Income Tax Amendment Rules 2023: Life Ins. Policy Income Tax The Income Tax Amendment (Sixteenth Amendment) Rules of 2023 provide guidance on the computation of income tax for sums received under a life insurance policy. These rules outline the specific calculations and formulas that individuals and businesses must follow when determining their taxable income related … Read more
Tax Deduction at Source (TDS) in respect of Mahila Samman Savings Certificate (MSSC) – SB Order No. 13/2023 issued by the Department of Posts on 31st May 2023 The Department of Posts issued SB Order No. 13/2023 on May 31, 2023, regarding Tax Deduction at Source (TDS) for the Mahila Samman Savings Certificate (MSSC). The … Read more
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 have been examined during various budgetary exercises and the outcomes are reflected in the Finance … Read more
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 2 (Pension) 011-43527598 ईमले /Email: dgmpenshq.fci@gov.in No. DCPS / 1 / Wage Revision / 2017-2018 Dated: 13th Feb, 2023 … Read more
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 2021-22. Contribution account – An account maintained within the provident fund of a … Read more
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 (equivalent to 2% of their salary) or voluntary. The amount is limited to Rs. 50,000 and can be claimed under … Read more
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 has progressive direct taxation system wherein an individual or Hindu undivided family (HUF) or an … Read more
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 No.21/2021 F.No.225/140/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes … Read more
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 the Income Tax Act, 1961 inserted by the Finance Act 2020 has introduced a new income … Read more
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 Finance Deportment of Revenue Central Board of Direct Taxes North Block. New Delhi Dated the 3th December 2020 SUBJECT: INCOME-TAX DEDUCTION FROM … Read more