Income Tax Act under Section 80GGC provides rebate for the amount given to political parties. For the purposes of sections 80GGB and 80GGC, “political party” means a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951).
Salaried employee who is taking care of physically challenged dependent relative an amount with the maximum limit of Rs.75000 spent towards medical treatment or rehabilitation can be deducted from theincome and inc case of severe disability maximum deduction would be Rs.125000.
Tax payer can claim IT rebate under Section 80 E from income chargeable to tax, by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education or for the purpose of higher education of his relative without any maximum limit
Income Tax rebate under Section 80U Rs.1.25 lacs allowed for individual with severe disability. Certificate from certified medical authorities regarding the extent of the disability will have to be produced(Rule 11D) Check the document link found against this field for detailed provision under Income Tax in respect of this deduction.
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.
With a view to simplify the provisions of the Income Tax Act, 1961, a Committee has been constituted. The Committee can also work in Sub-Groups and the draft prepared by the Sub-Groups can then be approved by the whole Committee. The recommendations as possible shall be submitted by 31st January, 2016.
Finance Minister Arun Jaitley today launched two taxpayer friendly measures – eSahyog and PAN camps – with a view to streamlining the taxation procedure.
To simplify income tax laws, the government today set up a committee under a former Delhi high court judge to identify clauses that lead to litigations and suggest modifications to bring predictability and certainty in tax laws.
Although agricultural income is not taxable, it must be included with non-agricultural income in the case of non-corporate assessees who pay tax at prescribed slab rates. Resultantly, the rate of tax on non-agricultural income is higher for such assessees
The income tax rules on provident fund withdrawal from Employees Provident Fund Organisation (EPFO) have changed from June 1, 2015. With more than Rs. 6 lakh crore of assets from nearly 8 crore subscribers, the Employees Provident Fund Organisation (EPFO) is one of the world’s largest retirement fund body.
Income Tax department is in the process to create name based email ids for PAN users for accessing the ITBA portal. Users have been identified who do not having name based email id to receive login credentials and, therefore, may not be able to access the new PAN module under the ITBA system
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.