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Deductions

  DEDUCTIONS Section Nature of deduction Who can claim (1) (2) (3) Against 'salaries' 16(ii) Entertainment allowance Government employees 16(iii) Employment tax Salaried assessees Against 'income from house properties' 23(1), first proviso Taxes levied by local authority and borne by owner if paid in relevant previous...

List of benefits available to Small Businessmen

List of benefits available to Small Businessmen S.N. Particulars Section Benefits/Deductions allowed A. Presumptive Taxation Scheme 1. Computation of income from eligible business on presumptive basis under Section 44AD provided turnover or gross receipts of eligible business does...

Benefits available to Individuals & HUF

2.i Benefits available only to Individuals & HUFs A. Tax Rates and Relief S.N. Particulars Benefits Available to 1. Maximum amount of income which is not chargeable to Income-tax Rs. 2,50,000 Individual/HUF 2. Maximum amount of income which is not chargeable to...

FAQs on filing the return of income

What is a return of income? It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are...

Income Tax FAQ’s – Part 2

Basic faq's everyone should know :- Article continued from Part 1 ( http://tax.in/income-tax-faqs-part-1/ ) Income-tax is levied on the income of every person. As per Income-tax Law what constitutes income? Under the Income-tax Law,...

Income Tax FAQ’s – Part 1

We will learn a few faq's regarding income tax below. Part 1 of the article is below. What is Income-tax? It is a tax levied by the Government of India on the income...

Benefits available only to Non Resident Persons

  Benefits available to Non- Residents 1. Who is a Non-Resident Section 2(30) defines non-resident as a person who is not a resident. Section 6 lays down the test of residency for different...

Allowances available to Tax Payers

1.b Allowances available to different categories of Tax Payers S. No. Section Particulars Limit of exemption Exemption available to A. Under the head Salaries 1. 10(7) Any allowance or perquisite paid or allowed by Government to its employees posted outside...

Why should a person pay Tax ?

'Why should I pay tax?'  The citizens of India are required to pay Income tax as well as other taxes as per law.   1.  Some people raise the question 'Why should I...

Income Tax Slabs for FY 2015-2016 / AY 2016-17 for individuals

The  following income tax slabs apply in India Individual (resident or non-resident) or HUF or Association of Person or Body of Individual i. Where the taxable income does not exceed Rs. 2,50,000...