Premature Provident Fund withdrawal - Income tax will be imposed Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000 The Government has announced that income tax will be imposed if, at the time of premature withdrawal, the … [Read more...]
Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Taxpayers
Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign … [Read more...]
10% Tax Proposed on PF Withdrawals
10% Tax Proposed on PF Withdrawals The Employee Provident Fund Organization (EPFO) has decided to impose a tax of 10.3% on the amount withdrawn from the EPF within five years of starting the accounts. EPF accounts have to be created in all the … [Read more...]
Section 80DD of the Income Tax Act – Tax Relief To Family Members of Differently Abled
Tax Relief To Family Members of Differently Abled Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India, and Incurs expenditure for the medical treatment (including … [Read more...]
No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16
No change in the rate of personal Income-tax Surcharge @12% Levied on Individuals, HUFs, AOPs, BOIs, Artificial Juridical Persons, Firms, Cooperative Societies and Local Authorities Having Income Exceeding Rs 1 Crore The Union Finance Minister Shri … [Read more...]
Benefits to Middle Class Tax Payers in the Budget 2015-16
Benefits to Middle Class Tax Payers in the Budget 2015-16 Payments to the Beneficiaries Including Interest Payment on Deposit in Sukanya Samriddhi Scheme to be Fully Exempt The Union Minister of Finance Shri Arun Jaitley in his Budget Speech in Lok … [Read more...]
Prime Minister says Budget session of Parliament important as people look at it with lot of hopes
Prime Minister says Budget session of Parliament important as people look at it with lot of hopes Press Information Bureau Government of India Ministry of Parliamentary Affairs 22-February-2015 17:17 IST Prime Minister says Budget session of … [Read more...]
NMC urges FM to raise IT exemption limit to Rs 5 lakh, exclude DA from IT calculation, Merge DA in Basic Pay & Pension etc.
NMC urges FM to raise IT exemption limit to Rs 5 lakh, exclude DA from IT calculation, Merge DA in Basic Pay & Pension etc. JAMMU: The National Mazdoor Conference today asked Union Finance Minister Arun Jaitley to raise the income tax exemption … [Read more...]
Expected Potential Relief in Income Tax – 10% Tax on 3 to 10 Lakh
Income Tax Exemption Limit can be increased upto Rs 3 Lac - Finance minister Arun Jaitley may announce during the Budget The Modi government may declare a raise in the Income Tax Exemption limit from the current 2.5 lacs to 3 lacs. Finance Minister … [Read more...]
Central Trade Unions submits Joint Memorandum including DA Merger and 5 Lakh IT Exemption to Finance Minister
Central Trade Unions submits Joint Memorandum including DA Merger and 5 Lakh IT Exemption to Finance Minister CENTRAL TRADE UNIONS SUBMITS JOINT MEMORANDUM TO FINANCE MINISTER 17th January 2015 The Hon’ble Minister of Finance, Govt. of India, North … [Read more...]
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