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…
Category: Income Tax
Post or Posting wise specific Deductions allowed to Salaried Person in Financial Year 2018–19 from their Salary Income under Income Tax
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…
Deductions a Salaried Person can claim in Financial Year 2018–19 from their Salary Income under Income Tax
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…
Depreciation Rate as per Income tax for Financial Year 2018–19
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…
Cost Inflation Index for Calculation of Capital Gain
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…
TDS Rate Chart for Company for Financial Year 2018–19 (AY 2019–20)
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…
TDS Rate Chart for Financial Year 2018–19 (AY 2019–20) By a person Other Than Company
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…
Income Tax Slab For Individual for Last 20 Years From AY 2001–2002 to AY 2019–2020
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…
Income Tax Rates or Slabs for Assessment year 2019–20
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…
Revised return validly filed pursuant to notice u/s. 153A after Search & Seizure, is accepted, defects found in original return cannot be considered for imposing penalty u/s. 271(1) ©
The assessee filed return of income declaring a huge loss. Pursuant to the search and seizure operations u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declaring as nil income. Assessment was completed on the NIL income only.…