INCOME TAX

WHAT IS MSME: – CLASSIFICATION MICRO SMALL MEDIUM Manufacturing Enterprises and Enterprises rendering Services Investment in Plant and Machinery or Equipment:Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore Investment in Plant and Machinery or Equipment:Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 … Read more

life insurance premium (including payment made by government employee to the central government Employees’ insurance scheme and payment made by a person under children ‘s deferred endowment assurance policy) Payment in respect of non-commutable deferred annuity. Any sum deducted from salary payable to a government employee for the purpose of securing him a deferred annuity … Read more

An individual may be (a) residential and ordinarily residential (b) residential but not ordinarily residential or (c) non – residential. 5.1 Residential and ordinarily residential – To find out whether an individual is   Resident and ordinary resident ‘’ in India, one has to proceed as follows— Step 1 First find out whether such individual is … Read more

REGULAR TAX REGIME  –  Regular tax regime is the default tax regime for the assessment Year 2023-24.However for the assessment year 2024-25,the individual/HUF/AOP,ctc.,has to exercise the option under section 115BAC(6) to avail the benefit Of the regular tax regime .tax rates under the regular tax regime are as follows  – For a resident senior citizen … Read more

HOUSE RENT ALLOWANCE – Exemption in respect of house rent allowance is regulated by rule2A. The least of the following is exempt from tax— OTHER POINTS – The following points should also be kept in view—“SALARY” of the purpose of computation of exemption of exemption means basic salary and includes dearness allowance if terms of … Read more