E-filing of Income Tax Returns for the FY 2018-19 has increased to 19% compared to FY 2017-18 There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns(ITR) e-filed during Financial Year(F.Y.) 2018-19 as compared to F.Y. 2017-18. This is factually untrue, because the figures for F.Y. 2017-18 and…
CBDT Notification No.36/2019 Dt. 12.4.2019 – Amendment in Form 16 and Form No. 24Q under Income Tax Act
Income Tax Returns for Salaried Employees for the year 2019-20 have been notified. Either ITR-1 or ITR-2 will have to be filed by Salaried Employees not having income from profits and gains of business or profession, depending upon total income, number of house property possessed and amount of agricultural income.
Income tax exemption for gratuity – Enhanced Upto Rs. 20 lakhs w.e.f. 29.03.2018 – Gazette Notification
What are all the Income under the head Salaries in the case of an Salaried Employee (Section 17 of the Income Tax Act 1961) ?
Income-Tax Deduction from Salaries during the Financial Year 2018-19 under Section 192 of the Income-tax Act, 1961
TDS deduction under section 194A of the Income tax Act, 1961 – No TDS upto 50,000 in case of Senior Citizens – CBDT Notification
Income tax is the hard truth that every salaried employee in the taxable bracket has to live with. It has to be paid. In spite of this, it is commonplace to find people not making wise and timely investments to minimise the impact of the tax. Reasons for the same are either ignorance of law…
The government had set up a six-member task force to draft a new direct tax law to replace the existing Income Tax Act 1961.
Income Tax Calculator 2018-19 for Central Government Pensioners launched – Simple and effective Income Tax Calculation Tool exclusively based on Central Government Pension income, and deductions allowed for Pensioners.
With an objective of preventing tax evasion in the future, the Income Tax Department will introduce new Permanent Account Number (PAN) card rules with effect from December 5, 2018. The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply…
NEW DELHI: Restaurants and hotels imposing service charge on customers in the name of tips but not passing them full to their employees could court trouble from taxmen. Central Board of Direct Taxes, the apex direct taxes body, has directed its field officials to examine balance sheet and expenditure statement of restaurants and hotels in…