Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail Taxpayers are requested not to respond to any email or any type of communication sent to them requesting them to furnish their personal particulars such as Bank account details, passwords, OTP etc. purported to be from the Income Tax Department. The Income Tax Department […]
Tax Benefits to Tourism Industry
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 […]
CBDT Extended the due date of filing return of income for AY 2015-16 from 31st July 2015 to 31st August 2015
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 […]
Income Tax Rate Chart For AY 2015-16 / FY 2014-15
Income Tax Rate Chart For AY 2015-16 / FY 2014-15 The rates of income-tax as applicable for Assessment Year 2015-16 for the following category is given below:- 1) in the case of every individual below the Age of Sixty Years 2) For a resident senior citizen (who is 60 years or more at any time […]
Central Government is planning to raise the Income Tax exemption slab to Rs. 5 Lakhs
Central Government is planning to raise the Income Tax exemption slab to Rs. 5 Lakhs According to information from the Finance Ministry, the Government is giving serious thoughts about raising the income tax exemption slab from the current Rs. 2 lakhs to Rs. 5 lakhs. The information adds that Modi is planning to make the […]
General Budget 2014-15: NFIR Presents list of proposals to be considered
General Budget 2014-15: NFIR Presents list of proposals to be considered NFIR has made a list of all the proposals that Central Government employees expect in the 2014-15 General Budget. On the 11th of this month, Mr. Raghavaiah, the General Secretary of NFIR, sent a letter to the Finance Ministry, containing certain proposals that are […]
Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley
Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley Arun Jaitley, one of BJP’s prominent leaders says that raising income tax slab to Rs 5 lakh will benefit more than thirty million people in the country. He also added that direct tax should be reduced, If the Income Tax limit is […]
Government deductors get relief from fee u/s 234E for late submission of TDS statement
Government deductors get relief from fee u/s 234E for late submission of TDS statement Due-Date of Filing of TDS/TCS Statements for FY 2012-13 (2nd to 4th Quarter) and FY 2013-14 (1st to 3rd Quarter) Extended upto 31.03.2014 in the Case of Government Deductors The Central Board of Direct Taxes (CBDT) had received several petitions from […]
No income Tax on Salaried Class – BJP
No income Tax on Salaried Class – BJP ‘BJP vision panel may propose no income tax on salaried class’ Senior BJP leader Subramanian Swamy today said his party’s vision committee might propose either "no income tax" on the service class or give full tax exemption on their net savings. "The party’s vision committee headed by […]
Non-Filing of ITR-V in returns with refund claims-relaxation of time-limit for filing ITR-V and processing of such returns -regarding.
Circular No. 04/2014 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 10th of February, 2014 Subject: – Non-Filing of ITR-V in returns with refund claims-relaxation of time-limit for filing ITR-V and processing of such returns -regarding. Several instances of grievances have come to […]