Income Tax Relief for Senior Citizens on Interest Income up to Rs. 50,000 - Pradhan Mantri Vaya Vandana Yojana extended up to March 2020
when senior citizen opt for a higher cover, they will also get a higher tax deduction of Rs 50,000 under Section 80D. Earlier, the limit was Rs 30,000.
इनकम टैक्स (Income Tax) में राहत की उम्मीद पाले सैलरीड और मध्य वर्ग के लोगों को इस बजट (Budget 2018) से कुछ खास नहीं मिल पाया। वित्त मंत्री ने बजट भाषण में टैक्स छूट की सीमा बढ़ाने से इनकार कर दिया।
Niti Aayog member Bibek Debroy too had said that agricultural income should be taxed at the same threshold as personal income.
Due to 7th pay commission, the personal disposable income has been increased, so we believe there is a need to raise the exemption limit to Rs 3 lakh.
The Federation of Indian Chambers of Commerce and Industry sought re-introduction of standard deduction for salaried income tax payers in Union Budget 2018.
The government has already constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country.
The Bill had proposed annual Income tax exemption limit at Rs 2 lakh, and levying 10 per cent tax on income between Rs 2 lakh and Rs 5 lakh, 20 per cent on Rs 5-10 lakh and 30 per cent above Rs 10 lakh.
Income Tax officers are raiding over 180 locations across four states, targeting 10 groups running shell firms, 3 of which belong to Sasikala's family.
Which pay and allowances heads are taxable under Income Tax ? - PCDA Pune - Income Tax List of Taxable Elements of Pay
Using this newly launched income tax chat service, taxpayers can seek answers to their basic queries and doubts relating to direct tax issues.
Individuals earning a high interest income from a bank fixed deposit (FD) but not filing income tax returns (ITRs) or paying taxes are now under the focus of income tax officials.
Linking of Aadhaar with PAN is must for existing PAN holders - Supreme Court upholds Income Tax Provision by which declaring Aadhaar details in Income Tax Return is mandated
Linking of Aadhaar with PAN - Income Tax Department launches much easier method now - Facility available in the home of Income Tax E-filing website and accessed without the need to login.
Income Tax exemption benefit on Housing Loan Interest - Frequently Asked Questions - Income Tax Department Published clarification
FAQ on Income Tax - Frequently Asked Questions compiled by Income Tax Department Income Tax
Income Tax for Senior Citizens - Frequently Asked Questions - What are the benefits available to a senior citizen and very senior citizen in respect of tax rates?
Compliance of Income Tax Act and Aadhaar Act for Data Sharing – Compliance of the IT Act, 2000 and Aadhaar Act, 2016 - Finance Ministry Circular
How to file ITR-1 Online ? - Income Tax 2016-17 (A.Year 2017-18) - Easy Steps to file Income Tax Return online for Salaried Class Employees
The Central Board of Direct Taxes (CBDT) has notified new income tax return filing forms for 2017-18. An easy to understand, single page form named “Sahaj”.
Only individuals having salaried income/one house property income/ bank interest income/ any other income stand to benefit.
Mandatory Quoting of Aadhaar For PAN Applications & Filing Return of Income Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017
The government has changed income tax rules that could increase the tax outgo of those who have taken a home loan for a property that has been rented out.
The taxman will seek data on deposits made by an assessee during the demonetisation period as part of the simplified Income Tax Return (ITRs) forms.