Standard Deduction The Finance Minister Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per anuum interestingly, the provision of Standard Deduction was earlier available. However, it was abolished in the Finance Act […]
SURCHARGE ON INCOME TAX (WITH EXAMPLES)
Surcharge: If the income exceeds Rs.1 crore, a surcharge at the rate of 12% is applicable on the income tax paid for the popular category of taxpayers, subject to marginal relief. Let’s look at the quantum of surcharge percentage applicable for various categories of taxpayers in India. This surcharge will be billed after computation of […]
What is Income Tax?
What is Income Tax? Income tax is a percentage of an individual person’s or Business’ income that is paid to the government to run the nation smoothly, fund infrastructural development, pay salaries of those employed by the state or central governments, etc All such taxes are levied based on the passing of a law. Income […]
Belated Income Tax Return
Meaning of Belated Return As per section 139(1), it is compulsory for every assesses to file a return of income or loss for every previous year on or before the due date in the prescribed form in the following situations: Your gross total income (before allowing any deductions under section 80C to 80u) exceeds the income tax […]