Income Tax Slabs: Here are the latest income tax slabs and rates

Earnings from 80 internet

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    Income from Business or Profession: The income that one earns through business or profession is also taxable. Income from capital gains: Any profit or gain that arises from sale or transfer of capital assets such as stocks, Mutual Funds, Real estate etc is taxable under the head earnings from 80 internet gains.

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    Income from rent on House property: The next head - Income from House property - includes any rental income that an individual earns as rent from a residential or commercial property, and is subject to taxation. Income from other sources: Any income that can't be bracketed under the other four heads of income will come under the head income from other sources.

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    3. Introduction A universal basic income UBI is a payment made to all adult individuals that allows people to meet their basic needs.
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    All above components put together constitute your Gross Income. HRA exemptions under Section Any individual who lives in a rented house can also avail tax exemption under section To claim deductions, one needs to submit various proofs like Rent Agreement, Receipts of rent paid, Pan of landlord.

    Tax deductions under different sections of the Income Tax Act As the name suggests, tax deductions help to save tax on your total income. There are certain investments that help you bring down tax - these include life insurance plans, health insurance plans, retirement schemes or even NSC.

    This limit is over and above the limit prescribed under 80CCD 1.

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    Section 80D: Under this section, the premium paid towards a health insurance policy can be claimed as a tax deduction. Deductions on premium for health insurance of parents are allowed to a limit of up to Rs.

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    Super senior citizens who are above 80 years old.