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
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 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
Allowances though paid under various names, income tax stipulates conditions for including those income as Salary.
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.
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
CBDT issued circular No. 20/2015 dated 02.12.2015, which explains income tax calculation method for salaried employees
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 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.
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
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.
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.
This is the instant version of the GConnect Income Tax Calculator tool. We would come up with Income Tax Calculator 2015-16 with save option soon. In the mean time use this tool to find out your Income Tax liability and plan for saving taxes in advance.
It has been warned by CBDT that a fake order extending the due date for filing the Income Tax return for the Assessment year 2015-16 is in circulation. Government has not extended the due date for filing of returns and audit report which are due by 30th September 2015
Last date for filing Income Tax Return was revised already from 31st July 2015 to 31th Aug 2015 and then to 7th September 2015. Now, the present circular conveys that ITRs which are due by 30th September will have to be filed in time and that no further extension of last date will be provided