I) Leave the travel concession as set out in clause (of section 10); Ii) Housing rental allowance as set out in clause (13A) of section 10; Iii) Part of the allowance contained in clause (1) of section 10; V) Income allowance for minors as provided for in clause (3) of section 10; Vi) Exemption for the EEE unit contained in section 10AA; Ix) Additional deductions under clause (iia) of the subsection (of section 32); X) Deductions in section 32AD, 33AB, 33ABA; Xi) Miscellaneous deductions for donations or expenses in scientific research contained in sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of subsection (or subsection (2AA) of section 35; Xii) Deduction under section 35AD or section 35CCC; Therefore, you will be required to pay a tax of 37,500 rupees (excluding the cess) on your gross taxable income, that is, if a person's income is below the basic exemption limit, you are not required to file income tax refunds. However, those who have an income of less than 2.5 liters of rupees and want to apply for an income tax refund can only apply for the refund by filing an ITR. Otherwise, filing income tax returns is mandatory in any other case. Saturday, November 5, November 22, through Monday, November 7, 2012 Section 24 (b): Deduction of real estate income from interest paid on the mortgage loan and the home improvement loan.
In the case of a self-occupied property, the upper limit for deducting interest paid on the mortgage loan is 2 lakhs. However, this deduction is not available to people who opt for a new tax regime. Deduction in profits and profits of specific industrial enterprises other than infrastructure development companies: 100% of profits for 10 years starting on the day it is approved by the prescribed authority (if approved after March 31, 2000 but before April 1, 2000). This site is best viewed at a resolution of 1024 x 768 with the latest version of Chrome, Firefox, Safari and Microsoft Edge.
We are going to understand the calculation of income tax in current tax systems and the new tax systems (optional) by way of example. If you want to calculate your taxes according to the old tax rules, you will need to enter your tax-saving investments in sections 80C, 80D, 80G, 80E and 80TTA. The income tax calculator is an easy-to-use online tool that helps you estimate your taxes based on your income after you submit the Union budget.
