Income Tax AY 2020-21 Calculator for Salaried (Central and State Government) Employees 100% of the Government employees are paying income tax for their monthly salary, arrears, bonus, and every rupee [Note: The above calculation for general information purpose only] The Central Govt announced recently in the Union Budget 2020-21 a new optional Income Tax slab … Read more
HRA Tax Exemption Calculator for Salaried Employees Income Tax Exemption Calculation on House Rent Allowance for Central and State Government Employees with Rules and Regulations The new rates of 7th Central Pay Commission House Rent Allowance with effect from 1.1.2016 such as 8%, 16%, 24% of basic salary House Rent Allowance (HRA) is a consolidated … Read more
New tax regime to be optional for the taxpayers New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to … Read more
Certificate for Tax Deducted at Source in Part B of Form No. 16 through TRACES Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 through TRACES – CBDT Circulars dt. 6.5.2019 Procedure, format and standards for issuance of certificate for tax deducted at source … Read more
Extension of date for filing of Income Tax Returns for taxpayers in Kerala Ministry of Finance Extension of date for filing of Income Tax Returns for taxpayers in Kerala In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the “Due Date” for … Read more
No Due Date Extension for filing Income Tax – CBDT CBDT – extension in due date for non-tax audit cases is fake and there are no such plans to extend this deadline beyond 31st July, 2018 CIRCULAR No.4/2018 F.No.370889/25/2018 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, … Read more
Linking of PAN with Aadhaar while filing of ITRs – CBDT Circular CBDT’s order regarding linking of PAN with Aadhaar while filing of ITRs F.No.225/270/2017/lTA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA II Division, New Delhi, dated the 30th of June, 2018 Order under Section 119 … Read more
Filing of Income Tax Returns by Government Employees Income Tax : Filing of Returns by every Government Servant P.N.DEVADASAN, IRS Principal Commissioner Phone: 8547000030 Chennai 19/06/2018 To The Drawing & Disbursing Officer O/O Dy. Director of IT(INV) Unit III 139, IOC Bhavan I Floor IOC Bhavan, Nungambakkam High Road, Nungambakkam, Chennai – 600034 Dear Sir/Madam, … Read more
New Income Tax Forms for AY 2018-19 – CBDT Notification Ministry of Finance CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This … Read more
Standard Deduction Applicable for Pensioners – Clarification Ministry of Finance Clarification regarding applicability of standard deduction to pension received from the former employer The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended … Read more