Tax Structure and rates of Income-Tax as per Finance Act, 2016
CBDT definition for Tax Structure and rates of Income-Tax as per Finance Act, 2016 – Ministry of Finance Circular dated 02.01.2017
Income Tax Exemption Calculator for Interest paid on Housing Loan
Revised Income Tax Exemption Calculator for Interest paid on Housing Loan – Income or Loss or House Property Calculation under Section 24 of the Income Tax Act. After enactment of Finance Act 2014, maximum housing loan interest amount (Interest on house property) which can be deducted from the income of a tax payer under Section…
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees under Section 10, Section 24, Section 89(1), Chapter VIA, and Section 87A Income Tax Rate 2016-17 TAXABLE INCOME RANGE RATE OF INCOME TAX Up to RS.2,50,000 NIL Rs.2,50,001 to Rs.5,00,000 10% of the amount by which the income exceeds Rs.2,50,000 Rs.5,00,001 to…
Receipt of Income without deduction of Income Tax in Form 15G / 15H
Procedure for submission of declaration by person claiming receipt of certain incomes without deduction of tax in Form 15G/15H
Procedure for online submission of statement of deduction of tax: IT Notification No 6/2016
CBDT Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200
Standard Definition of certain terms relating to Income Tax
Committee was constituted by the Central Board of Direct Tax, to recommend standard definitions of certain commonly used terms relating to direct tax
New functionality to taxpayers to secure their E-filing account
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)
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
NPS – Income Tax Benefits – Official communication of PFRDA
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
Additional Deduction of Housing Loan Interest under Section 80EE
Budget 2016-17 provides for additional deduction of interest paid on housing loan, up to Rs.50,000/- over and above deduction for interest on housing loan up to Rs. 2,00,000, which is applicable to tax payer who is to buy his / her first house
Budget 2016 – Tax Treatment on Provident Funds, Pension Fund and NPS
National Pension System is presently subjected to income tax on EET (Exempt Exempt Tax) Basis. Whereas Provident Funds such as PPF, EPF etc and Superannuation Funds are fully exempted from Income Tax on EEE basis (Exempt, Exempt, Exempt). Changes made in Income Tax Provisions in the Budget 2016 has sought to rationalize all these Provident Funds and Pension Funds as far as treatment of income tax in respect of these schemes are concerned
EPF – Clarification on changes made in Income Tax
The purpose of this reform of making the change in tax regime is to encourage more number of private sector employees to go for pension security after retirement instead of withdrawing the entire money from the Provident Fund Account.