Raise Personal Income Tax Exemption Limit to Rs 4 lakh – Assocham Budget-2016-17: Revision in IT exemption to at least Rs 4 lakh minimum expectation of common-man Monday, February 15, 2016 Revision in the income tax exemption limit to at least Rs four lakh is the most important and pressing expectation of a common-man who … Read more
Electronic Verification CODE (EVC) for electronically filed Income Tax Return Additional Modes Additional modes of generating Electronic Verification Code (EVC) have been notified in addition to EVC notified vide earlier Notification No. 2/2015 dated 13/07/2015. The two additional modes are i) By pre-validating Bank account details and ii) By pre-validating Demat account details. F No.1/23/CIT(OSD)/E-filing- … Read more
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 thereon, and … Read more
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) … Read more
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 … Read more
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 … Read more
Setting-up of ‘Taxpayers Lounge’ at the India International Trade Fair (IITF) – 2015 CBDT to set-up a ‘Taxpayers’ Lounge’ at the India International Trade Fair – 2015 to Highlight the Various Taxpayer-Friendly Initiatives Taken by the Department Among Others The Income Tax Department will be setting-up a ‘Taxpayers’ Lounge’ at the India International Trade Fair … Read more
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 … Read more
Income Tax Employees Agitation : Suspend the ongoing programme of agitation temporarily for 3 weeks from 04-11-2015 The Central JCA convened its meeting at the Civic Centre, New Delhi on 03-11-2015 itself to review the ongoing programme of agitation. It has been decided in the said meeting to suspend the ongoing programme of agitation temporarily for … Read more
Central Govt setup a committee to simplify the provisions of the Income Tax Rules Government Sets-Up A Committee to Simplify The Provisions of The Income Tax Act, 1961 The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition: (i) Justice … Read more