INCOME TAX FAQ : What are allowances? Are all allowances taxable? What is considered as salary income? section 17 of the Income-tax Act defines the term 'salary'. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. What are allowances? … [Read more...] about INCOME TAX FAQ : What are allowances? Are all allowances taxable?
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Income Tax - Central Government Employees
CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building
CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building Press Information Bureau Government of India Ministry of Finance 07-February-2017 20:26 IST CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building In continuation of the initiative of the … [Read more...] about CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building
New Benefits announced for NPS Subscribers in Union Budget 2017-18
New Benefits announced for NPS Subscribers in Union Budget 2017-18 In a bid to provide further impetus to the National Pension System (NPS), the following provisions have been introduced in the Finance Bill 2017 laid down in the Parliament today. Tax-exemption to partial withdrawal from National Pension System (NPS) The existing provision of section 10(12A)of the Income … [Read more...] about New Benefits announced for NPS Subscribers in Union Budget 2017-18
INCOME TAX TABLE: BUDGET 2017-18
INCOME TAX TABLE: BUDGET 2017-18 Finance Minister Arun Jaitley today proposed to reduce the tax rate for income up to Rs 5 lakh from the existing 10 per cent to 5 per cent while imposing 10 per cent surcharge on income between Rs 50 lakh and Rs 1 crore. Following is the table of impact on individual on tax proposals: INCOME TAX RATE IMPACT (Individual Tax Payers) Up … [Read more...] about INCOME TAX TABLE: BUDGET 2017-18
Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income
A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income. "Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of … [Read more...] about Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income
Salient Features of Direct Tax Proposals in Union Budget 2017
Salient Features of Direct Tax Proposals in Union Budget 2017 The Union Budget 2017 was laid before the Parliament today by the Hon'ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below: I. Affordable Housing: 1. Three concessions in the scheme of Income Tax exemption for affordable housing: (a) Area of 30 and 60 Sq.mtr. to … [Read more...] about Salient Features of Direct Tax Proposals in Union Budget 2017
Highlights of Union Budget 2017-18
Highlights of Union Budget 2017-18 1. All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board: FM 2. 10% Surcharge on individuals with income between 50 lakh to 1 Crore: FM 3. Surcharge of 10% for individuals earning between Rs 50 lakh- 1 crore; Surcharge for incomes > Rs 1 crore at 15% to continue: FM 4. A single one-page form for filing IT … [Read more...] about Highlights of Union Budget 2017-18
Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017
Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017 Finance Minister announced in the budget speech for 2017-18 today in Lok Sabha, there were legitimate expectations of the salary class after demonetization to reduce the tax burden. He proposed reducing the present rate of income tax from 10 to 5 percent for the first slab of income from 2.5 lakhs to 5 lakh … [Read more...] about Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017
Income Tax Department (ITD) launches Operation Clean Money
Income Tax Department (ITD) launches Operation Clean Money Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first … [Read more...] about Income Tax Department (ITD) launches Operation Clean Money
TDS on approved Provident and Superannuation Funds as per Income-Tax Act
TDS on approved Provident and Superannuation Funds as per Income-Tax Act TDS on payment of accumulated balance under recognised provident fund and contribution from approved superannuation fund Ministry of Finance has issued a circular about details of TDS on approved Provident and Superannuation Funds as per Income-Tax Act TDS ON PAYMENT OF ACCUMULATED BALANCE UNDER … [Read more...] about TDS on approved Provident and Superannuation Funds as per Income-Tax Act
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