HRA exemption calculation with examples

When you receives salary slip, you can see one column showing HRA amount. Full form of HRA is house rent allowance. You can claim HRA exemption and save income tax on HRA received. Know HRA exemption calculation with examples u/s 10 (13A): Before I start, let’s see what you will learn from this post: HRA rules knowledge HRA calculation with 3 simple examples when there is change in salary, place or rent received. Proof to be produced while claiming HRA exemption. Other important facts with regards to HRA rules. HRA is the amount received by employee to pay the...

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New Professional tax rates in Gujarat FY 2014-15 for employees

New professional tax rates in Gujarat for financial year 2014-15 ( Notification no. GHN 5 , PFT-2013. Monthly Salary Professional tax (per month) Less than 6000 Nil 6000 to 8999 Rs. 80 9000 to 11999 Rs. 150 12000 and above Rs. 200 Pls note that it is duty of employer to deduct and deposit professional tax on behalf of employee. Professional tax rates in Gujarat for other than employees are different as per profession. Visit site Gujarat commercial tax to know more. Professional tax return due date: If employees are less than 20, the return should be filed within 15 days of expiry of previous year in form no. 5AA. Professional tax return should be filed within 15 days of  expiry of previous month in form No. 5 if employees are more than 20. However, he can apply for annual return in form no. 5B. Professional tax payment due date in Gujarat: If he has less 20 or less than  20 employees, due date is 15 th day from the end of the quarter which are15th July, 15th Oct, 15th Jan, 15th March. If he has more than 20 employees, due date is 15th day from the end of the month. In short, professional tax for current year should be paid within 15th of next month. Interest on late payment of Professional tax in Gujarat: If he pays professional tax...

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Income tax slab for A.Y. 2013-14 and F.Y. 2012-13

Income tax slab for A.Y. 2013-14 and F.Y. 2012-13 for person other than senior citizen and super senior citizen: Income Income tax rate Up to Rs. 2,00,000 0 Income from Rs. 2,00,001 to Rs. 5,00,000 10% Income from Rs. 5,00,001 to Rs. 10,00,000 30,000 +20% Income exceeding Rs. 10,00,001 1,30,000 + 30%   Income tax slab  for senior citizen  for a.y. 2013-14 and financial year 2012-13 : (age 60 years or more during the previous year) Income Income tax rate Up to Rs. 2,50,000 0 Income from Rs. 2,50,001 to Rs. 5,00,000 10% Income from Rs. 5,00,001 to Rs. 10,00,000 25,000 +20% Income exceeding Rs. 10,00,001 1,25,000 + 30% Income tax rate for super senior citizen for a.y. 2013-14 and f.y. 2012-13: (aged 80 years or more During previous year): Income Income tax rate Income up  to Rs. 5,00,000 0% Income from Rs. 5,00,001 to Rs. 10,00,000 20% Income exceeding Rs. 10,00,001 1,00,000 + 30% Surcharge is NIL Education cess is 3% on above tax. You can get xml utility from income tax website. This slab is for non corporate assessee. Income tax slab for a.y. 2013-14 is helpful when the person gets notices or want to rectify his return or file revised or belated return. Last date of return filling revised or belated return  is...

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Income tax slabs for A.Y. 2015- 16

income tax slabs for A.Y. 2015-16 (F.Y. 2014-15): Income tax slabs for a.y. 2015-16 for individual (below age 60 years during previous year) or AOP, BOI, HUF, NRI, AJP  (for woman and man): Up to taxable income Rs. 250000 0 On taxable income exceeds Rs. 250000 but Does not exceed Rs. 5,00,000 10% (2000 rebate available for residential individual u/s 87A) On taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25000 + 20 % on amount exceeding Rs. 5,00,000 On taxable income exceeds Rs. 10,00,000 Rs. 1,25,000 +30% on amount exceeding Rs. 10,00,000 Surcharge: 10%...

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