All About Salary and It’s Deduction

CTC is cost to company and the components are Basic+HRA+ Conveyance+ Mobile/Telephone Expense Reimbursement+ Medical Reimbursement+ All allowances+ Leave Travel Allowance (LTA)+ Employer contribution of PF+ Employer Contribution towards ESI+ Total variable incentives+ Perks & benefits+ Insurance Premium (in case of Group insurance)Basic Salary is your Basic Pay and is fully taxableGross Salary/ Gross Pay … Read more

Section 80DD Deduction limit Raised in Budget 2015

Raising the limit of deduction under section 80DD for persons with disability and severe disabilityThe existing provisions of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, who has incurred—a) Expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a … Read more

Deduction For Donation Under Section 80G

(1) Available to: All assesses.(2) Nature of Expenditure: Donation during the PY in money, not in kind.(3) Amount of Deduction: Donations made to following are eligible for(A) 100% deduction without any qualifying limit. The Prime Minister’s National Relief FundThe Prime Minister’s Armenia Earthquake Relief FundThe National Foundation for Communal HarmonyThe National Defense Fund set up … Read more

Reliance Retirement fund is eligible for Purpose of Sec 80C Deduction.

TO BE PUBLISHED IN PART II, SECTION , SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY| MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES) NOTIFICATIONNew Delhi dated the as oca- 2014 Notified Pension Fund under Section 80C(2)(xiv) SOE) . In exercise of the powers conferred by clause (xiv) of sub-section (2) of … Read more

Fixed deposit (FD) Limit Increased to Rs. ₹1,50,000 Under 80C

Fixed deposit (FD) Limit Increased to Rs. ₹1,50,000 Under 80C [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART–II, SECTION 3, SUB‐SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi, the 13th November, 2014. (INCOME‐TAX) S.O. 2906(E).In exercise of the powers conferred by clause (xxi) of sub‐section (2) of  section 80C of the … Read more