TAX MATTERS Archive

GST council announces changes and date extensions for  GST return filing

GST rate cut was the major announcement made by the Goods and Services Tax Council in its 23rd meeting in Guwahati.  Apart from that a number of measures were also announced to ease compliance norms with regard

Rates of Income Tax – Financial Year 2017-18 (Assessment Year 2018-19)

Rules of Income Tax Act are subjected to periodical revisions. Accordingly, the rates of income tax also undergo periodical changes. Different tax rates have been stipulated for various categories of taxpayers and for different sources of income.

Health Insurance Premium and Deduction u/s 80D

Section 80D covers payment of Health Insurance Premium for keeping alive a health(medical)  insurance policy or on account of preventive health check-up. Deduction u/s 80D is allowed only if payment of health insurance premium is made by

Rajiv Gandhi Equity Saving Scheme (RGESS)-Section 80CCG

Section 80CCG of the Income-tax Act is related to  Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS). RGESS was introduced to encourage participation of small investors in the equity markets. Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) stipulates

Deductions under Section 80 CCD – NPS

Section 80 CCD of IT Act,1961  provides for deduction in respect of contributions made by  1.    an employee  and /or 2.    employer  to the New Pension Scheme (NPS) during a Financial Year, as follows: a.    Employer’s contribution

Investments – Section 80 C of Income Tax Act, 1961

Section 80 C of Income Tax Act, 1961 specifies qualifying investments/ payments eligible to be considered for deduction from gross income. Main among them are contributions/ investments in: Provident Fund account (PF account) Voluntary Contribution to PF

Income/ Loss from House Property- Deduction u/s 24 A

As per the Income Tax Act, income/loss from a house property has to be considered for calculation of income tax. Calculation of income/ loss from house property is covered under section 24 A.  The said income/loss comes

Net Annual Value Calculation u/s 22 of IT Act 1961

Section 22 covers ‘Income from house property’ and Net Annual Value calculation.  Income Tax is to be charged under the head ‘Income from house property’ on the annual value of property consisting of any building or land

HRA exempted Under Section 10(13A) 

As per section 10(13 A) of Income Tax Act, employees who draw HRA from the employer, but  staying in  rented houses can exempt amount up to the ceiling stipulated.  Section 10(13A) acts as a tax saving The

Rates of Income Tax – Financial Year 2016-17 (Assessment Year 2017-18)

Rules of Income Tax Act are subjected to periodical revisions. Accordingly, the rates of income tax also undergo periodical changes. Different tax rates have been stipulated for various categories of taxpayers and for different sources of income.

Tax Savers and Various Sections & Ceilings for Tax Saving – FY 2017-18( AY 2018-19)

Timely payment of tax is an obligation on the tax payer. Government of India provides various tax saving investment options to tax payers. The multiple investment/deduction options provided for tax saving are known as tax savers. They