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 Provident Fund amount is in excess of Rs.30,000. Finance Minister brought a new provision in his … Read more
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 Income; In Form ITR 2 and the New Form ITR 2A, the … Read more
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on PF Withdrawals The Employee Provident Fund Organization (EPFO) has decided to impose a tax of 10.3% on the amount withdrawn from the EPF within five years of starting the accounts.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 concerns that employ more than 20 workers, with salaries of Rs.6,500 and … Read more
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 nursing), training and rehabilitation of a dependant, being a person with disability; or Pays … Read more
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 Arun Jaitley in his Budget Speech in Lok Sabha today proposed no change in the rate of personal Income-tax. … Read more
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 Sabha today proposed rationalization of various tax exemptions and incentives to reduce tax disputes … Read more
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 Parliament important as people look at it with lot of hopes Says it is collective responsibility of all parties … 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. JAMMU: The National Mazdoor Conference today asked Union Finance Minister Arun Jaitley to raise the income tax exemption limit to Rs 5 lakh. “We urged Union Finance Minister to raise … Read more
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 Arun Jaitley may announce an increase in the Income Tax Exemption limit … 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 TO FINANCE MINISTER 17th January 2015 The Hon’ble Minister of Finance, Govt. of India, North Block, New Delhi Dear Sir, We thank you for inviting the central trade unions representing the working … Read more