CBDT sending emails on ITR Filing & AIS Mismatches December 20, 2024 by suman The Central Board of Direct Taxes (CBDT) has launched its electronic campaign to assist taxpayers of India in resolving any mismatches or discrepancies between the income and transactions seen in the AIS annual infor...
“How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of personal finance. Income Tax Calculator s...
49 lakh cases of income tax refunds are pending with the revenue departmentraj kumar makkadPrint this
No, family pensions will be taxed as ‘income from other sources,’ not as salary income. 2. Is it true that income up to Rs.5 lakh is tax-free? No, income up to Rs.5 lakh is not exempt from taxation. Further, individuals with an annual income of up to Rs.2.50 lakh, on the ...
Thus Section 89 under the Income Tax Act has been incorporated by the Government which comes as a benefit in this context as this law permits thetax deductionfor the other tax burden on the employees obtaining the salary arrears. As per section 89(1), the tax deduction/relief has been furn...
of India who is an assessee and whose income is subject to tax under the proposed sub-section (1A) of section 115BAC from the assessment year 2024–25 onwards shall be entitled to a refund of 100% of the amount of income tax payable on a total income not exceeding Rs 7 lakh. ...
Imagine if the basic tax exemption is elevated up to Rs 3 lakh (additional Rs 50,000 exemption for women and senior citizens), interest on bank deposits is tax-free, and there is no tax on pension if you are over 60. The BJP had promised all this and more in its 2009 proposal. ...
Recovery of excess payment of allowance due to adoption of wrong principle and erroneous calculation of salary not permissible. No differentiation permissible between regular and contractual employees on woman’s right to maternity leave and benefit under the Maternity Benefit Act, 1961. Click here to...
Tax on Short term capital gains: Short term capital gains are taxable at 15 percent. A special rate of tax of 18% applies to short term capital gains no matter the tax slab. If the full taxable income excluding short term gains is below 2.5 lakh, then the person can adjust the ...
Fixed deposits (also called term deposits) are seen as a safe bet by many who wish to invest their money and earn extra income on it, without taking too much risk. In case of FDs, you get an insurance coverage of up to INR 5 lakh. This is like a safety net in the event that a...