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Archive for February 2014

House Rent Allowance Exemption

Computation of House Rent Allowance Exemption (HRA): House Rent Allowance Exemption (HRA) is taxable under the head “Income from Salaries”. It is taxable to the extent it is not covered with in the exemption. Least of the following 3 is exempt. Actual HRA received by the employee […]

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Income Tax Rates for Financial Year 2012-13

Income Tax Rates for Financial Year 2012-13 (Assessment Year 2013-14) Income Tax Rate for Individuals, Hindu Undivided Family and AOP/BOI. (1). Individual (excluding senior citizens covered under clause 2 or 3), HUF & AOP/BOI. (Education Cess @ 2% and Secondary and Higher Education Cess (SHEC) @ 1% […]

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Leave Encashment Exemption

Rules regarding Leave Encashment Exemption: Treatment of Leave Salary As per company policy, employees are entitled to accumulate certain types of unavailed leaves. In this post, we deal with Leave Encashment exemption limit in various scenarios. Leave Encashment during the period of service [Section 10(10AA)]: Fully Taxable […]

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What is a Capital Asset for Income Tax purposes

What is a Capital Asset for Income Tax Purposes [Section 2(14)]? Capital Asset means property of any kind but excludes: Stock-in-trade: All goods and commodities help for commercial activities. Personal effects: Any article held for personal use by the tax-payer or any dependent family member. It includes […]

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