Deduction of Income Tax on withdrawal of Provident Fund 60% NATIONAL COUNCIL (STAFF SIDE) Joint Consultative Machinery for Central Government Employees 13-C, Ferozshah Road, New Delhi – 110001 E Mail: [email protected] No. NC-JCM/2016 Dated:- 1st March, 2016 To The Hon’ble Finance Minister, Government of India, North Block, New Delhi. Dear Sir, Sub: … [Read more...] about Deduction of Income Tax on withdrawal of Provident Fund 60%
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Income Tax
House Rent Paid : 80GG has also been raised to 60,000 from 24,000
House Rent Paid : 80GG has also been raised to 60,000 from 24,000 The limit of deduction of house rent paid under section 80GG has also been raised to Rs. 60,000 from the existing Rs. 24,000 per annum to give relief to employees who live in rented houses. Certain Tax Reliefs announced for small tax payers and others While presenting the General Budget 2016-17 in Lok … [Read more...] about House Rent Paid : 80GG has also been raised to 60,000 from 24,000
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
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
Government sets target to add one crore more Income Tax payers this year
Government sets target to add one crore more Income Tax payers this year New Delhi: Government targets adding one crore new income tax payers in the current financial year, Minister of State for Finance Jayant Sinha said today. “The government has set a target of adding one crore new Income tax payers during the financial year 2015-16. The said target has been further … [Read more...] about Government sets target to add one crore more Income Tax payers this year
Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail
Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail Taxpayers are requested not to respond to any email or any type of communication sent to them requesting them to furnish their personal particulars such as Bank account details, passwords, OTP etc. purported to be from the Income Tax Department. The Income Tax Department does not seek any such … [Read more...] about Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail
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