Income from agriculture is exempt under income tax. However, while computing the tax on total income, it has to be included as per a certain formula due to which the other incomes are taxed at somewhat higher rate though agri
Such prize money will be treated as income under Section 56 of the Income-tax Act and shall be classified as ‘Winning from Lotteries, etc.,’ Hence, U/S 115BB, such income shall be taxed at 30% (plus applicable surcharge a
A deduction under Section 80 TTA up to Rs 10,000 can be claimed against savings account interest, which means that any interest income on savings bank account over and above Rs 10,000 will become taxable.
My wife has a salary income of Rs 10 lakh a year on which she pays tax. Apart from that, I deposit Rs 25,000 every month into her account from my account for household expenses. Will she have to pay tax on the money that I de
As per the provisions of Income-tax Act, 1961, HRA exemption can be claimed only if the rent is actually paid for the accommodation occupied by you and you should not be the owner/partial owner of the property.