Ministry of Finance Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000 Pradhan Mantri Vaya Vandana Yojana extended up to March 2020 Existed limit on investment under PMVVY enhanced to Rs 15 lakhs With the objective of providing a dignified life to senior citizens, the Union Minister for Finance and Corporate Affairs, Shri Arun … [Read more...] about Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000
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IT Exemption - Income Tax Exemption - CENTRAL GOVERNMENT EMPLOYEES NEWS
No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation
No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation; Services provided by an educational institution to students, faculty and staff are fully exempt from GST. There are some reports that GST@18% will be levied on annual subscription/fees charged for lodging in hostels. This is not … [Read more...] about No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation
Income tax exemption limit to be hiked to Rs 3 lakh
Income tax exemption limit to be hiked to Rs 3 lakh New Delhi: The Finance Ministry is considering raising the current tax exemption limit from Rs 2.5 lakh to Rs 3 lakh. "A core commitee for Budget 2017 has proposed to revise tax exemption limit aimed to benefit small taxpayers," a top official involved with the process of Budget told The Sen Times on the condition on … [Read more...] about Income tax exemption limit to be hiked to Rs 3 lakh
Salaried peoples expectations from Budget 2017-18
Salaried peoples expectations from Budget 2017-18 New Delhi: Finance Minister Arun Jaitley unveils the budget on 1 February. The salaried class has a lot of expectations from the Budget. Increase in the personal income tax exemption limit and a higher deduction limit on home loan interest are among the common ones, say analysts. The following salaried people's … [Read more...] about Salaried peoples expectations from Budget 2017-18
Budget 2017 – Expectations of the Salaried Class
Budget 2017 - Expectations of the Salaried Class With the Union Budget 2017 just a couple of weeks away, there are expectations that the government will take some measures to help the common man, especially the salaried class, who has rallied behind the government's decision on demonetization despite suffering a lot post the note ban. Experts are also of the view that the … [Read more...] about Budget 2017 – Expectations of the Salaried Class
Revision of interest rates for Small Savings Schemes
Revision of interest rates for Small Savings Schemes F.No.1/04/2016-NS.II Government Of India Ministry Of Finance Department of Economic Affairs (Budget Division) North Block, New Delhi Dated: December 30, 2016 OFFICE MEMORANDUM Subject: Revision of interest rates for Small Savings Schemes. The undersigned is directed to refer to this Department’s OM of even number … [Read more...] about Revision of interest rates for Small Savings Schemes
Income Tax Exemption Calculation for Interest paid on Housing Loan
Revised Income Tax Exemption Calculator for Interest paid on Housing Loan - Income or Loss or House Property Calculation under Section 24 of the Income Tax Act. After enactment of Finance Act 2014, maximum housing loan interest amount (Interest on house property) which can be deducted from the income of a tax payer under Section 24 of the Income Tax Act in respect of self … [Read more...] about Income Tax Exemption Calculation for Interest paid on Housing Loan
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees
Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees under Section 10, Section 24, Section 89(1), Chapter VIA, and Section 87A Income Tax Rate 2016-17 TAXABLE INCOME RANGE RATE OF INCOME TAX Up to RS.2,50,000 NIL Rs.2,50,001 to Rs.5,00,000 10% of the amount by which the income exceeds … [Read more...] about Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions, Deductions and Rebate for Salaried Employees
Income Tax 2016-17 : All Salaried Employees to declare deductions and savings under Form 12BB
Income Tax 2016-17 : All Salaried Employees to declare deductions and savings under Form 12BB : Download Form 12BB as a Word, Excel or PDF file- All Employees to file Declaration under Form 12BB to claim deduction for savings under Section 80 C, payment of house loan interest under Section 24, and HRA exemption under Section 10 The Finance Act, 2015 had introduced section … [Read more...] about Income Tax 2016-17 : All Salaried Employees to declare deductions and savings under Form 12BB
No TDS on Disability Pension to Armed Forces Personnel
No TDS on Disability Pension to Armed Forces Personnel By Prashant Thakur -February 3, 2016 The tax exemption of disability pension received by Armed Force Personnel are among those exemptions under Income Tax Act for which you may not get a direct reference in the Income Tax Act. However , such tax exemption are allowed by the executive instruction issued by either … [Read more...] about No TDS on Disability Pension to Armed Forces Personnel
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