Finance Ministry has announced modified Annual Performance Appraisal Report (APAR) of the Assessing Officers of IT as well as Assistant Commissioners/Deputy Commissioners of Income Tax. In the revised format, the performance of the assessing officers will also be specifically measured for quality of assessment, the pace of disposal, and efforts made towards widening of tax base.
Rent paid subject to ceiling can be deducted under Section 80GG if no HRA is received. Such deduction for rent should be the expenditure incurred by the assessee in excess of ten per cent of his total income towards payment of rent.
Central Government has made PAN number as mandatory for opening Savings Bank Account including other 20 transactions where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity.
Central Board of Direct Taxes, Directorate of Income-tax(Systems) has simplified the Form 15G and 15H. A unique number allotted for the 15G and 15H forms submitted. The format can be downloaded from the site www.incometaxindiaefiling.gov.in. Declaration under 15G and 15H can also be filed online
Income Tax Act allows tax payers to deduct up to Rs.2 lakh towards the interest paid on housing loan from the Gross total income. When declaring Annual Rental Value which will be added with Gross total income, there will not be any ceiling as far as deduction of interest paid on the loan availed for buying the house property is concerned.
NFIR has made a request to CBDT for Income Tax exemption limit for Running Staff in Railways was not considered fabourable by CBDT. NFIR reiterates its stand with supporting points highlighting that “kilometerage amount paid to Running staff includes T.A. component towards out of pocket expenses” to be exempted from IT.
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 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.
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