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Form 12BB for claiming Income Tax Deductions by Employees

May 19, 2016

From June 1, 2016, all employees or salaried taxpayers will have to submit  Form 12BB to claim income tax deductions on leave travel allowance concession (LTA), house rent allowance (HRA) ,interest paid on home loans and Income tax . You will also need to submit...

HRA increased from 24,000 to 60,000 under section 80GG

Mar 6, 2016

“I propose to increase the limit of deduction of rent paid under 80 GG from Rs 24,000 per annum to Rs 60,000 to provide relief to those who live in rented houses,” said Finance minister Arun Jaitley while presenting the Budget for 2016-17 on 29 Feb 2016 ....

Encashing Earned Leaves : Exemption and Tax

Jan 15, 2016

How much of encashed earned leaves in taxable? This article answers the question by giving an overview of  leaves to employee, What is Earned leave, What is encashment of earned leaves? Is leave encashment taxable? What is the tax exemption limit on Leave Encashment?...

Salary of MLA in India

Jan 3, 2016

In our article Pay and perks of Indian MP, MLA and Prime Minister  we had talked about Salaries of MP and Prime Minister in India. This article is about Salaries of MLAs. Salaries of MLA are decided by the states. There is wide variation in MLA salaries across state...

Income Tax Proof Submission to the Employer

Dec 20, 2015

“Please submit your investment declarations by 15 Dec…” said the mail from Finance Department. During December or January, employers start asking employees to submit documentary proofs of investments and expenses that qualify for tax deduction and...
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