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Showing posts with label Advance Income Tax Calculator for A.Y.2019-20. Show all posts
Showing posts with label Advance Income Tax Calculator for A.Y.2019-20. Show all posts

Wednesday, 31 October 2018

Income Tax exemption is a monetary exemption that reduces the taxable income of an individual. This decreases total taxable income and reduces the amount of income tax you would have otherwise paid. Deduction under chapter VI-A is restricted to Gross total income & this deduction cannot be carried forward. Let us discuss the following deductions covered u/s VI-A

Tuesday, 7 August 2018


Medical and Transportation Allowances Subsumed into Standard Deduction

Standard Deduction: Budget 2018 has not cheered the Salaried Class at all, neither the tax slab is changed nor the deduction limit under section 80C is hiked. The tax rebate of Rs.5,000 has been reduced to Rs.2,500 and that too up to the taxable income of Rs.3,00,000 which was earlier up to Rs.5,00,000.
The only changed proposed for the salaried class is the reintroduction of Standard Deduction of Rs.40,000. This standard deduction was the part of income tax act but was done away with in Union Budget 2005-06 by P. Chidambaram by introducing medical and transportation allowances, but now from Assessment Year 2019-20, both medical allowances and transportation allowance are subsumed into the standard deduction of Rs.40,000.