Budget 2017 – Centre needs to clarify its stand on income tax Act
What is required is a pragmatic approach to the issue if the letter of the law gives rise to such unreasonable consequences.
What is required is a pragmatic approach to the issue if the letter of the law gives rise to such unreasonable consequences.
Underlining that “the Government must shift its fiscal objective”, the SBI pegged the fiscal deficit target for 2017-18 at Rs 5.75 lakh crore, equivalent to 3.4 per cent of the country’s GDP.
While the government wanted to catch the income tax evaders and the corrupt, the law-abiding, tax-paying common people ended up facing maximum hassles.
The government has already waived merchant discount rates (MDR) on digital transactions of up to Rs2,000 till 31 December.
Just 1% Indians pay Income Tax – NITI Aayog CEO. Chief Executive Officer of NITI Aayog Amitabh Kant today said just one per cent of India’s more than 1.25 billion population pays Income Tax and the country cannot afford as high as 95 per cent of its economy making cash transactions. Addressing a Workshop on…
Now, who would not like to escape paying taxes on income? There will be more money in the pocket or the bank account.
Taxable and Non-taxable Pay and Allowances – Principal Controller of Defence Accounts has issued classification of Pay and allowances
Income Tax Return – CBDT extends the last date for filing Income Tax return for the year 2015-16 (Assessment Year 2016-17) to 5th August 2016
CBDT has asked for the names of Tax defaulters of more than Rs. Crore in public domain
Advantages and Need for filing NIL Income Tax Return – To show proof of Income, to get refund of TDS and to carry forward loss if any
Returns can be verified either electronically modes such as Aadhaar OTP, net banking, bank account number etc., or by sending the physical ITR-V to CPC, Bengaluru
Income Tax Returns for financial year 2015-16 (FY16) are due to be filed by 31 July 2016. Significant changes have been brought in the forms applicable for FY16.