Taxable and Non-taxable Pay and Allowances – Principal Controller of Defence Accounts has issued classification of Pay and allowances
Income Tax Return – CBDT extends the last date for filing Income Tax return for the year 2015-16 (Assessment Year 2016-17) to 5th August 2016
Advantages and Need for filing NIL Income Tax Return – To show proof of Income, to get refund of TDS and to carry forward loss if any
Returns can be verified either electronically modes such as Aadhaar OTP, net banking, bank account number etc., or by sending the physical ITR-V to CPC, Bengaluru
Income Tax Returns for financial year 2015-16 (FY16) are due to be filed by 31 July 2016. Significant changes have been brought in the forms applicable for FY16.
Soon you will have to submit a copy of your income tax return (ITR) every year to the LPG dealer to claim subsidy on cooking gas cylinders.
CBDT Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200
Taxpayers account for just about one per cent of India’s population, but tax outgo was over Rs. 1 crore for as many as 5,430 individuals, as per the latest data disclosed by the government for assessment year 2012-13.
Committee was constituted by the Central Board of Direct Tax, to recommend standard definitions of certain commonly used terms relating to direct tax
The Income Tax department will now add interest amount to a delayed refund made on excess tax deducted at source (TDS) cuts and will also not litigate with the deductor on this issue in the future, a latest directive has said.
Taxpayers can select to login with any one or multiple options of the higher security methods namely – using Aadhaar linkage to generate OTP, Login through Net-Banking or Login using Digital Signature Certificate (DSC)
First time home buyers will get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh from Friday.
Interest credited/received on deposits is taxable unless exempt under Section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed
Maximum deduction for contribution made by Employees in NPS is Rs. 2 lakh – Limit for deduction for Employer’s contribution is 10% of Basic Pay + DA
With the appraisal season round the corner, it’s time to optimise your CTC in accordance with the latest tax rules to reduce your tax outgo in 2016-17.