Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within specified time. However, no deduction is required to be made… Read more »

As you have seen on various website and TV that House rent allowance limit has been increased from 24000/- from 60000/- but this limit is not applicable for salaried persons getting HRA.  The existing provisions of Section 80GG provide for a deduction of any expenditure incurred by an individual in excess of ten per cent… Read more »

The Union Finance Minister Shri Arun Jaitley in his Budget Speech ON 29/02/2016 in Lok Sabha  proposed no change in the rate of personal Income-tax. He announced the tax proposals with no change in the rate of tax for companies in respect of the income earned in the financial year 2016-17 assessable in the assessment year… Read more »