Standard Income Tax Deduction for Salaried Employee Standard Deduction for tax calculation available on the gross salary of salaried employees The Minister of State for Finance said in the Parliament on 7th Feb 2023 that the proposals in this regard … [Read more...]
Clarification on NPS Under Income Tax Act 1961
Clarification on the provisions under Income Tax Act’1961 pertaining to National Pension System (NPS). FOOD CORPORATION OF INDIA HEAD QUARTERS: NEW DELHI 16-20, BARAKHAMABRA LANE, NEW DELHI - 110001 दूरभाष/ Phone: AGM 1 (Pension) 011-43527625, AGM … [Read more...]
Old Regime Vs New Regime Tax Calculator 2023-24 from Income Tax Department
Income Tax India has provided a Tax Calculator to compare the tax system in the Old Regime with the New Regime, as stated in the Finance Bill of 2023. Old Regime Vs New Regime Tax Online Calculator 2023-24 According to Finance Minister Nirmala … [Read more...]
Income Tax on GPF Accumulation Beyond Threshold Limit – CGDA
In the financial year 2021-22, any contribution exceeding Rs. 5 Lakhs will be considered as income from other sources for the same fiscal year (AY 2022-23). As a result, income tax should be deducted from the salary paid within the Financial Year … [Read more...]
Clarification on Provisions Under Income Tax Pertaining to NPS
An explanation regarding the regulations outlined in the Income Tax Act of 1961, specifically regarding the National Pension System (NPS). "One can claim a tax-deductible amount for a Member Employee's contribution, whether it is mandatory … [Read more...]
Rationalization of Income Tax Slabs
Rationalization of Income Tax system in India 2022 The Minister of State for Finance Shri Pankaj Chaudhary has replied in written form to the questions in the Parliament on 15th March 2022 regarding the rationalization of Income Tax Slabs. "India … [Read more...]
One-time Relaxation for Verification of Income Tax-Return E-Filed AY 2020-21
Income-Tax Return (ITR) which is filed electronically without a digital signature, the taxpayer is required to verify it using any one of the following modes within the time limit of 120 days from date of uploading the ITR Circular … [Read more...]
Income Tax Circular 2021-22 CPWD PDF Download
Income Tax Circular 2021-22: Option 1 (Old Tax Regime) or Option 2 (New Tax Regime) and IT Tax Slab Table 2021-22 Directorate General Central Public Works Department Nirman Bhawan, New Delhi (Cash Section) Dated 30.09.2021 CIRCULAR Section 115BAC of … [Read more...]
Income Tax Deduction from Salaries in 2020-21 Under Section 192 of Income Tax Act 1961
The Department of Revenue published a detailed notification about the deduction of Income Tax from salaries during the financial year 2020-21 with latest Income Tax Rates Table. F.No.275/19212020-IT(B) Government of India Ministry of … [Read more...]
Reduction in rate of tax deduction at source (TDS) for the period from May 2020 to March 2021
As per the Gazette Notification issued on 29.09.2020, the new TDS rates for the period from 14.05.2020 to 31.03.2021. Government of India Directorate General of Works Central Public Works Department No. 158/SE(TAS)/2020/427 Dated: 05/11/2020 OFFICE … [Read more...]
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