Income Tax – Last Date for filing IT return extended to 5th August 2016
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
Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax
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
Income Tax 2015-16 for Salaried Employees – Circular issued by Income Tax Department
Income Tax Circular No. 20/2015 dated 02.12.2015 provides detailed instructions and guidelines for all provisions of income tax act which are applicable to Salaried Employees
Income of Salaried Employees which are paid under various nomenclature yet termed as salary
Allowances though paid under various names, income tax stipulates conditions for including those income as Salary.
Income tax Exemption for certain savings, expenses and payments under Chapter VIA of Income Tax Act
Main provision for Salaried employees is Chapter VIA of Income Tax Act provides much needed exemption for savings and expenses mainly made by Salaried employees.
Income Tax Deduction at Source from Salaries under Section 192 of Income Tax 1961
Persons in charge of disbursement of salaries are responsible for deducting Income Tax from salaries as per the procedure envisaged in Income Tax Circuar 20/2015
Income Tax 2015-16 – Calculation Method in respect of Salaried Employees
CBDT issued circular No. 20/2015 dated 02.12.2015, which explains income tax calculation method for salaried employees
Income Tax Rates 2015-16 (AY 2016-17)
Income Tax Structure for Salaried Employees for the Year 2015-16- Full exemption from Income Tax is available up to Rs. 2.50 lakh. For the Income in excess of Rs. 2.50 lakh and not exceeding Rs. 5 lakh Employees will have to pay income tax at the rate of 10%. Income Tax exceeding Rs. 5 lakh will be chargeable to Income Tax at the rate of 20%
Income Tax – Rebate on Housing Loan up to Rs.2 lacs allowed
Income Tax Act allows tax payers to deduct up to Rs.2 lakh towards the interest paid on housing loan from the Gross total income. When declaring Annual Rental Value which will be added with Gross total income, there will not be any ceiling as far as deduction of interest paid on the loan availed for buying the house property is concerned.
GConnect Income Tax Relief Calculator 2015-16 for arrears of Salary Income
Section 89 of Income Tax Act provides for Relief of Tax for the salary income received as arrears by distribution of the same to relevant previous years
E-Sahyog of Income Tax Dept to resolve mis-match in Income Tax returns online
The “e-Sahyog” project is aimed at reducing compliance cost, especially for small taxpayers. The objective of “e-Sahyog” is to provide an online mechanism to resolve mismatches in Income-tax returns of those assesses whose returns have been selected for scrutiny, without visiting the Income Tax Office.
GConnect Income Tax Calculator with Save Option for 2015-16 (A.Year 2016-17) launched
This is the Login version of GConnect Income Tax Calculator for the Year 2015-16 (Assessment Year 2016-17) incorporating all the changes made in Budget 2015 as far as Income Tax is concerned. There is no need for entering all the values of income and deductions at the same time for calculating Income Tax in this version.