Taxpayer may verify his return through Internet Banking or through Aadhar based authentication process Commencement of Electronic Verification of Income Tax Returns for AY 2015-16 To facilitate the taxpayers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-16 can now be verified electronically. A taxpayer may verify his return through Internet … Read more
IT Returns early to avoid the rush closer to the last date of filing – Income Tax Department Press Information Bureau Government of India Ministry of Finance 01-July-2015 17:43 IST Electronic Filing of Income Tax Returns for 2015-16 Commences; ITR 1-Sahaj, 2 and 2A can be Used by Individuals or HUF Whose Income Does not … Read more
Extension of due date of filing return of income for Assessment Year 2015-16 G.I., Department of Revenue, Central Board of Direct Taxes, O.M.F.No.225/154/2015/TA.II, dated 10.6.2015 Order under Section 119 of the Income-tax Act 1991 Subject- Extension of due date of filing return of income for Assessment Year 2015-16 – regarding; The Central Board of Direct … Read more
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on PF Withdrawals The Employee Provident Fund Organization (EPFO) has decided to impose a tax of 10.3% on the amount withdrawn from the EPF within five years of starting the accounts.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
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
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