Minimum Alternate Tax (MAT) u/s 115JB of the I T Act is to ensure that companies which have book profits but does not have taxable income , pays a minimum amount of tax.The quantum of tax under MAT is determined by comparing total income as computed under general income tax law with the Book Profit [...]
A Gratuity Exemption Calculator For You !
May 1, 2011 by Leave a Comment
Section 10(10) of the Income Tax Act lays down the quantum of exemption granted on the amount of gratuity received by a tax payer from his /her employer. The provision differentiate among three broad category of employees. While the gratuity received by central and state government is fully exempt if it is received on death [...]
Calculator For Computation of HRA
April 30, 2011 by 1 Comment
HRA is exempt to certain extent under income tax law. Both for employee and employer , the computation of exemption out of HRA is an annual ritual. However , computation of exemption out of HRA is a bit tedious . For example , the computation is based on population of city in which employee has taken house on rent. For [...]
Calculator for Interest u/s 234A ,234B & 234C
April 24, 2011 by 10 Comments
Computation of different kind of interest payable by an assessee as per the fault is given u/s 234A or 234B or 234c of the Income Tax Act . If a tax payer files return late and he was suppose to pay tax , a penal interest u/;s 234A is imposed. Further , a tax payer is [...]
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