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Income Tax Provisions at a Glance

Source :www.simpletaxindia.net Income Tax Provisions at a Glance as being circulated among the Members and being refreshment of the Income Tax Provisions: 1.Detailed information of Income Tax is available on www.incometaxindia.gov.in 2.As per Income Tax Act, Income is taxable under five heads- Salary, House Property, Business or Profession, Capital Gain and Other Sources. 3.Salaried person must obtain Form 16 from his Employer Every Year. 4.Income Tax Return should be filed by considering Form 16 and other Income. 5.Transport Allowance is exempt up to Rs.1,600 per month. 6.30% Standard deduction is available on Income from House Property. 7.Income to be considered as deemed let out on second House property. 8.For self-occupied house property, deduction of Interest on Housing Loan is allowed up to Rs. 200,000/- and for other house property actual expenditure of Interest on Housing Loan is allowed. 9.Repayment of Principal amount of Housing Loan is deductible u/s 80C up to Rs. 150,000/-. 10.Tax A…