While the government wanted to catch the income tax evaders and the corrupt, the law-abiding, tax-paying common people ended up facing maximum hassles.
Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017.
The Indian economy was growing at a rapid pace, with a GDP growth of around 7.6%, and with the introduction of GST was expected to grow at even a faster rate.
Finance Minister Arun Jaitley should double the basic income tax exemption limit to Rs 5 lakh per year and raise the ceiling for claiming deduction under Section 80C to Rs 2.50 lakh, according to a survey by tax consultant Deloitte.
The government has already waived merchant discount rates (MDR) on digital transactions of up to Rs2,000 till 31 December.
Just 1% Indians pay Income Tax – NITI Aayog CEO. Chief Executive Officer of NITI Aayog Amitabh Kant today said just one per cent of India’s more than 1.25 billion population pays Income Tax and the country cannot afford as high as 95 per cent of its economy making cash transactions. Addressing a Workshop on […]
Now, who would not like to escape paying taxes on income? There will be more money in the pocket or the bank account.
As controversy arose over the Income Tax Act provision about granting exemption from income tax to political parties, finance minister Arun Jaitley issued a statement on Saturday night clarifying that this provision is 35-year-old. Following is the text of his statement: “Political parties have not been granted any exemption post demonetisation and introduction of Taxation […]
Revised Income Tax Exemption Calculator for Interest paid on Housing Loan – Income or Loss or House Property Calculation under Section 24 of the Income Tax Act. After enactment of Finance Act 2014, maximum housing loan interest amount (Interest on house property) which can be deducted from the income of a tax payer under Section […]
Income Tax Relief under Section 89 of Income Tax Act – Income Tax Relief under Section 89 of Income Tax Act – GConnect Calculator to determine IT Relief for Arrears of Income from Salary received in 2016-17
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees under Section 10, Section 24, Section 89(1), Chapter VIA, and Section 87A Income Tax Rate 2016-17 TAXABLE INCOME RANGE RATE OF INCOME TAX Up to RS.2,50,000 NIL Rs.2,50,001 to Rs.5,00,000 10% of the amount by which the income exceeds Rs.2,50,000 Rs.5,00,001 to […]
GConnect Income Tax Calculator 2016-17 (Assessment Year 2017-18) with Save Option launched – Get to save your income and deductions for effective Tax Planning
Download Form 12BB as a Word, Excel or PDF file- All Employees to file Declaration under Form 12BB to claim deduction for savings under Section 80 C, payment of house loan interest under Section 24, and HRA exemption under Section 10
GConnect Income Tax calculator 2016-17 (Assessment Year 2017-18) – calculate Taxable Income and Income Tax and plan for Tax savings
CBDT encourages the tax payers to display these certificates in their homes and offices.