changes relating to salary and House property

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CA UDAY DHARPAWAR (Querist)
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04 December 2010 Sir i requires the changes relating to salary and house property for A.Y 2011-2012.So pls provide the same or give sources.

sachin

sachin (Expert)
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06 December 2010 Dear Mr U.A. Dharpawar,

Specific amendment to salary is for gratuity which is mentioned below:

• The Central Board of Direct Taxes has approved notification of ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961.
The notification will be applicable to employees who retire, or become incapacitated before retirement, or expire, or whose services are terminated, on or after the 24th May 2010.
DSM/BY/GN-194/10

Other relevant to salaried individual are:
• Income tax slabs for individual taxpayers to be as follows
Income upto Rs 1.6 lakh Nil
Income above Rs 1.6 lakh and upto Rs. 5 lakh 10 per cent
Income above Rs.5 lakh and upto Rs. 8 lakh 20 per cent
Income above Rs. 8 lakh 30 per cent

•Besides contributions to health insurance schemes which is currently allowed as a deduction under the Income-tax Act, contributions to the Central Government Health Scheme also allowed as a deduction under the same provision.

•Income tax slabs for individual taxpayers is Given at here Deduction of an additional amount of Rs. 20,000 allowed, over and above the existing limit of Rs.1 lakh on tax savings, for investment in long-term infrastructure bonds as notified by the Central Government.

However opinion of expert should be taken for any amendment if i had missed out.

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