Income tax guidelines and mini ready reckoner

Material type: Text

TextPublication details: New Delhi; Nabhi Publication; 1998Description: 396 pISBN:

8172742770

Subject(s):

Income tax-1999-2000

DDC classification:

343.042 INC

Summary: The Union Budget 1998-99 has made a number of significant changes in the taxation of individuals including salaried tax-payers. The basic exemption limit has been raised to Rs. 50,000. However, the slab rates have been kept unchanged. The rate of tax for firms and companies has also been maintained at 35%. Standard deduction for employees has been raised to 1/3rd of salary or Rs. 25,000, whichever is less, in case of employees having gross salary upto Rs. 1,00,000. Standard deduction shall be Rs. 20,000 in case salary is between Rs. 1 lakh to Rs. 5 lakhs. The exemption for reimbursement of medical treatment expenditure has been raised from Rs. 10,000 to Rs. 15,000. The deduction for repairs of house property has been raised from one-fifth (20%) to one-fourth (25%). The ceiling on deduction for interest in case of self-occupied property has been raised from Rs. 15,000 to Rs. 30,000. Deductions for medical treatment etc. and deposit made for the benefit, of a handicapped dependent relative; have been combined with an enhanced aggregate ceiling of Rs. 40,000. Deduction for payment of rent u/s 80GG has been reintroduced.

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Holdings
Item type	Current library	Call number	Status	Date due	Barcode	Item holds
Books	Gandhi Smriti Library	343.042 INC (Browse shelf(Opens below))	Available		82394

Total holds: 0

The Union Budget 1998-99 has made a number of significant changes in the taxation of individuals including salaried tax-payers. The basic exemption limit has been raised to Rs. 50,000. However, the slab rates have been kept unchanged. The rate of tax for firms and companies has also been maintained at 35%.
Standard deduction for employees has been raised to 1/3rd of salary or Rs. 25,000, whichever is less, in case of employees having gross salary upto Rs. 1,00,000. Standard deduction shall be Rs. 20,000 in case salary is between Rs. 1 lakh to Rs. 5 lakhs. The exemption for reimbursement of medical treatment expenditure has been raised from Rs. 10,000 to Rs. 15,000.

The deduction for repairs of house property has been raised from one-fifth (20%) to one-fourth (25%). The ceiling on deduction for interest in case of self-occupied property has been raised from Rs. 15,000 to Rs. 30,000.
Deductions for medical treatment etc. and deposit made for the benefit, of a handicapped dependent relative; have been combined with an enhanced aggregate ceiling of Rs. 40,000. Deduction for payment of rent u/s 80GG has been reintroduced.

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