Income Tax

Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 through TRACES - Income Tax Notification 09/2019

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…

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…

Income tax exemption for gratuity - Enhanced Upto Rs. 20 lakhs w.e.f. 29.03.2018 - Gazette Notification

Finance Minister Piyush Goyal has proposed that individuals with annual income up to Rs 5 lakh will get full tax rebate under section 87A. Shalini Jain, Partner, EY India says, “This means that…

What are all the Income under the head Salaries in the case of an Salaried Employee (Section 17 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…

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.

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…

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,…

Alarmed by the rising mountain of direct taxes stuck as arrears or in litigation, the Finance Ministry has come up with incentives/rewards for ‘performance by appellate income tax officers in order to…

Can I take a home loan and buy a house in my wife’s name, who is a housewife? Since I am working I will pay the EMI. We plan to rent out the house and show the rental income in her income to reduce my…

GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-20) with Save Option - Trusted by more than 52000 Registered Users

NEW DELHI: Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said Monday. The…

Income Tax Benefits - Deduction in respect of health insurance premia under Section 80D of Income-tax Act, 1961-2018