Every person, who had during the ‘previous year’ and income exceeding the maximum amount which is not chargeable to tax must file a return of income voluntarily. [Section 192 (1)] A person in whose case the tax deducted at source exceeds the tax payable by him should file a ‘return of income’ to get refund […]
Income Tax
Public Provident Fund Account – Features
August 1st, 2009 | by Amit Sahrawat | published in Income Tax
Interest – 8% per annum compounded yearly. Investment Limits – Minimum Rs. 500. Maximum Rs. 70,000 in a Financial Year. Deposits can be made in lump sum or in monthly installments. Salient Features – Deposits are qualified for Income Tax rebate under Section 88 of IT Act. Deposits completely
Exemption of HRA
August 1st, 2009 | by Amit Sahrawat | published in Featured, Income Tax
The amount of House Rent allowance, which is to be treated as ‘exempt’ from income tax has to be taken as the least of the following amounts:- Actual HRA Received, or Rent paid in excess of 10 of salary, or 50% of salary if the employee is in Chennai/Mumbai/Kolkatta/Delhi and 40% of salary if the […]