What is the Maximum Income Tax I can save for this Year (FY 2018-19)? A question I am often asked. Tax laws keep changing year on year, especially in Budget. 2019
Showing posts with label Sec 24. Show all posts
Showing posts with label Sec 24. Show all posts
Tuesday, 7 May 2019
Monday, 15 October 2018
Budget 2018: Changes in Income Tax Rules
1. Standard Deduction of Rs 40,000 for Salaried and Pensioners
2. Transport Allowance & Medical Reimbursement No more tax exempt for salaried
3. Cess hiked from 3% to 4% (renamed as Health & Education cess)
4. Rs 50,000 interest income for senior citizens tax exempted under newly introduced Section 80TTB
5. Health Insurance Premium Tax exemption limit increased to Rs 50,000 u/s 80D for senior citizens
6. Increased deduction for medical treatment u/s 80DDB for senior citizens up to Rs 1 lakh
7. 10% tax on long-term capital gains (above Rs 1 Lakh) on stocks & equity-based mutual funds. Also, 10% dividend distribution tax imposed on the dividend paid by equity mutual funds.
Saturday, 4 November 2017
Sunday, 7 February 2016
Download All in One Income Tax preparation Excel Based Software which can prepare both of Govt and Non-Govt Concerned employees for the Financial Year 2015-16 [ This Excel Based utility can prepare at a time
Income Tax Compute Sheet + Individual Salary Structure + Automatic HRA
Exemption Calculation + Automatic Arrears Relief Calculator with Form 10e U/s
89(1), Automated Form 16 Part A&B and Form 16 Part B]
Tax Saving Sections Summary:
Below is the recap of all tax saving sections for
FY 2015-16:
Section 80C/80CCC/80CCD/ 80CCD(1B):
Investment in EPF, ELSS, PPF, FD, NPS, NSC, Pension Plans, Life Insurance,
SCSS, SSA and NPS. Also includes Home Loan Principal repayment, Tuition Fees,
Stamp Duty
Section 24: Interest paid on Home Loan for Self occupied homes. No Limit for Rented house
Section 80E: Interest paid on
Education Loan. No Limit – Rs 50,000 is just an assumed value
Section 80CCG: 50% of investment
in RGESS approved stocks & mutual funds. Max investment limit is Rs 50,000
Section 80D: Premium payment for
medical insurance for self and parents. Also includes Rs 5,000 limit for
preventive health checkup
Section 80DDB: Treatment of
Serious illness for self and dependents (Limit of Rs 80,000 for person above 80
years, Rs 60,000 for person above 60 years and Rs 40,000 for rest)
Section 80U: Physically Disabled
Tax payer (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for more than
80%)
Section 80DD: Physically
Disabled Dependent (Rs 75,000 for 40% to 80% disability and Rs 1,25,000 for
more than 80%)
Section 80G: Donation to approved
charitable funds like Prime Minister Relief fund, etc 100% or 50%
Section 80TTA: Interest received
in Savings Account Max Rs. 10,000/-
Section 87A: Income Tax Rebate
Rs.2,000/- who’s total taxable income less than 5 Lakh.
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