Understand the taxability of virtual digital assets in India. Learn about the tax consequences on the transfer of digital assets and the definition of virtual digital assets.
Unbelievable change in budget 2019 about tax saving on sale of Residential house property under Section 54 of Income Tax Act, 1961.Inter Budget 2019 has proposed rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up […]
As per current provision of section 87A of Income Tax Act 1961, a resident individual whose net income does not exceed Rs.3,50,000 can avail rebate of tax. It is deducted from income tax before calculating Health and Education cess. The amount of rebate is 100% of income tax or Rs.2500 whichever is less.
The existing provision of clause (ii) sub-section (14) of Section 10 of the Act, provides the exemption of conveyance or transport allowance of Rs. 1,600 p.m. will be provided to an employee to meet his expenditure for the purpose of commuting between the place of his residence and the place of office.
