Income Tax – New disclosure Norms in ITR
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.
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.
Soon you will have to submit a copy of your income tax return (ITR) every year to the LPG dealer to claim subsidy on cooking gas cylinders.
CBDT Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200
Taxpayers account for just about one per cent of India’s population, but tax outgo was over Rs. 1 crore for as many as 5,430 individuals, as per the latest data disclosed by the government for assessment year 2012-13.
Committee was constituted by the Central Board of Direct Tax, to recommend standard definitions of certain commonly used terms relating to direct tax
Taxpayers can select to login with any one or multiple options of the higher security methods namely – using Aadhaar linkage to generate OTP, Login through Net-Banking or Login using Digital Signature Certificate (DSC)
Interest credited/received on deposits is taxable unless exempt under Section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed
Maximum deduction for contribution made by Employees in NPS is Rs. 2 lakh – Limit for deduction for Employer’s contribution is 10% of Basic Pay + DA
With the appraisal season round the corner, it’s time to optimise your CTC in accordance with the latest tax rules to reduce your tax outgo in 2016-17.
Secretary, National Council (Staff Side) has made a request to defer Income Tax on withdrawal of PF 60%
Budget 2016-17 provides for additional deduction of interest paid on housing loan, up to Rs.50,000/- over and above deduction for interest on housing loan up to Rs. 2,00,000, which is applicable to tax payer who is to buy his / her first house
National Pension System is presently subjected to income tax on EET (Exempt Exempt Tax) Basis. Whereas Provident Funds such as PPF, EPF etc and Superannuation Funds are fully exempted from Income Tax on EEE basis (Exempt, Exempt, Exempt). Changes made in Income Tax Provisions in the Budget 2016 has sought to rationalize all these Provident Funds and Pension Funds as far as treatment of income tax in respect of these schemes are concerned