Income Tax

Ranjeet on August 2nd, 2010

Deduction under Section 80C is allowed only to the following assessee from their gross total income:- 1. an individual, or 2. a Hindu undivided family Maximum deduction u/s 80C is Rs. 1,00,000 Many types of investments are covered under section 80C but here I am discussing only those in which the assessee generally make investments. […]

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Ranjeet on July 7th, 2010

If you have salary income or pension income, you can use the new Saral-II form for income tax for assessment year 2010-2011

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Ranjeet on June 19th, 2010

One tax exemption almost everybody can avail is on House Rent Allowance (HRA) To calculate HRA exemption, use the least of the following amounts: Actual house Rent allowance received Rent paid in excess of 10% of salary 50% or 40% of salary (50% in case of Delhi, Mumbai, Kolkata & Chennai, 40% for other cities)

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Ranjeet on May 22nd, 2010

Generally, In India income tax is calculated on 5 type of incomes – Income from Salary Income from house property Income from business & profession Income from capital gains Income from other sources In this article, we will talk about how to calculate income tax on salary, and what tax exemptions you can avail to […]

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Ranjeet on May 22nd, 2010

Income Tax rates for the assessment year 2010-2011 For Individuals & HUF Other than women & senior citizens Taxable Income Tax rate Up to 1,60,000 NIL 1,60,010 to 3,00,000 10% 3,00,010 to 5,00,000 20% Above 5,00,000 30% Education cess 2% SHEC 1% Surcharge N/A

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