Income Tax

Income Tax- Section wise Deductions for A.Y. 2020-21/F.Y. 2019-20

Posted on
section wise income tax deductions for fy 2019-20
SectionNature of DeductionWho can claim ? Against Salaries 16(ia)Standard Deduction [Rs. 50,000 or the amount of salary, whichever is lower]Individual – Salaried Employee & Pensioners 16(ii)Entertainment allowance [actual or at the rate of 1/5th of salary, whichever is less] [limited to Rs. 5,000]Government employees 16(iii)Professional Tax upto Rs 2500Salaried assessees Against income from House Property [...]
Income Tax

Clarification on extension of due dates of Capital Gains

Posted on
extension of due dates of capital gains to 30.09.2020

Clarification on extension of due dates of Capital Gains to 30.09.2020 Government has already given various relaxation to the taxpayers vide Taxation & other Laws (Relaxation of certain provisions) Ordinance 2020 issued in the month of March – 2020. Thereafter, the dates of relief is further extended vide Notification No. 35/2020 Dated 24.06.2020. As a […]