TDS deduction under section 194A of the Income Tax Act, 1961 in case of Senior Citizens F.No.Pr.DGIT(S)/CPC(TDS)/Notification/2018-19 Notification No. 06/2018 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi Notification No. 06/2018 New Delhi, 06th December, 2018 Subject :- TDS deduction under section … [Read more...] about TDS deduction under section 194A of the Income Tax Act, 1961 in case of Senior Citizens
Exemption u/s 10 (13A) 1.Mr. A, employed with XYZ Ltd. Up to 31.10.2016, received following emoluments S.NO. PARTICULARS RUPEES 1 Basic pay p.m. 13,000 2 Bonus for the year received in July, 2015 7,200 3 Club facility (for private use only) Expenditure by employer p.m. 700 4 House Rent Allowance p.m. 2,800 5 Employer’s … [Read more...] about Income Tax Exemption u/s 10 (13A)
One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.40,000, DA at prescribed rates, transport allowances @ Rs.3600+DA thereon, and HRA (existing- from 1st July 2017 @24% of basic pay (though living in his own house). His date of increment is Ist July. … [Read more...] about One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C.
Calculation of Income tax an Employee Below 60 Age A.Y.2018-19 ANNEXURE-I SOME ILLUSTRATIONS Example 1 For Assessment Year 2018-19 (A) Calculation of Income tax in the case of an employee(Male or Female) below the age of sixty years and having gross salary income of: i) Rs.2,50,000/- , ii) Rs.5,00,000/- , iii) Rs.10,00,000/- iv) Rs.55,00,000/-. and v) Rs. … [Read more...] about Calculation of Income tax an Employee Below 60 Age A.Y.2018-19
RATES OF INCOME-TAX AS PER FINANCE ACT, 2017: As per the Finance Act, 2017, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2017-18 (i.e. Assessment Year 2018-19) at the following rates: 2.1 Rates of tax A. Normal Rates of tax: SI.NO TOTAL INCOME RATE OF … [Read more...] about Rates of Income-Tax for the financial year 2017-18