Friday, September 2, 2016

Various Threshold Limits under Income Tax Act

In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical Reimbursement etc.

Income Tax Act Specifies Threshold Limits for Ascertainment of Basic Exemption , For Various Allowance Available Under the Head Salary Income, House Property Income, For allowability of Expenses against Business Income, Exemption Against Capital Gain, Calculation of Capital Gain, Deduction available under various section of Income Tax Act,1961, TDS deductible, For Filing of Appeal, For Imposition of Penalty and Prosecution etc.

In this article we have discussed section wise.

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