Saturday 24 November 2018

A guide to Income Tax personal taxation 2017-2018

Tintu Thomas Income Tax- Personal Taxation…2017-2018 A Guide to…

Tintu Thomas What is….Income Tax? • Constitution of India → Schedule VII → Union List → Entry 82 has given power to the Ce...
Tintu Thomas Benefits of proper tax remittance…  No audit risk  Peace of Mind  Good Credit Rating  Social Responsibili...

Tintu Thomas Tax Slabs… Current year(2016-17) Proposed for Next year(2017-18) * 2+1=3% Cess will be on total the tax payab...
Tintu Thomas Tax Rebate under Sec 87 A…Explained AY 2017-2018 Category Rebate 2,50,000 to 5,00,000 5,000 5,00,001 to 10,00...

Tintu Thomas Tax saving sections… Section 80C Wide range of options PPF,ELSS,SSA,FD etc Section 80CCC Pension Products Sec...
Tintu Thomas Tax saving sections…contd Section 80D Medical Insurance for family and parents Health&well being Deduction up...
Tintu Thomas Tax saving sections…contd Section 80GG For paying rent in case of no HRA Others Deduction up to Rs: 24,000 Se...
Tintu Thomas Tax saving sections… 80C/80CCC/80CCD combined maximum amount that can be claimed Rs: 1.5 Lakh Investment Opti...

Tintu Thomas Tax Saving Sections…Explained 1. EPF/VPF (Employee Provident Fund) • EPF –Mandatory fund • Employee contribut...

Tintu Thomas Tax Saving Sections…Explained 3. Sukanya Samriddi Account (SSA) • Can be opened for girl child aged <10 (Max ...
Tintu Thomas Tax Saving Sections…Explained 5. Tax saving FD from Banks/Post Office • Minimum tenure should be 5 yrs. • Int...
Tintu Thomas Tax Saving Sections…Explained 7. Life insurance • Best insurance can that can buy are term plan. • Life insur...

Tintu Thomas Tax Saving Sections…Explained 9. Equity linked savings Scheme (ELSS) • AKA tax saving mutual fund • Min inves...
Tintu Thomas Tax Saving Sections…Explained 11. Tuition Fee • Expenses on tuition fee for maximum of two children is exempt...
Tintu Thomas Tax Saving Sections…Explained 13. Home Loan: Interest & Principal SEC 24 SEC 80C SEC 80EE Home Loan Principal...

Tintu Thomas Tax Saving Sections…Explained ii. Deduction on Interest payment of house loan • Deduction up to 2 Lakh toward...

Tintu Thomas Tax Saving Sections…Explained 14. Home Improvement Loan • Deduction up to Rs: 30,000 towards the interest pai...
Tintu Thomas Tax Saving Sections…Explained 15. Medical Insurance • Can claim Rs: 25,000 for medical insurance taken for Se...

Tintu Thomas Tax Saving Sections…Explained 17. Treatment of certain Diseases • Max Deduction is Rs: 40,000, for senior cit...
Tintu Thomas Tax Saving Sections…Explained 19. Education Loan • Entire interest paid towards the educational loan in the f...

Tintu Thomas Tax Saving Sections…Explained 21. Donation for Scientific Research • 100% deduction for payments towards scie...
Tintu Thomas Tax Saving Sections…Explained SEC 80GG 23. House Rent in case HRA is not part of salary • Can claim deduction...

Tintu Thomas Tax on salary components… Fully Taxable Basic Salary DA Special Allowance Band Pay Bonus Over Time Arrears Pe...
Tintu Thomas Partially Taxable salary components… 1. House Rent Allowance  HRA claimed is the lowest of the following,  ...Tintu Thomas Partially Taxable salary components… 5. Leave Travel Allowance (LTA) • LTA can be claimed twice in a block of...
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1 comment:

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