Income Tax : -Major updation in 89(1) relief calculator for F.Y. 2013-14
Major updation in 89(1) tax relief calculator has been done for women. Earlier this calculator is calculating Income Tax on the basis of Senior Citizen category on selecting Women category in the Financial Year 2012-13. The users of this calculator has informed this error and the same has been got updated immediately. All credit of the same goes to it's users.
- To download 89(1) Relief or 10E Calculator for Assessment Year 2014-15 (Click Here)
Lot of persons do not know regarding benefit of 89(1) relief. It is useful for salaried persons who receive his salary in arrears or in advance. The complete detail as per income tax act is given below :-
B.—Relief for income-tax]
54[Relief when salary, etc., is paid in arrears or in advance.
89. Where an assessee is in receipt of a sum in the nature of salary55, being paid in arrears or in advance or is in receipt, in any one financial year, of salary for more than twelve months or a payment which under the provisions of clause (3) of section 17 is a profit in lieu of salary, or is in receipt of a sum in the nature of family pension as defined in the Explanation to clause (iia) of section 57, being paid in arrears, due to which his total income is assessed at a rate higher than that at which it would otherwise have been assessed, the Assessing Officer shall, on an application made to him in this behalf, grant such relief as may be prescribed56:]
57[Provided that no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in sub-clause (i) of clause (10C) ofsection 10, a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under clause (10C) of section 10 in respect of such, or any other, assessment year.]