In the latest Union Budget an additional Income Tax deduction of Rs 1.5 lakh on affordable home loans has been announced. A new Section 80EEA will be introduced under the IT Act. As per the proposal, income tax payers will get maximum tax benefit of Rs 3.5 lakh on home loans of up to Rs […]
Tax Planning
Rs 50000 Standard Deduction from FY 2019-20 | What is the impact on your Taxable Income?
In the Union (interim) Budget 2019-20, the Finance Minister has proposed to provide Rs 50000 Standard Deduction from salary income to all employees & pensioners. The Standard Deduction of Rs. 40,000 was made available in Budget 2018 (FY 2018-19 / AY 2019-20). It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 […]
Budget 2019 – Rs 1.5 lakh Additional Income Tax deduction on affordable home loans | Section 80EEA
The Union Finance Minister Nirmala Sitharaman, in her maiden Budget speech on Friday, announced an additional Income Tax deduction of Rs 1.5 lakh on affordable home loans. A new Section 80EEA will be introduced under the IT Act. As per the proposal, income tax payers will get tax rebates of around Rs 3.5 lakh on […]
Full Budget 2019-20 Key highlights | Important Tax Proposals
The Indian Finance Minister has tabled today, the Union (Full) Budget 2019-20 in the Parliament. Below are some of the key highlights that are related to Personal Finances; Full Budget 2019-20 Highlights Latest Income Tax Slab Rates FY 2019-20 Below are the latest Income Tax Slab Rates for FY 2019-20 or AY 2020-21. (FY is Financial Year and AY […]
How to Pre-validate Bank Account to receive your Income Tax Refund Amount online?
As per the recent communication shared by the income tax department, all eligible income tax refunds will be only issued digitally. Further, tax refunds will be made only to the bank accounts which are linked with PAN. The above guidelines regarding the tax refunds have been effective from March 1, 2019. So, to receive […]
AY 2019-20 Income Tax Return Filing | Which ITR Form should you file?
The Central Board of Direct Taxes has notified the new ITR Forms for AY 2019-20 Income Tax Return Filing (for FY 2018-19). The new ITR forms in PDF format have been made available, while the excel utilities (or) Java Utilities for AY 2019-20 will soon be made available on incometaxindia e-filing website. What is Assessment Year […]