Tax rate and Rebate Individuals whose total income (after deductions and exemptions) is not more than INR 5 lakhs will get a rebate(i.e., reduction) of total tax liability. Thereby resulting in a Zero tax liability on income upto INR 5lakhs. NRIs are not eligible for this rebate. Surcharge on Individuals 10% on total income in... Continue Reading →
Interim Budget 2019 – Highlights for Individual tax payers
Tax Rebate: Individual with taxable income up-to INR 5 lakhs will get full tax rebate. Which means if your taxable income after all the investment deductions and eligible income exemptions is up-to INR 5 lakhs, there is no tax to be paid If the taxable income of individual is beyond 5 lakhs ( after claiming eligible deductions... Continue Reading →
What is Interim Budget 2019
In the year of election, an Interim budget is prepared with which the existing government has right to spend as per the interim budget only till March 2019. However, government can take vote on account to make expenditure as per the interim budget until the new government presents the full union budget. The outgoing Government... Continue Reading →
Budget 2018: Increase in tax benefit for medical expense incurred for Sr Citizen parents
Medical Insurance: Currently if premium is paid towards medical insurance of your Sr citizen parents, an income deduction upto INR 30,000 was eligible. This has been increased to INR 50,000 from Financial Year 2018-19 Medical Treatment for specified diseases: Currently if you incur any medical expenditure for treatment of specified diseases suffered by your parents,... Continue Reading →
