RATES OF INCOME-TAX FOR F.Y. (A.Y. ) As per the Finance Act, , Rates of Income Tax Applicable for the financial year. Financial year is coming. Here, I have presented income tax slab for fy and ay as per budget I hope this. [As there was no change in Income Tax slabs for FY (i.e. AY FREE Major ITR Forms for Financial Year - ITR1, ITR2, ITR2A, ITR4S - pdf files .
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Income Tax Slab Rates for Financial Year (Assessment Year). Resident Super Senior Citizen. Who is 80 Years or more at any time during the. Articles explains Rates of income-tax in respect of income liable to tax, Minimum Alternative. Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year / Financial Year for Individual, HUF, AOP, BOI.
Knowing your income tax slab rate helps you get an idea of how much tax you will be paying in a year. Get the latest election news , live updates and election schedule for Lok Sabha Elections on ndtv. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the parliamentary seats for the Indian general elections. Home Your Money. August 18, Income tax slab rates are reviewed by the government in Budget every year.
The deduction for senior citizens is raised from Rs 20, to Rs 30, For uninsured super senior citizens more than 80 years old medical expenditure incurred up to Rs 30, shall be allowed as a deduction under section 80D.
However, total deduction for health insurance premium and medical expenses for parents shall be limited to Rs 30, However, there are a few conditions: You can not claim tax benefit on health insurance premium paid for your in-laws; Proof of payment of premium has to be furnished, in order to avail the tax benefit The health insurance premium must be paid from taxable income of that year only if you want to claim a deduction.
Thus, if one has paid the premium from ones savings or from gifts of money received, then one is not eligible for tax benefits under this section. However, you have to remember that the premium paid by any mode of other than cash is eligible.
Note prior to 1st April , premium payment was required to be paid only by cheque. Thus, now all payment modes except cash payment are accepted 3 Deductions Under Section 80 E : Under this section, deduction is available for payment of interest on a loan taken for higher education from any financial institution or an approved charitable institution.
The loan should be taken for either pursuing a full-time graduate or post-graduate course in engineering, medicine or management, or a post-graduate course in applied science or pure science. Loan should have been taken for the purpose of pursuing higher studies of Individual , Spouse, Children of Individual or of the student of whom individual is legal Guardian. The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income.
However there is no benefit available on the repayment of principal amount of the loan. Free E-filing.
Paid E-filing by Expert CAs. GST Software. How to file GST Returns? Log In Sign Up. Such tax slabs tend to undergo a change during every budget.
FAQs Frequently asked Questions. How does the government collect the taxes? Taxes are collected by the Government through three means: Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year.
The Income-tax Law classifies the year as i Previous year, and ii Assessment year. KB Talwar says: March 28, at 6: March 24, at 3: March 24, at 8: Hi, How to calculate the professional tax. March 19, at 2: S Sudarshana says: February 28, at ANB Rao says: February 27, at February 25, at 5: Nagar says: February 25, at 1: February 11, at 5: Narayanan says: Hi, have a doubt, why we should pay income tax to government???
Where is our money??????????????? February 10, at 4: February 3, at 4: December 30, at December 29, at 5: November 26, at 1: November 26, at November 22, at November 14, at 7: November 13, at 2: Dear VSNarayana, No need to file as your taxable income is less than 3. November 9, at 8: November 8, at 6: Narayan says: November 8, at Tushar Rathod says: October 30, at 5: October 18, at October 17, at 2: Raj says: October 2, at 7: Anant Pundle says: September 6, at 6: Arpit Singh says: Dear Sir, Please till me maximum amount paid to a sub contractor in one financial year.
September 3, at 2: August 21, at 3: August 15, at 9: August 14, at 4: Abhay Jain says: Abhay Jain. August 13, at 4: August 6, at 3: Alam says: August 6, at 1: July 28, at July 25, at July 18, at 3: July 17, at 7: July 15, at 9: July 14, at Sampad majee says: July 12, at 4: CA Rishikant Sharma says: Bare reading of section 87A is as follows: July 12, at July 12, at 9: Muralikrishnan S says: July 11, at 9: July 11, at 4: Nitin says: What about section 87A?
Will it continue for ? July 11, at Dinesh says: Section 87 A will continue or not any clarification. Murugesan says: Cancel reply Leave a Comment Your email address will not be published.
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