RATES OF INCOME-TAX AS PER FINANCE ACT, 2017
(Click the link below to view) https://www.incometaxindia.gov.in/Communications/Circular/Circular29_2017.pdf
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10(Ten) Incometax Rules that you must be knowing!!
Below are the 10 Income Tax rules you need to know: 1. Tax saving on house rent allowance House rent allowance, commonly known as HRA, is a major chunk of a salaried individual's total pay. Under Section 10 (13A) of the Income Tax Act, you can save tax on the rent you pay to your landlord. However, you get partial tax benefit on the rent you pay. The amount that is allowed for exemption under HRA is calculated as the minimum of: i) Rent paid annually minus 10 per cent of basic salary plus dearness allowance ii) Actual HRA received iii) 40 per cent of basic and dearness allowance (50 per cent in case of metro cities). Your HRA allowance will be taxable if you are not paying any rent or you stay in your own house. But those who stay with their parents can also claim HRA benefits by paying rent to their parents. 2. Deductions under Section 80C One can claim tax benefit on investments up to Rs 1.5 lakh under Section 80C of the Income Tax Act. If you fall in the highest ta...