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Article 276(2) of the Constitution of India, which empowers state government authorities to levy Professional Tax (PT), restricts levy of PT on a person by a government authority (such as a city corporation) to a maximum of Rs 2,500 per annum. Article 276(2) – The total amount payable in respect of any one person to […]
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Leave a Comment (8) →What is the maximum deduction available for the interest payment on a housing loan for a self-occupied house property (as of FY 2014-15)? Section 24 of the Income Tax Act provides for deductions on income from house property for the purpose of tax calculation. According to Section 24, where the property has been acquired, constructed, […]
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Leave a Comment (16) →While calculating capital gains tax on sale of a house property, can we consider the housing loan interest as a cost of acquisition? This is a question we received recently from a reader of this blog. The argument is that one takes a housing loan and pays interest on the loan only for the purpose […]
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Leave a Comment (19) →Professional Tax (also referred to as Profession Tax) is a tax on income levied by state government authorities in India. If an organization operates in a state which has legislated levy of Profession Tax, it is bound to deduct Professional Tax from its employees’ salary and remit the same to the relevant state government authority […]
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Leave a Comment (18) →The Provident Fund (PF) department, in its circular dated 28-Aug-2014, has notified the wage ceiling enhancement to Rs 15,000 per month from Rs 6,500 per month, effective 01-Sep-2014. Please ensure that PF deduction and contribution are calculated as per the new wage ceiling of Rs 15,000 from Sep 2014 onwards. In other words, a. If […]
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Leave a Comment (302) →Organizations typically accept investment declarations (for tax saving) from employees at the beginning of a tax year and expect employees to submit proof of investments only towards the end of the year or at the time of final settlement calculation in case of employees leaving the organization before the end of the year. It is […]
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Leave a Comment (1) →As you are aware, the Union Budget for FY 2014-15 was tabled in the Parliament by the Finance Minister of India on 10-Jul-2014. There are some changes to the computation of tax on salary which payroll managers need to consider for FY 2014-15. 1. Changes in tax rates The revised tax rates for salaried employees […]
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Leave a Comment (12) →The Government of Maharashtra has introduced changes to Profession Tax rates effective 01-July-2014. The revised tax slabs for salaried employees in Maharashtra are as follows. Salary for the month in Rs Profession Tax for the month in Rs Less than or equal to 7,500 Nil 7,501 to 10,000 175 10,001 and above 200 per month […]
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Leave a Comment (3) →In addition to remitting Profession tax (PT), companies – conducting business transactions in Chennai – need to pay what is known as Company Tax to the Corporation of Chennai every six month. We find many companies being unaware that there is something called Company Tax to be paid. According to estimates published by the Corporation […]
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Leave a Comment (2) →The Indian Income Tax Act stipulates the conditions under which a salaried employee can claim tax rebate on interest payment on housing loan. Section 24 of the Income Tax Act states that no tax benefit is permissible on interest payment during the years in which construction of the house property is still to be completed. […]
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