Just passed the New Finance Bill as well as the New Budget of Finance (Central) for the Financial Year 2014-15. All the Tax payers watching the what will be the new benefits which will be declare by this Finance Budget 2014-15. After passing the New Finance Budget it comes to the following some benefits.
Main Feature of the Finance Budget 2014-15 :-
2) New Section is continue U/s 80 EE ( Additional benefits can get this section regarding House Building Loan Interest Max Rs.1,00,000/-(One Lake) and only get the benefits who can get the House Building Loan since 01/04/2013.
3) The Income Tax Slab has change and Raised the Slab up to Rs.2.5 Lakh for below 60 years age
4) Raised the Section 80 C up to Rs. 1.5 Lakh [Click to view the 80 C deduction ]
5) New Tax deduction has Re-Introduce U/s 80 C as Kissan Vikas Patra ( Up to Rs. 1.5 Lakh)
6) The P.P.F. Limit has raised up to Rs. 1.5 Lakh.
Now it is necessary to guess how much amount shall be paid as Tax Payable for the Financial Year 2014-15 and Assessment Year 2015-16. All of the Govt and Non-Govt Concerned calculate the Tax Liability of each employee’s from the starting the New financial Year and also they can deduct the Tax month wise and submit the same to the income tax department through the Treasury or Bank Challan as well as the 24Q or 26Q in the end of each Quarter ended period.
In this regard you should first calculate your Taxable Income and Tax liability for the Financial Year 2014-15 and Assessment Year 2015-16.
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