INCOME TAX BOOK IN TAMIL
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Income tax, GST, Insurance, book keeping, RPS Financial advisory services, Financial advisor. THE TAMIL NADU HINDU RELIGIOUS AND CHARITABLE ENDOWMENTS ACT (wildlifeprotection.infoMAN) · Rs Rs · LIVES OF CHIEF JUSTICES. Income Tax Returns · Wealth Tax Returns; Income Tax Forms · Challans · Other Forms · Miscellaneous . TAX INFORMATION AND SERVICES.
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Find this comment offensive? This will alert our moderators to take action Name Reason for reporting: Foul language Slanderous Inciting hatred against a certain community Others. Your Reason has been Reported to the admin. To see your saved stories, click on link hightlighted in bold. The Economic Times. Fill in your details: If there is any discrepancy, then you must bring this to your employer's notice.
Your employer will rectify the mistakes in Form and issue you a revised form.
Salary slips Apart from perquisites and profit in lieu of salary, salaried taxpayers are also required to provide information of allowances such as house rent allowance, transport allowance etc.
You can find these details in your salary slips. From the salary slips, you can add each allowance received during the year and then calculate the taxability portion of it.
If you have received HRA in the last FY and paid rent, then the taxable portion of that will be calculated based on certain conditions. Click here to use our HRA calculator and compute taxable amount.
Further, the tax treatment of each allowance received by you has a different tax treatment - some allowances will be fully taxable, while some are partially taxed. You can find all of this information in your salary slips. Special allowance received during the last FY will be fully taxable in your hands.
Transport allowance received during FY will be tax-exempt for maximum up to Rs 19, in a year.
However, from FY , standard deduction of Rs 40, will be available in lieu of transport allowance and medical reimbursement. Click here to know the tax-exemption limit of all the allowances, reimbursements received by you. Interest certificates from banks and post office Interest received from savings bank account, post office savings account, fixed deposits and recurring deposits are taxable. If you do not get interest certificates, make sure your account passbook is updated and shows details regarding the interest credited to your account till March 31, Soni says, "Individuals can claim deduction under section 80TTA on the interest received up to Rs 10, in a FY from the savings bank account and post office savings account.
Any interest received above Rs 10, will be chargeable to tax. On the other hand, if you have sold your property, then the buyer will issue you FormB showing the TDS deducted on the amount paid to you.
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Soni adds, "If you are a landlord earning rental income, then you should ask your tenant to provide you FormC for providing the details of TDS deducted on the rent received by you. This is like your tax passbook which has information of all the taxes that has been deposited against your PAN.
November Ministry of Finance has notified certain deductions from gross total income of an assessee. Below are deductions as updated by Finance Act, The total deduction under this section is limited to Rs. Both you and your employer contribute to it. You also have the option to contribute additional amounts through voluntary contributions VPF. Current rate of interest is 8. Minimum amount of contribution is Rs and maximum is Rs 1,50, A point worth noting is that interest rate is assured but not fixed.
Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation LIC — even insurance bought from private players can be considered here.
B.Com - INCOME TAX STUDY MATERIAL
Even the interest component can save you significant income tax — but that would be under Section 24 of the Income Tax Act. Stamp Duty and Registration Charges for a home: The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.
The notification details are Notification No. Per girl child only single account is allowed. Parents can open this account for maximum two girl child. Interest rate for this account is 9. Passbook facility is available with Sukanya Samriddhi account.
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From FY the interest earned on account will be tax exempted. As per Finance Bill Presently, the interest is paid 8.
Interest is Compounded Half Yearly. While the minimum investment amount is Rs , there is no maximum amount. Premature withdrawals are permitted only in specific circumstances such as death of the holder. Investments in NSC are eligible for a deduction of up to Rs , p.
Furthermore, the accrued interest which is deemed to be reinvested qualifies for deduction under Section 80C. However, the interest income is chargeable to tax in the year in which it accrues.Exempted upto least of the following: The Chairman has also been provided with a security guard and a sweeper whose salaries amounting to Rs.
Exemption 9, 2, Education allowance 7, Less: House property or capital gains or other sources, etc, it is not taxable. If a recipient is beneficially entitled not only to the income but also to the capital, payments given to him by his trustees out of the corpus would be capital receipts. This is levied by the government to raise revenue for special purpose for the union and accrues wholly to the central government.
If the employee dies his heirs will get the full payment.