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
Income-tax Exemption for payment of deemed LTC fare for non-Central Government employees The Central Government has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending. Non-central government employees will include employees of state governments, public sector enterprises, banks, and … Read more
The Ministry of Corporates Affairs has clarified through a set of FAQs (Frequently Asked Questions) the eligibility of Corporate Social Responsibility (CSR) expenditure related to COVID-19 activities. General Circular No.15 /2020 No. CSR-01/4/2020-CSR-MCA Government of India Ministry of Corporate Affairs 10th April 2020 COVID-19 related Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) The … 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
Children Education Allowance Income Tax Online Tools for CG Employees Exempted from Income Tax for Children Education Allowance and Hostel Expenditure allowance – A simple calculator for CG Employees How to use the tool Step 1: Select the option Children Education Allowance or Hostel Subsidy Step 2: Enter the Amount Received for 1st and 2nd … Read more
Income upto Rs 5 Lakh to Get Full Tax Rebate “Additional deductions such as interest on home loan up to Rs.2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens” Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed Relief of over Rs … Read more
Highlights Of Interim Budget 2019-20 Tax exempted on notional rent on a second self-occupied house Tax collections nearly doubled in five years- from Rs. 6.38 Lakh crore in 2013-14 to almost Rs. 12 lakh crore this year Defence budget to cross Rs 3,00,000 crore for the first time ever Ministry of Finance Highlights Of Interim … Read more
Interim Budget 2019: No Need to Pay Income Tax up to 5 Lakh Income Tax Exemption for Individuals up to Rs.5 Lakh per annum Finance Minister Piyush Goyal has announced that no need to pay income tax for individuals with income upto 5 Lakh for the financial year 2019-20 Along with the increase the exemption … Read more
No TDS upto 50,000 for Senior Citizen – CBDT Notification Dt. 6.12.2018 TDS DEDUCTION UNDER SECTION 194A OF THE INCOME-TAX ACT, 1961 IN CASE OF SENIOR CITIZENS F. No. Pr. DGIT(S)/CPC(TDS)/Notification/2018-19 Notification No. 06/2018 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi Notification No. 06 /2018 … Read more
Employees thank Prime Minister for allowing standard deduction of Rs 40,000 Ministry of Personnel, Public Grievances & Pensions Delegation of DoPT employees calls on MoS (PP) Dr Jitendra Singh Employees thank Prime Minister for allowing standard deduction of Rs 40,000 A delegation of officials of Department of Personnel and Training (DoPT), called on the Union … Read more