Income tax

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 …

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5 Key changes in Income Tax Rules from April 1, 2019 that you must Know

Key changes in Income Tax Rules from April 2019

Finance Minister Piyush Goyal has proposed many changes in tax rules in Budget 2019. We present you 5 key changes that would impact all income tax payers. Increased Tax Rebate u/s 87A: While making the budget speech, Finance Minister said that people with taxable income of Rs 5 lakh would get full tax rebate. Many …

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Section 87A – Most important change for Income Tax Payers in Budget 2019

Section 87A - Tax Rebate for Income below Rs 5 Lakh - Budget 2019

Section 87A was introduced in Budget 2013 and it provides marginal relief to small tax payers. In this post we provide details about the eligibility, the benefits and how it has changed since it was first introduced. Section 87A Eligibility: The tax rebate under section 87A is only available to resident individuals with net taxable …

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Income Tax Calculator FY 2019-20 [AY 2020-21] – Excel Download

Income Tax Calculator for AY 2020-21

Budget 2019 has made some changes to Income tax for individual – the highlight being full tax rebate for individuals earning below Rs 5 Lakhs. There has been no changes in the income tax slab. We highlight the changes and give you the new tax calculator for FY 2019-20 [AY 2020-21]. Changes in Income Tax Rules: …

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Income Tax Warning to Salaried Taxpayers: 11 things every Taxpayer should be careful about!

Income Tax Warning to Salaried Taxpayers

A few days back (on April 16, 2018) Income Tax Department issued cautionary advisory to Salaried Taxpayers about under-reporting of income and inflating deductions/exemptions while paying taxes. This was prompted by some of the recent cases of salaried caught by income tax officials. You can read the advisory below: Also Read: Everything you need to …

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