Posts Tagged ‘Income Tax 2014-15’

Extension of last date for filing of Income Tax Returns – Extended upto 5th August

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Extension of last date for filing of Income Tax Returns – Extended upto 5th August

Last date for filing of Income Tax Returns extended to August 5

The government on Wednesday extended the last date for filing of income tax returns by five days to August 5.

The due date,which was July 31,has been extended in wake of “unprecedented surge” in number of I-T returns being filed electronically.

“As a measure of taxpayers convenience,it has been decided to extend the due date of filing of returns from July 31,2013 to August 5,2013,” the Finance Ministry said.

As per the Central Board of Direct Taxes (CBDT),there has been an unprecedented surge in number of returns being e-filed.

This year till July 30,about 92 lakh returns have been electronically filed,which is 46.8 per cent higher than the returns e-filed during the corresponding period last fiscal.

Source:  http://indianexpress.com

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Be the first to comment - What do you think?  Posted by admin - August 1, 2014 at 2:00 pm

Categories: General news, Income Tax   Tags: , , , , ,

Benefit from the Income Tax sops announced by the Government..?

Benefit from the Income Tax sops announced by the Government..?

In the 2014-15 Budget that was presented recently, it was announced that the income tax exemption slab will be being raised from Rs. 2 lakhs per annum to Rs. 2.5 lakhs.

On July 10, during the parliamentary session, while presenting the budget for the year 2014-15, Finance Minister Arun Jaitley announced that the non-taxable income slab for individual tax payers has been raised from Rs. 2 lakhs to Rs. 2.5 lakhs. Also, the maximum tax exemption of Rs. 1 lakh Under Section 80C has been raised to Rs. 1.5 lakh. Interest deductions on home loan have been increased from Rs. 1.5 lakhs to Rs. 2 lakhs.

Let us now make approximate calculations about the kinds of benefits that taxpayers stand to get from these changes:

Raising the non-taxable income limit from Rs. 2 lakhs to Rs. 2.5 lakhs gives a maximum tax savings of Rs. 5600 additionally.

Since the maximum tax exemption under Section 80C has been raised to Rs. 1.5 lakhs, the tax payer gets to save Rs. 17,000 under certain exemption categories.

Since the maximum exemption under home loan deduction has been raised from Rs. 1.5 laksh to Rs. 2 lakhs, the taxpayer saves another 17,000.

Source: www.employeesnews.in
[http://www.employeesnews.in/2014/07/benefit-from-income-tax-sops-announced.html]

Be the first to comment - What do you think?  Posted by admin - July 17, 2014 at 10:01 am

Categories: Employees News, Income Tax, IT Exemption   Tags: , , ,

Income Tax Exemption Limit Raised by Rs.50,000 – Does it meet the Central Government employees’ expectations?

Income Tax Exemption Limit Raised by Rs.50,000 – Does it meet the Central Government employees’ expectations?

Finance Minister Arun Jaitley announced that the Income Tax exemption limit for individual taxpayers, below the age of 60 years has been raised from Rs. 2 lakhs to Rs. 2.5 lakhs.

The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley on 10th this month, most Central Government employees were hoping that the Income Tax exemption limit for salaried pupil would be raised to atleast Rs 3 lakhs this time. But the Finance Minister delivered a shock and disappointment to everyone with an increase of a mere Rs. 50,000.

Prior to the election, based on the speeches and statements issued by the now Finance Minister, there were talks that the non-taxable income limits would be raised to Rs. 5 lakhs.

Central Government employees, who were constantly disappointed in the past few years, were not ready to believe it. But they reluctantly hoped that the amount would be raised by Rs. 1 lakh.

The fact that it was increased by only Rs. 50,000 had disappointed many. It could have been much worse had there not been any increase at all or if it was a consolatory hike of Rs. 10,000.

The Minister explained that he couldn’t offer anything more for the time being due to acute cash crunch for the newly elected Government. But he assured everybody that it is just the beginning, and that there will be plenty of positive changes in the future. Since this is the first budget presented by the new Government and since he has already granted exemption of Rs. 50,000, his promise is very believable.

It is worth mentioning that tax exemption under Section 80C is going to be increased from Rs. 1 lakh to Rs. 1.5 lakhs. It is a painful fact that tax exemptions for savings had not been increased for a number of years. There were rumours that the Government is planning to hike the exemption by Rs. 1 lakh, but the Finance Minister has offered much-needed consolation by increasing it by Rs. 50,000.

Although the change is not a huge one for thousands of Government employees who have been waiting for tax relief for a number of years, they are bound to feel mildly reassured.

The table given below shows the non taxable salary slab for the past eight years.

YEAR MINIMUM INCOME CEILING
2009-10 1,60,000
2010-11 1,60,000
2011-12 1,80,000
2012-13 2,00,000
2013-14 2,00,000
2014-15 2,50,000

Source : CGEN.in
[http://centralgovernmentemployeesnews.in/2014/07/income-tax-exemption-limit-raised-by-rs-50000-does-it-meet-the-central-government-employees-expectations/]

Be the first to comment - What do you think?  Posted by admin - at 2:46 am

Categories: Employees News, General news, Income Tax, IT Exemption   Tags: , , , , , , ,

Union Budget 2014-15 : Income Tax exemption limit raised to Rs.2.5 lakh and also raised to Rs 1.5 lakh under Section 80C

Union Budget 2014-15 : Income Tax exemption limit raised to Rs.2.5 lakh and also raised to Rs 1.5 lakh under Section 80C

Income Tax exemption limit raised to Rs.2.5 lakh and also raised to Rs 1.5 lakh under Section 80C

Some relief to individual and salary tax payers, Finance Minister Arun Jaitley presenting Union Budget 2014-15 today in Parliament, raised individual tax exemption limit to Rs.2.5.lakh from current Rs.2 lakh.

For Senior Citizen tax exemption limit also increased to 3 lakh.

The Central Government today hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh under section 80C.

And one more relief to the depositors of Public Provident Fund, the ceiling limit will raised to Rs.1.5. lakh form current level of Rs.1 lakh.

Source: CGEN.in
[http://centralgovernmentemployeesnews.in/2014/07/income-tax-exemption-limit-raised-rs-2-5-lakh-also-raised-rs-1-5-lakh-section-80c/]

Be the first to comment - What do you think?  Posted by admin - July 10, 2014 at 9:27 am

Categories: General news, Income Tax, IT Exemption   Tags: , , , , ,

Central Government is planning to raise the Income Tax exemption slab to Rs. 5 Lakhs

Central Government is planning to raise the Income Tax exemption slab to Rs. 5 Lakhs
According to information from the Finance Ministry, the Government is giving serious thoughts about raising the income tax exemption slab from the current Rs. 2 lakhs to Rs. 5 lakhs. The information adds that Modi is planning to make the raising of income tax exemption slab from Rs. 2 lakhs to Rs. 5 lakhs as one of the achievements of his Government’s tenure. The Finance Ministry has, it seems, sought a report regarding this from the Income Tax department. A number of other financial incentives are also likely to be announced by the Modi Government.
The Government has also planned to raise the tax exemption on housing loans. According to sources from the Finance Ministry, there are also plans to increase the tax exemption on medical insurance premium.
The reports add that Modi is trying to impress as many people as possible with the very first budget that his government is going to present. The demand for raising income tax exemption level to Rs. 5 lakhs has been a long-standing one. Economists and experts suggest that the slab be fixed in accordance to the current price and inflation levels.
The long-standing demand of the middle and salaried classes, to raise the income tax exemption slab to Rs. 5 lakhs from 2 lakhs, is being seriously considered by the government led by Prime Minister Modi.
Based on sources from New Delhi, the first budget of the newly formed Government is likely to be presented on the 11th of July. These sources say that the Finance Ministry has sought a report from the Income tax department. The sources also add that the Government is also planning to increase exemptions granted to housing loans and medical insurance premium. If all these suggestions get implemented, then it would come as a huge relief to the salaried and middle-class folks. Previously, Finance Minister Arun Jaitley was considering raising the income tax exemption slab to Rs. 3 lakhs.
Source: www.7thpaycommissionnews.in
[http://7thpaycommissionnews.in/central-government-is-planning-to-raise-the-income-tax-exemption-slab-to-rs-5-lakhs/]

Be the first to comment - What do you think?  Posted by admin - June 17, 2014 at 10:22 am

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