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Income Tax Rules

Electronic Verification CODE (EVC) for electronically filed Income Tax Return Additional Modes

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Electronic Verification CODE (EVC) for electronically filed Income Tax Return Additional Modes Additional modes of generating Electronic Verification Code (EVC) have been notified in addition to EVC notified vide earlier Notification No. 2/2015 dated 13/07/2015. The two additional modes are i) By pre-validating Bank account details and ii) By pre-validating Demat account details. F No.1/23/CIT(OSD)/E-filing- … Read more

Central Govt setup a committee to simplify the provisions of the Income Tax Rules

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Central Govt setup a committee to simplify the provisions of the Income Tax Rules Government Sets-Up A Committee to Simplify The Provisions of The Income Tax Act, 1961 The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition: (i) Justice … Read more

Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16

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Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 28th September, 2015 Sub: Circulation of Fake order for extension of due date for filing … Read more

Income Tax Rate Chart For AY 2015-16 / FY 2014-15

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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 … Read more

Income Tax Exemption Limit Raised by Rs.50,000 – Does it meet the Central Government employees’ expectations?

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Income Tax Exemption Limit Raised by Rs.50,000 – Does it meet the Central Government employees’ expectations? Finance Minister Arun Jaitley announced that the Income Tax exemption limit for individual taxpayers, below the age of 60 years has been raised from Rs. 2 lakhs to Rs. 2.5 lakhs. The General Budget 2014-15 presented by the Union … Read more