The five incomes liable for taxation
This covers any remuneration which is received by an individual in terms of services provided by him based on a contract of employment.
The annual value of any property comprising of building or land appurtenant there to, of which the tax payer is the owner, is chargeable to tax under the head “ Income from House property.
The computation of the total income will be attributed from income earned from the profits and gains of business or profession.
Any profits or gains arising from the transfer of a capital asset during the year by the tax payer.
Interest income from bank deposits, lottery, gifts, awards, card games, gambling or other sports awards are included in this category.
| Description/Products | Deductable Amount |
|---|---|
| Interest on Federal Housing Loan u/s 24 (b) | 2,00,000 |
Deductions Under Section 80 C
|
1,50,000 |
| Investment in National Pension System (NPS) u/s 80CCD (1B) | 50,000 |
| Premium for Health Insurance through Max Bupa u/s 80D | 25,000 |
| Interest paid on Federal Education loan schemes u/s 80E | No Upper Limit |
| All deductions given above will be subject to the conditions specified in the corresponding provisions of Income Tax Act, 1961. |
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