As per section 87A of the Income tax act, 1961, a resident individual is eligible for income tax rebate if their taxable income does not exceed 5,00,000 rupees in the financial year 2023-24 (assessment year 2024-25). This means, being a resident individual, if your taxable income after eligible tax deduction is Rs 5,00,000 or below it, then you can claim income tax rebate … [Read more...] about Who can claim income tax rebate under section 87A
Income tax
Income tax rates for FY 2021-22 and 2022-23-Applicable to an individual
Income tax rates are defined based on the type of assessee and total income earned for the financial year starting from 1st April to 31St March. In this article, we will tell you income tax rates applicable to a resident individual for the financial year 2021-22 (Assessment Year 2022-23) and financial year 2022-23 (Assessment Year 2023-24). We will also summarize … [Read more...] about Income tax rates for FY 2021-22 and 2022-23-Applicable to an individual
Rates of income-tax for the financial year 2021-22 (AY 2022-23)
In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic companies, 115BAC for individual/HUF, and 115BAD for cooperative societies) or have been specified in Part I of the First Schedule to the Bill. There is … [Read more...] about Rates of income-tax for the financial year 2021-22 (AY 2022-23)
Relaxation for certain category of senior citizen from filing return of income-tax
Section 139 of the Income tax Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his total income or the total income of any other person in respect of which he is assessable under this income tax Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on … [Read more...] about Relaxation for certain category of senior citizen from filing return of income-tax
Latest Income tax slab rates for FY 2020-21 & AY 2021-22: For Individuals
In India, different income tax slabs rates are prescribed for individuals based on age and income generated during the financial year. In this article, we will be discussing income tax slab rates applicable to the financial year 2020-21 (AY 2021-22). Which means tax rates applicable to your income generated during the period starting from 01.04.2020 to 31.03.2021. Now let … [Read more...] about Latest Income tax slab rates for FY 2020-21 & AY 2021-22: For Individuals
Tax Deduction on medical expenses of handicapped dependent with disability – Section 80DD
Government has specified certain investments and expenses as tax deductible while calculating income tax liability of an individual. Anyone fulfilling these specified criteria can take benefit of tax deductions. Medical expenses of handicapped depended is one of such expenses which is allowed as a income tax deduction under section 80DD of income tax act 1961 . It's … [Read more...] about Tax Deduction on medical expenses of handicapped dependent with disability – Section 80DD
Tax deduction on royalty income of book authors – Section 80QQB
An individual who is resident in India and is an author of a book is eligible for tax deduction under section 80QQB of the Income Tax Act, 1961. To get eligible, royalty income should have been incurred from a book which should be a work of literary, artistic or scientific nature. This means, author of other types of books which are not literary, artistic or scientific … [Read more...] about Tax deduction on royalty income of book authors – Section 80QQB
Tax deduction for interest on deposits in savings account-Section 80TTA
Section 80TTA was introduced to the Income tax act, 1961, with effect from the assessment year 2013-14. As per Section 80TTA of the Income tax act, 1961, an individual can claim tax deduction up to 10,000 rupees in aggregate in respect of any income incurred by way of interest on deposits in a savings account. As the section is silent on the residential status of the … [Read more...] about Tax deduction for interest on deposits in savings account-Section 80TTA
Income tax deduction on house rent-Section 80GG
An individual can claim tax deduction under section 80GG of the Income tax act, 1961, for house rent paid during the financial year. Section 80GG has specified certain conditions to get eligible for tax deduction. In this article we will discuss who can claim tax deduction for house rent payments, amount of deduction and How to claim tax deduction under section 80GG. Who … [Read more...] about Income tax deduction on house rent-Section 80GG
Tax on employee provident fund or EPF contributions
Employee Provident Fund (EPF) is a welfare scheme framed under the Employee's Provident Funds and Miscellaneous Provisions Act,1952. As per the provisions of this act, any person who employs 20 or more employees has to compulsorily get registered and start a provident fund scheme for the benefit of it's employee after 3 years of establishment. However, voluntarily if both … [Read more...] about Tax on employee provident fund or EPF contributions