Daily Archives: December 20, 2015

Save Income Tax by Tax planning

Save Income Tax by Tax Planning Save Income Tax by Tax planning if you have Girl Child Save Income Tax by Tax planning by using  Sukanya Samriddhi Account Scheme for girl child of parent /legal guardian under section 80C :- Pursuant to the Budget announcement in July 2014, a special small savings instrument for the welfare of… Read More »

Examples to Calculate Income tax for Employee for FY 2015-16

Various Examples to Calculate Income tax for Employee for FY 2015-16 (AY 2016-17) Example 1 For Financial Year 2015-16  Assessment Year 2016-17 (A) Examples to Calculate Income tax for Employee  (Male or Female) below the age of sixty years and having gross salary income of: i) Rs.2,50,000/- , ii) Rs.5,00,000/- , iii) Rs.10,00,000/- iv) Rs.20,00,000/-. and… Read More »

Rebate of income tax under section 87A

Rebate of income tax under section 87A of Income Tax Act 1961 Section 87A has been Inserted by the Finance Act, 2013 in Income Tax Act  w.e.f. 1-4-2014 to allow rebate of Income Tax Rebate of income tax in case of certain individuals. An assessee, being an individual resident in India, whose total income does… Read More »