FAQs on Income Tax

Salaries

QWhat is salary and what does salary include?

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QWhat are allowances and which allowances are exempt?

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QWhat are perquisites?

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QWhich are the perquisites exempted from Income Tax?

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QWhat is included in Fringe Benefits and how are they taxed?

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QWhich investments are eligible for deductions u/s 80C?

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Income from house property

QWhich property income is exempt from tax?

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QHow is the annual value of a house property calculated?

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QOn what basis is income from House Property taxed?

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QWhat are the deductions admissible while computing income from House Property?

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Profits and gains of business or profession

QWhat is Assessment year and financial year?

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QIs it compulsory to file a return of income when there is loss?

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QCan a return of income be filed after the due date?

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QIs it compulsory to maintain books of accounts?

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QIs it compulsory to get the books audited?

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Capital gains

QHow do you calculate capital gains?

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Q What are long term and short term capital gains?

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QWhat are capital gains and what is a capital asset?

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QWhat are the exemptions from long term capital gains?

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QWhat is the treatment of loss under capital gains?

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Income from other sources

QWhat income is taxed under Income from Other Sources?

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QWhat is the taxability of dividends?

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QWould interest income be assessed as 'business income' or as 'income from other sources'?

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QWhat is the taxability on family pension?

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QWhat are the deductions allowed under the head 'Income from other sources'?

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Tax Calculator
This calculator helps you to calculate the tax you owe on your taxable income after considering all eligible tax deductions under section 80C.
Tax Slabs
Income tax slab (in Rs.)
Tax
0 to 2,00,000
No Tax
2,00,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
Education Cess 2%
Secondary and Higher Education Cess 1%
Tax Deductions

Section 80DDB

Deduction of Rs.40,000 in respect of medical expenditure incurred. W.e.f. 01.04.2004, deduction under this section shall be available to the extent of Rs.40,000/- or the amount actually paid, whichever is less. In case of senior citizens, a deduction upto Rs.60,000/- shall be available under this Section.

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