Ministry of Finance The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961 26 MAR 2018 In keeping with India's commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country … [Read more...] about The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961
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Income Tax Act
Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode
Press Information Bureau Government of India Ministry of Finance 01-February-2018 13:20 IST Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode. E-assessment to be rolled-out across the country to transform age-old assessment procedure In the General Budget 2018-19 presented in Parliament today, the Union Minister for … [Read more...] about Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode
CBDT extends date till 31.3.18 for linking of Aadhaar with PAN
CBDT extends date till 31.3.18 for linking of Aadhaar with PAN Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the taxpayers in the … [Read more...] about CBDT extends date till 31.3.18 for linking of Aadhaar with PAN
Government to examine Rs.5 lakh tax exemption proposal for pensioners
Government to examine Rs.5 lakh tax exemption proposal for pensioners The finance ministry has informed Congress MP Shashi Tharoor that his suggestion to increase the tax exemption limit for pension up to Rs 5 lakh would be examined during the ongoing preparations for the Union Budget 2018, according to a communication. Responding to a letter written by Tharoor in late … [Read more...] about Government to examine Rs.5 lakh tax exemption proposal for pensioners
Requirement of tax deduction at source in case of entities whose income is exempted under Section 10 of the Income-tax Act, 1961-Exemption thereof
Requirement of tax deduction at source in case of entities whose income is exempted under Section 10 of the Income-tax Act, 1961-Exemption thereof CIRCULAR No. 18/2017 F. No. 385/01/2015-IT (B) Government of India/भारत सरकार Ministry of Finance/वित्त मंत्रालय Department of Revenue(राजस्व विभाग) Central Board of Direct Taxes(केन्द्रीय प्रत्यक्ष कर बोर्ड) North … [Read more...] about Requirement of tax deduction at source in case of entities whose income is exempted under Section 10 of the Income-tax Act, 1961-Exemption thereof
Central Government notifies Exemption from Quoting Aadhaar / Enrolment ID to certain individuals
Central Government notifies Exemption from Quoting Aadhaar / Enrolment ID to certain individuals The Central Government vide notification dated 11th May, 2017 has notified that the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID: An individual who is residing in the state of … [Read more...] about Central Government notifies Exemption from Quoting Aadhaar / Enrolment ID to certain individuals
Centre introduces provision of taxation on NPS in Income Tax Act
Centre introduces provision of taxation on NPS in Income Tax Act Press Information Bureau Government Of India Ministry Of Defence Dated: 11-04-2017 Tax on NPS The provision that the withdrawal from National Pension Scheme is taxed to the extent of 60 per cent has been introduced into the Income Tax Act, 1961 ('Act') vide Finance Act, 2016 by inserting clause (12A) in … [Read more...] about Centre introduces provision of taxation on NPS in Income Tax Act
New Benefits announced for NPS Subscribers: Budget 2017
Budget 2017 - New Benefits announced for NPS Subscribers PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY PRESS RELEASE In a bid to provide further impetus to the National Pension System (NPS), the following provisions have teen introduced in the Finance bill 2017 laid down in the Parliament today. 1. Tax-exemption to partial withdrawal … [Read more...] about New Benefits announced for NPS Subscribers: Budget 2017
New Income Tax Rates And Deductions Applicable From April 1, 2017
New Income Tax Rates And Deductions Applicable From April 1, 2017 With some tinkering in the income tax rates for 2017-18, Finance Minister Arun Jaitley reduced the tax rate for income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent in the Union Budget, while adding a surcharge of 10 per cent on tax for income between Rs. 50 lakh and Rs. 1 crore. Although the basic … [Read more...] about New Income Tax Rates And Deductions Applicable From April 1, 2017
INCOME TAX FAQ : What are allowances? Are all allowances taxable?
INCOME TAX FAQ : What are allowances? Are all allowances taxable? What is considered as salary income? section 17 of the Income-tax Act defines the term 'salary'. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. What are allowances? … [Read more...] about INCOME TAX FAQ : What are allowances? Are all allowances taxable?
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