The Income Tax department has launched its official handle on micro-blogging website Twitter. The handle “incometaxindia_” is aimed to keep taxpayers and other users updated about the activities of the department.
Prime Minister Narendra Modi today said the I-T department will introduce a system of online scrutiny of returns and modify the performance appraisal proforma of officials with a view to motivating them to pass correct orders and also check corruption.
Two major employees’ associations of the Income Tax Department today said they would suspend their two-month long agitation from tomorrow after the Finance Ministry assured them of resolving their demands by March next year.
The advisory has come at a time when income tax returns (ITRs) filing season has concluded and it is an opportune time for hackers and other fraudsters to launch phishing attempts to compromise users’ vital data for their illegal benefits by dishing out false promises about pending refunds or ITR authentications.
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
Income Tax Deduction under Section 80D is available up to Rs.25000 for health insurance and health check-ups for self and family. Also deduction up to premium paid up to Rs.25000 for parents (Rs. 30.000 for Senior Parents) is allowed.
As per Income Tax Section 80DDB of the Act, an assessee, resident in India is allowed a deduction of a sum not exceeding eighty thousand rupees, being the amount actually paid, for the medical treatment of certain chronic and protracted diseases such as Cancer, full blown AIDS, Thalassaemia, Haemophilia etc.
Income Tax exemption for Pension Scheme for an individual employed by the Central Government on or after the 1st day of January, 2004 or, being an individual employed by any other employer, or any other assessee, under a pension scheme notified or as may be notified by the Central Government.
Details under section 80C about Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
Income-tax Act, 1961 special allowance specifically granted to an assessee by his employer to meet expenditure incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee is exempt from income-tax
Income Tax under section 80G of Income Tax Act 1961 provides rebate for the donations given to certain funds, charitable institutions, etc.
Income Tax Rebate under Section 80GGA Deduction in respect of certain donations for scientific research or rural development. An Assessee is entitled in respect of any sum paid to a public sector company, or to a local authority or to an association or institution for carrying out the eligible project or scheme referred to in section 35AC.