Income Tax Offices to remain open on 26th July and 27th July 2014, for Filing of Income Tax Returns for the year 2013-14 (Assessment Year 2014-15) Special Arrangements Made for Accepting Returns of Income; Offices to Remain Open on 26th July and 27th July, 2014, Being Saturday and Sunday, for Accepting the Returns During Normal…
Income Tax 2014-15 – what are all the changes affecting Salaried Employees ? – Highlights of Changes announced in Budget 2014 and Finance Bill 2014 as far as Income Tax Provisions relating to Salaried Employees Income Tax 2014-15 (Assessment year 2015-16) In case of individual (other than II and III below) and HUF Income Level…
Income Tax Structure 2014-15 announced in Budget 2014 Finance Minister presented Budget 2014 today. As far as Income Tax Structure 2014 -15 is concerned, it was announced in the Budget Speech there is no change in the income tax rate for the year 2014-15 (Assessment Year 2015-16) (i) The rates of income-tax in the…
Income Tax 2014 -15 – Highlights Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers below 60 years Senior citizens’ tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh No change in surcharge for corporates, individuals Education Cess to stay at current 3% Investment limit…
Income Tax 2014-15 – IT Exemption limit on Savings may be doubled – Media News Finance Minister Arun Jaitley is expected to double exemption limit on long-term financial savings to ease tax burden on the middle class in his maiden budget on Thursday, sources told NDTV. Currently, the income tax exemption limit on such savings…
Income Tax 2014-15 – Expectations of Salaried Employees on Income Tax Front in the ensuing Budget 2014-15 1. Increase in Income Tax Slabs, 2. Increase in limit for savings under Section 80C, 3. Hike in Limit for Interest on Housing Loan, 4. More Income Tax Concession to Health Insurance Premium Paid under Section 80 D…
Income Tax 2014-15 (Assessment Year 2015-16) – Salaried Women to get higher Income Tax Exemption Limit – media reports Good news for salaried women! Narendra Modi Government is considering higher income tax exemption limit for women in the budget for 2014-15. Finance minister Arun Jaitley is restructuring tax slabs and is thus set to approve a proposal to…
Personal Income Tax Exemption Limit may be raised from Rs. 2 lakh to Rs. 5 lakh by New Government – CBDT to submit report on June 20th The newly formed Government has proposed to increase Personal Income Tax Exemption to Rs. 5 lakh which is presently Rs. 2 lakh for Tax paying individual irrespective of…
Who should file Income Tax Return 2013-14 (Assessment Year 2014-15) and how ? – Which ITR should I use if I am required to file Income Tax Return ? All Salaried Employees would have got their Form-16 from their Employers by this time after deduction of income tax if required. Now it’s time to file…
Taxable and Non-Taxable Allowances applicable to PBOR in armed forces Due to the special nature of duties of the armed forces, certain allowances are paid to meet that requirement. Of these allowances some are subject to tax and some are not. Filing of returns When it comes to filing of returns, the deadline for all…
Finance Ministry presents Draft DTC Bill for public opinion – The revised DTC Bill to be presented in the Parliament after elections. The Finance Ministry has rejected the recommendation of the Parliamentary Standing Committee headed by former Finance Minister Yashwant Sinha on raising the income tax exemption limit to Rs 3 lakh. The recommendation was made as…
Banks and Income Tax Offices will remain open on 29th, 30th and 31st March 2014 to facilitate Tax Payers Press Information Bureau Government of India Ministry of Finance 27-March-2014 17:33 IST Banks and Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2014 In order to facilitate the payment of taxes by the tax-payers before the…