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Showing posts with label Income Tax Arrears Relief Calculator U/s 89(1). Show all posts
Showing posts with label Income Tax Arrears Relief Calculator U/s 89(1). Show all posts

Tuesday 22 December 2020

 You are eligible to claim tax rebate under this provision if you meet the following conditions:
  1. You must be a RESIDENT INDIVIDUAL; and
  2. Your Total Income, fewer Deductions, (under Section 80) is equal to or less than Rs 5,00,000.
  3. The rebate is limited to Rs 12,500. This means the total tax payable or Rs 12,500, whichever is lower, that amount will be the rebate under section 87A. [This rebate is applied to the total tax before adding the Education Cess (4%)]
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Wednesday 12 February 2020


HIGHLIGHTS

  • CBDT says it will make greater use of technology, data analysis and AI to comb through large transactions
  • The CBDT chief said scaling up information gathering will enable I-T dept to offer pre-filled returns of income
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Sunday 26 January 2020


Would I able to guarantee Tax Benefit for both HRA and Home Loan? – An inquiry which is frequently posed by many citizens. This is for the most part on the grounds that numerous businesses don't permit both tax cuts together in specific circumstances. Tragically this isn't the correct activity.
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Thursday 7 November 2019


HOW TO CLAIM RELIEF WHEN SALARY IS PAID IN ARREARS OR IN ADVANCE
Whereby any portion of assessee’s salary is received in arrears or in advance or by reason of his having received in any one financial year salary for more than 12 months or payment which under the provisions of section 17(3) is a profit in lieu of salary, he is hence taxed at a higher slab then that at which it would otherwise have been assessed. The Assessing The officer shall, on an Application made to him, grant such relief as prescribed. The Procedure for computing the relief is given in Rule 21.  This relief is provided in the financial year in which such arrears have been received.
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Wednesday 6 November 2019


HOW TO CLAIM RELIEF WHEN SALARY IS PAID IN ARREARS OR IN ADVANCE
Whereby any portion of assessee’s salary is received in arrears or in advance or because of his having received in any one financial year salary for more than 12 months or payment which under the provisions of section 17(3) is a profit instead of salary, he is hence taxed at a higher slab then that at which it would otherwise have been assessed. The Assessing The officer shall, on an Application made to him, grant such relief as prescribed. The Procedure for computing the relief is given in Rule 21.  This relief is provided in the financial year in which such arrears have been received.
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Wednesday 29 May 2019

Reasoning under segment 80C for A.Y.2020-21, A.Y.2019-20, A.Y.2018-19/A.Y.2017-18/A.Y.2016-17. We realize that you are especially intrigued to know the conclusion from gross all out pay to ascertain overall gain charge. As we will talk about just here derivation under segment 80Cin detail.
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Thursday 2 August 2018

Tax Benefit on NPS Tier 1 and/or 2?

NPS has two Tiers – 1 and 2.
NPS Tier 1 is the long-term investment, which has restricted withdrawals and meant primarily for retirement planning. On maturity, you can withdraw a maximum of 60% of the corpus as lump sum and rest has to be used for annuity purchase.
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Thursday 15 February 2018

Claim both house rent allowance and tax exemption on housing loan

If you are a salaried individual enjoying House Rent Allowances (HRA) from your employer and also own a residential house, then you can have an option to avail the deduction of both
(a) HRA and
(b) Housing Loan repayment (section 80C) & interest deduction (section 24).
The Income Tax Act, 1961 (“the Act”) treats HRA and home loan deductions under separate sections independently. The two are not interconnected to each other.
HRA is dealt with in section 10(13A) of the act while home loans are entitled for tax benefits u/s 80C for principle repayment and u/s 24 for interest payment.
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