CTBT Press Release on Income Tax Department’s Operation Clean Money gets Overwhelming Response
In step with government’s digital India drive, the Income Tax department is developing an app that will soon allow assessees to pay taxes or apply for PAN using smartphones.
Although the basic income tax exemption limit remains the same at Rs. 2.5 lakh, there are many exemptions available in the Income Tax Act.
Income tax Department has established an independent portal for e-filing of return. The taxpayers can log on to www.incometaxindiaefiling.gov.in for the purpose.
A 1% cut in corporate income tax rate from the current 30% will cost Rs18,000-19,000 crore in revenues, revenue secretary Hasmukh Adhia said.
It is said that nothing in this world is certain except for death and income tax However, you can soften the blow from the latter, legally of course.
Income tax officers can now reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs50 lakh.
Taxpayers who do not file their income tax returns (ITRs) on time will have to shell out a penalty of up to Rs10,000, but from the 2018-19 Assessment Year (AY).
हिन्दुस्तान के ज़्यादातर नौकरीपेशा लोगों को सिर्फ इनकम टैक्स (Income Tax) में मिलने वाली राहत बहुत बड़ा सहारा मालूम होती है.
TDS on payment of accumulated balance under recognised provident fund and contribution from approved superannuation fund – Ministry of Finance Circular
Income Tax 2016-17 – Income not included under the Head Salaries – Exempted Income under Finance Act 2016
Income Tax 2016-17 – Deductions allowed from the Salary Income as per Finance Act 2016 – Eligible Deductions to Salaried Income under Chapter 16 and Chapter VI-A of Income Tax Act
Income Tax 2016-17 – Tax Calculation Method as per Section 192 of Income-Tax as per Finance Act, 2016
CBDT definition about Duties and Responsibilities of Tax Deducting Officers of Income-Tax as per Finance Act, 2016 – Ministry of Finance Circular
CBDT definition about computation of Income under the Salaries Head as per Income Tax Act. – Ministry of Finance Circular