Clarification of Status of Political Parties under Income Tax Act, 1961 Press Information Bureau Government of India Ministry of Finance 17-December-2016 18:29 IST Clarification of Status of Political Parties under Income Tax Act, 1961 There have been some newspaper reports which seem to wrongly suggest that there cannot be any scrutiny of Income-tax returns of … Read more
Extension of date of filing of Income Tax Return throughout India – CBDT Press Information Bureau Government of India Ministry of Finance 29-July-2016 20:47 IST CBDT extends the date for filing income tax return for Assessment Year 2016- 2017 from July 31st to August 5th, 2016 As per provisions of Section 139(1) of Income-tax Act … Read more
Taxable and Non-Taxable Elements of Pay and Allowances List of Taxable Elements of Pay Taxable Element of Pay : Provisions are applicable equally for monthly payment of Allowances as well as arrears for the said head of Pay/Allowances. Non-Taxable Elements of Pay : Salary for this purpose includes Pay in Pay Band + Grade Pay + MSP (w.e.f. … Read more
Taxpayers account for just about 1% of India’s population Taxpayers account for just about one per cent of India’s population, as per the latest data disclosed by the government for assessment year 2012-13. The data has been made public as part of a transparency drive. A total of 2 crore 87 lakhs individuals filed the … Read more
Tax benefit available under National Pension System (NPS) – AIRF GOVERNMENT OF INDIA (BHARAT SARKAR) MINISTRY OF RAILWAYS (RAIL MANTRALAYA) (RAILWAY BOARD) RBE No. 31/2016 No 2012/F(E)III/1(1)/4 Dated: 07.04.2016 The GMs/FA&CAOs, All Indian Railways/Production Units/RDSO. (As per mailing list) Subject: Tax benefit available under National Pension System (NPS) A copy of Pension Fund Regulatory & Development … Read more
Request to Taxpayers to Avail Facility for Online Rectification Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectification requests. Taxpayers who are not satisfied … Read more
Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on … Read more
Income Tax benefit available under National Pension System – PFRDA Tax benefit available under National Pension System (NPS) PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY B- 14/A, Chhatrapati shivaji Bhawan Qutab Institutional Area, Katwaria Sarai, New Delhi – 110 016 Phone: 011-26517503 Fax:011 – 26517507 Website: www.pfrda.org.in PFRDA/23/CORP/20/5 25th February, 2016 Dear sir, Subject: Tax benefit … Read more
Ration Money Allowance should be exempt from Income Tax – 7th CPC Report Ration Money Allowance (RMA) : Ration Money Allowance (RMA) is paid to all personnel of Defence forces and nongazetted personnel of CAPFs, Delhi Police, IB, A&N police and such personnel of Indian Reserve Battalions (IRBn) as are posted in Andaman and Nicobar … Read more
Centre decides to withdraw tax on Provident Fund News have surfaced that the Prime Minister has instructed the Finance Minister to put a hold on the proposed plan to impose taxes on PF withdrawals. Finance Minister Arun Jaitley is expected to make an official announcement in this regard shortly. Employee unions all over the country have been … Read more