Category: Income Tax

Sec­tion 80TTB has been includ­ed after Sec­tion 80TTA as a big relief to Senior cit­i­zens. Sec­tion 80TTB will be effec­tive from AY 2019–20 onwards. This deduc­tion will be avail­able for Senior cit­i­zen’s res­i­dent of India only. NRI would not get…

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Tax­a­bil­i­ty of Dif­fer­ent Perquisites paid to Employ­ees by Employ­ers in the hand of Employ­ee for the finan­cial year 2018–19 under Income Tax. Sec­tion wise details has been giv­en in tab­u­lar For­mat. 17(2)(i)/(ii) read with Rule 3(1) Rent free unfur­nished accom­mo­da­tion provided…

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Post or Post­ing wise spe­cif­ic Deduc­tions allowed to Salaried Per­son in Finan­cial Year 2018–19 from their Salary Income under Income Tax. Sec­tion wise deduc­tion lim­it is giv­en in the fol­low­ing Table. Sec­tion Nature of Deduc­tions Amount of Deduc­tion 10(7) For­eign allowances or perquisites…

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Fol­low­ing Deduc­tions a Salaried Per­son is eli­gi­ble to claim in Finan­cial Year 2018–19 (Assess­ment Year 2019–20) All Salaried per­son is eli­gi­ble for a Stan­dard deduc­tion of Rs. 40,000/- . In addi­tion to that a salaried per­son is eli­gi­ble for following…

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Depre­ci­a­tion Rate as per Income tax for Finan­cial Year 2018–19 Block of assets Depre­ci­a­tion Rate for AY 2006-07 to AY 2017–18 Depre­ci­a­tion Rate for AY 2018–19  onwards TANGIBLE ASSETS     I. BUILDING      (1) Build­ings which are used mainly…

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Cost Infla­tion Index For Cal­cu­la­tion Of Cap­i­tal Gain  As per Noti­fi­ca­tion no. So 1790(e) [no. 44/2017 (f. No. 370142/11/2017-tpl)], dat­ed 5–6‑2017, fol­low­ing table should be used for the Cost Infla­tion Index :- Sl. No. Finan­cial Year Cost Infla­tion Index 1  2001-02  100  2  2002-03  105  3 …

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TDS Rate Chart for Com­pa­ny for Finan­cial year 2018–19 (AY 2018–19) In the case of a com­­pa­ny-   where the com­pa­ny is a domes­tic com­­pa­ny-   Sec­tion 193: Inter­est on secu­ri­ties    a) any deben­tures or secu­ri­ties for mon­ey issued by or…

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Par­tic­u­lars TDS Rates (in %) 1. In the case of a per­son oth­er than a com­pa­ny 1.1 where the per­son is res­i­dent in India-   Sec­tion 192: Pay­ment of salary  Nor­mal Slab Rate  Sec­tion 192A: Pay­ment of accu­mu­lat­ed bal­ance of prov­i­dent fund which is taxable…

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Income Tax Rates or Slabs for Last 20 Year i.e. assess­ment Year 2001–2002 to Assess­ment Year 2019–2020 Income Tax Rates / Slabs for AY 2001-02 Slab (Rs) Tax  Rate (Rs) Sur­charge Total Income>Rs. 60,000 Sur­charge Total Income>Rs. 1,50,000 Less than 50,000…

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Income Tax Rates or Slabs for the AY 2019–20 Finan­cial Year 2018–19 In case of an Indi­vid­ual (res­i­dent or non-res­i­­dent) or HUF or Asso­ci­a­tion of Per­son or Body of Indi­vid­ual or any oth­er arti­fi­cial juridi­cal per­son Tax Rate Men Women…

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