Exemption of Interest Income on deposits increased to Rs 50,000 to Senior Citizens Ministry of Finance Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000 Pradhan Mantri Vaya Vandana Yojana extended up to March 2020 Existed limit on investment under PMVVY enhanced to Rs 15 lakhs With the objective of … Read more
Income Tax Department suspends an officer for harassing the taxpayer A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the … Read more
Income Tax Exemption 5 lakhs to Pensioners – Clarification “Exemption of Rs. 5 lakhs per annum to pension income” Shiv Pratap Shukla D.O.No.370150/9/2017-TPL MINISTER OF STATE FOR FINANCE GOVERNMENT OF INDIA NEW DELHI – 110001 14th November, 2017 Dear Dr. Tharoor ji, Kindly refer to your D.O.letter No. DO/ST/09/2017/986 dated 26.09.2017 requesting for providing exemption … Read more
Raise Personal Income Tax Exemption Limit to Rs 4 lakh – Assocham Budget-2016-17: Revision in IT exemption to at least Rs 4 lakh minimum expectation of common-man Monday, February 15, 2016 Revision in the income tax exemption limit to at least Rs four lakh is the most important and pressing expectation of a common-man who … Read more
Issue of IT Refunds of Smaller Amounts In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction, the Central Board of Direct Taxes had issued instructions to Central Processing Center (CPC), Bengaluru and the field officers in December, 2015 to issue refunds of amounts less than Rs.50,000/- expeditiously. As a result of the … Read more
Tax Benefits to Tourism Industry The Tourism Industry has requested the Government of India for the following fiscal benefits including tax rebate and relaxations: i. Inclusion of tourism infrastructure like hotels/resorts/tourist lodges/banquet halls/convention and exhibition centres etc. for benefits of Section 32 AC of Income Tax Act 1961 by lowering the minimum threshold investment limit … 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
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
NMC urges FM to raise IT exemption limit to Rs 5 lakh, exclude DA from IT calculation, Merge DA in Basic Pay & Pension etc. JAMMU: The National Mazdoor Conference today asked Union Finance Minister Arun Jaitley to raise the income tax exemption limit to Rs 5 lakh. “We urged Union Finance Minister to raise … Read more