Uncommuted pension i.e pension received in regular instalments is taxable for all employees. Commuted means to pay in one time rather to pay in instalments. Commuted pension is exempt from tax as per the following provisions: Employees of Central Government, State Government, Local authority, statutory corporation Commuted pension is fully
If Gratuity is received by any employee while in employment then it is fully taxable in the hands of employee. While if gratuity is received in case of death or retirement or resignation, then exemption is available up to the following limits. In case of Government employee Any gratuity received
What is Leave Travel Allowance (LTA)? Conditions and Calculation for exemption of LTA Maximum amount of deduction Other Points to be kept in mind How to claim Leave travel allowance (LTA) in Income Tax Return What is Leave Travel Allowance (LTA)? Leave travel allowance is an allowance given by an
Eligible Assessee Resident individual (whether Indian Citizen or not) or Resident HUF Deduction is allowed for the expenditure incurred for medical treatment of the specified disease or ailment prescribed by board in respect of any of the following persons In case of individual – for himself, spouse, children, parents, brothers,
Eligible Assessee Individual or HUF (Whether resident or non resident). No benefit is available to partnership firms, company, LLP, AOP etc. If the individual is a senior citizen then deduction is allowed under Section 80TTB from financial year 2018-19. Deductible Amount Interest on deposits in saving account up to a
Our actions today will help us in future situations. Taking the necessary steps and precautions now can help you when tax season rolls around. By keeping all the details and documents required when filing taxes, the stress arising from filing your tax return can be significantly reduced. Let’s review the
Insurance company paying amount to a resident under a life insurance policy including bonus is liable to deduct TDS @ 1% (2% before 1st June 2016). TDS is to be deducted only when such sum is not exempt from income tax under section 10(10D). Also tds is to be deducted
As per new section 139AA and judgment of Supreme Court dated 9 June 2017, following thing shall apply from 1st July 2017 :- Every person who wants to file Income Tax Return or wants to apply for PAN card shall require to quote their Aadhaar Number. If the person do not possess
Eligible assesse – Individual Under this section deduction is allowed if assesse has paid or deposited an amount in any annuity plan of the LIC of India or any other insurer for receiving pension from a fund referred to in section10(23AAB). Amount of deduction is lower of the amount so
Set off of losses under the same head of income If there is a loss from any source of income under any head, then it is to be set off against income from any other source under the same head. The exceptions to this rule are Loss from speculation business-