, without attracting tax. EPF rule tweaked.Now, an employee can earn tax-free interest on contributions of up to ...
case of late filing, according to section 234F of the Income Tax Act, a late fee of Rs.5000/—shall be charged if net taxable income exceeds Rs.5 lakhs for the respective financial year. Whereas, if the total income is below Rs.5 lakh, the late fee will be limited to Rs.1000/-....
For example, Shyam has a salary of 7.5 lakhs and he takes a deduction of 1.25 lakhs then using both old and new tax system tax is the same.But If Shyam claims tax deductions less than 1.25 lakh say 1 lakh. Then under the old regime, the tax is Rs 44,200 and the new regime is ...
Senior citizens (60 years and above):Similarly, for senior citizens, the exemption limit on FD interest income is Rs. 50,000 per financial year. Individuals with total taxable income below Rs. 2.5 lakhs:There is complete exemption from TDS on the interest income you earn on FD. ...
15 days’ average salary for each completed year of service. If the workman has worked for more than 6 months in a year, that year would also be considered to be a complete year INR 5 lakhsIf the workman receives an amount higher than the maximum exemption limit, the excess amount receiv...
Below 60 60 or above 80 or above This will determine your income tax rate in the old tax regime, hence it is important to select the right option. Under the ‘Income’ category: Enter gross salary (annual excluding any deductions)
Payment of commutation of pension [Rule 21A(5)]; Method to Claim the Tax Relief Computed Beneath Section 89 So to avail of the relief below section 89 people need to furnish Form 10E available for the income tax portal inside “thenew e-filing portal, log in and on Dashboard, go to ...
You have follow the steps given below to figure out the tax payable on your income for FY 2024-25 or AY 2025-26: Step 1: Provide your basic details Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as ...
Enhancement of standard deduction for the salaried class and tax exemption for all taxpayers deriving income upto INR 5 lakhs a year will provide some relief to the middle class. The budget also has a range of provisions that factor economic support for the small farmers/marginalised sections. ...