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Income Tax Guide: Tax-Free Incomes, Capital Gains, and Tax Saving Schemes
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3. The direct tax which is paid by individual to the Central Government of India is known as Income Tax. It is imposed on our income and plays a vital role in the economic growth &stability of our country. The Government is generating revenue through this tax-system. The word 'Tax' originated from the 'Taxation.' which mean 'Estimate.' Hence, 'Income Tax' mean 'Income Estimate,' which helps the government to know the actual economic strength of a person. It helps the Government to know the distribution of money among country's people. Introduction
4. The following incomes are completely exempt from Income Tax Without any upper limit. Â 1. Interest on PPF. 2. Interest on GOI Tax Free Bonds. 3. Dividends on Shares and on Mutual Funds. 4. Any Capital Receipt from Life Insurance Policies. i.e. sums received either on death of the insured or on Maturity of Life Insurance Plans. However, in case of Life Insurance Policies issued after March 31, 2004, exemption on Maturity payment u/s.10(10)D is available only if premium paid on any year does not exceeds 20% of the Sum Assured. Tax Free Incomes :
5. 5. Interest on Saving Bank Account in Post Office. 6. Long term Capital Gain on sale of shares and equity MF Dividend Income :  Dividend income from companies / equity – oriented Mutual Funds is Completely Exempt in the hands of investors. Dividend is also Tax Free in the hands of investors in case of debt – oriented Mutual Funds Schemes Tax Free Incomes…….
6. Gift Tax was abolished with effect from October 1, 1998. The gifts are no longer taxable in the hands of donor or donee. However, with effect from September 1, 2004, any gift received by an individual or HUF will be included in taxable income, provided the amount of gift exceeds Rs.50000/-. Gift Tax
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8. Income is Computed under the following. 5 Heads 1. Income from salaries 2. Income from House Properties 3. Profit & Gains of Business & Profession 4. Capital Gains 5. Income from Other Sources Computation of Gross Taxable Income