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Income tax

How Standard Deduction would lower tax outgo for Salaried and Pensioners?

Standard Deduction for Salaried and Pensioners Budget 2018 though did not change the broad tax slabs but made some changes in the tax exemptions. One of them was reintroduction of Standard Deduction for salaried and pensioners. From FY 2018-19 (AY 2019-20) all salaried and pensioners would be eligible for standard deduction of Rs 40,000. However, as they say devil lies in […] Continue reading →

Section 80TTB: Senior Citizens can Save Tax on their Interest Income

Section 80TTB - Tax Exemption for Senior Citizens on Interest Income Budget 2018 along with many changes to tax laws also introduced a new Section 80TTB. According to this Senior citizen can claim tax exemption up to Rs 50,000 on interest income from bank/ post office fixed deposit, recurring deposit or savings account.Also, if a senior citizen opts to take advantage of Section 80TTB, he cannot […] Continue reading →

Submitting Income Tax Proof to Employer – Guidelines, Dos & Don’ts

Submit Tax Proof to Employer - Guidelines, Dos & Don’ts It’s time of the year when everyone including your employer is worried about your taxes. Most people would have received mail from their Accounts department about “submission of proofs for investments done to claim income tax exemption”. In case you have not, it might be on its way. This post helps you understand why salaried […] Continue reading →