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............................................................................................................................ Description Important notes on the provisions of the Income Tax Act relating to tax on salaries. Computation of income from house property, model calculations, filing of income tax returns, useful information about the recoveries of advances, court attachment. Solved Problems taking into account the amendments as per Finance Act, 2011. Extracts from Income Tax Act, 1961, as amended by Finance Act, 2011, Ready Reckoner Tables for Income Tax, etc. A MUST, for every officer paying Income Tax, for every pay bill clerk, for every pay disbursing officer and every candidate for JAO and departmental examinations. ............................................................................................................................ Contents 1. Income Tax on Salaries Introduction Assessment Year Salient features of the Finance Act, 2011 Income Tax on Salaries Salary Valuation of rent-free residential accommodation Taxable Income Income Tax rates 2. Whether DA is to be included for purpose of exemption of HRA Exemption of HRA 3. Method of Calculation of Income Tax Calculation of total income Deductions admissible Profession tax Entertainment Allowance Pension Fund New Pension Scheme Subscription to long-term Infrastructure Bonds Medical Insurance, CGHS Handicapped dependant Deductions in respect of medical treatment Education Loan Donations Physically handicapped assessee Income Tax 4. Employer's liability 5. Relief when salary paid in arrears/advance 6. Income from house property 7. Tax Savings Schemes at a glance 8. Income Tax returns 9. Extracts from Income Tax Act, 1961 10. Recoveries from pay Advance of pay on transfer Advances from Provident Fund Advance for purchase of conveyance House Building Advance Attachment for debt and maintenance 11. Solved Problems Important points Income Tax Pay bills Practical Questions 12. Ready Reckoner for Income Tax ............................................................................................................................
