Online petition against retirement tax goes viral An online petition against retirement tax has gone viral on social media with nearly 3,000 signups seeking urgent and immediate withdrawal of Provident Fund Tax just a day after it was announced in the Budget. The petition was started by a finance professional from Gurgaon, Vaibhav Aggarwal, and nearly 3,000 people have … [Read more...] about Online petition against retirement tax goes viral
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Income Tax - Central Government Employees
Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window
Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window. While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley proposed a Scheme to declare undisclosed income by paying 45% tax in a given compliance window. Shri Jaitley proposed a limited period … [Read more...] about Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window
Redress taxpayers’ grievance in max two months: CBDT to IT dept
Redress taxpayers’ grievance in max two months: CBDT to IT dept New Delhi: Terming as “unsatisfactory” the current pace of taxpayers’ grievance redressal process, the CBDT has asked the Income Tax department to resolve these complaints within a maximum period of two months. In a urgent missive to all regional heads of department, Central Board of Direct Taxes Chairperson … [Read more...] about Redress taxpayers’ grievance in max two months: CBDT to IT dept
Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration
Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.23,720, grade Pay Rs.7,600, DA at prescribed rates, transport allowances @ Rs.3200+DA … [Read more...] about Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration
Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17)
Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17) RATES OF INCOME-TAX AS PER FINANCE ACT, 2015: As per the Finance Act, 2015, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2015-16 (i.e. Assessment Year 2016-17) at the following rates: Rates of tax : … [Read more...] about Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17)
Issue of IT Refunds of Smaller Amounts
Issue of IT Refunds of Smaller Amounts In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction, the Central Board of Direct Taxes had issued instructions to Central Processing Center (CPC), Bengaluru and the field officers in December, 2015 to issue refunds of amounts less than Rs.50,000/- expeditiously. As a result of the special drive to … [Read more...] about Issue of IT Refunds of Smaller Amounts
Raise income tax exemption limit to Rs 5 lakh: Unions
Raise income tax exemption limit to Rs 5 lakh: Unions New Delhi: Trade unions today asked the government to increase the income tax exemption limit to Rs 5 lakh and the minimum wage to Rs 18,000 besides raising the minimum monthly pension to Rs 3,000 for all. They also sought a special package for victims of the recent Tamil Nadu floods. These demands were raised under … [Read more...] about Raise income tax exemption limit to Rs 5 lakh: Unions
Budget 2016: Assocham demands income tax exemption to Rs 2.5 lakh, re-introduce standard deduction
Budget 2016: Assocham demands income tax exemption to Rs 2.5 lakh, re-introduce standard deduction New Delhi: Industry body Assocham demanded an increase in income tax exemption ceiling for salaried people to Rs 2.5 lakh and and re-introduce standard deduction for salaried employees to boost consumption in the upcoming Budget. The income tax exemption … [Read more...] about Budget 2016: Assocham demands income tax exemption to Rs 2.5 lakh, re-introduce standard deduction
Key changes to Mandatory Quoting of Pan Rules of the Income tax Act
Key changes to Mandatory Quoting of Pan Rules of the Income tax Act Rules regarding quoting of PAN for specified transactions amended The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of … [Read more...] about Key changes to Mandatory Quoting of Pan Rules of the Income tax Act
Income Tax Department simplifies online rectification of TDS in ITR
Income Tax Department simplifies online rectification of TDS in ITR New Delhi: Aimed at making life easier for tax payers, the Income Tax department today said it simplified the process of online rectification of incorrect details of tax deducted at source (TDS) filed in the income tax return (ITR). Earlier, taxpayers were required to fill in complete details of … [Read more...] about Income Tax Department simplifies online rectification of TDS in ITR
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