New form to claim tax rebate on LTA, HRA NEW DELHI: The income tax department has come out with a standard Form 12BB for salaried taxpayers to claim tax deduction on leave travel allowance concession (LTALTC), house rent allowance (HRA) and interest paid on home loans. Taxpayers will have to furnish to their employers proof of travel in Form 12BB for … [Read more...] about New form to claim tax rebate on LTA, HRA
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Confusion on EPF due to bad phrasing in Budget speech: Union Revenue Secretary Hasmukh Adhia
Confusion on EPF due to bad phrasing in Budget speech: Union Revenue Secretary Hasmukh Adhia Union Revenue Secretary Hasmukh Adhia today defended the proposal to tax Employee’s Provident Fund withdrawals, saying the intention was only to encourage investment in pension schemes, but the phrasing in the Budget speech caused the confusion. “The entire thing happened not … [Read more...] about Confusion on EPF due to bad phrasing in Budget speech: Union Revenue Secretary Hasmukh Adhia
Deduction of Income Tax on withdrawal of Provident Fund 60%
Deduction of Income Tax on withdrawal of Provident Fund 60% NATIONAL COUNCIL (STAFF SIDE) Joint Consultative Machinery for Central Government Employees 13-C, Ferozshah Road, New Delhi – 110001 E Mail: [email protected] No. NC-JCM/2016 Dated:- 1st March, 2016 To The Hon’ble Finance Minister, Government of India, North Block, New Delhi. Dear Sir, Sub: … [Read more...] about Deduction of Income Tax on withdrawal of Provident Fund 60%
House Rent Paid : 80GG has also been raised to 60,000 from 24,000
House Rent Paid : 80GG has also been raised to 60,000 from 24,000 The limit of deduction of house rent paid under section 80GG has also been raised to Rs. 60,000 from the existing Rs. 24,000 per annum to give relief to employees who live in rented houses. Certain Tax Reliefs announced for small tax payers and others While presenting the General Budget 2016-17 in Lok … [Read more...] about House Rent Paid : 80GG has also been raised to 60,000 from 24,000
Ex-servicemen gets property tax exemption after 9 year wait
Ex-servicemen gets property tax exemption after 9 year wait An ex-servicemen from Hyderabad used the RTI act in order to get his due. As per the state government all ex-servicemen/widows are exempted from paying property tax for any one house owned by them. An Ex-Serviceman had to struggle for 9 long years with the civic authorities to get exemption from property tax. After … [Read more...] about Ex-servicemen gets property tax exemption after 9 year wait
Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration
Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.23,720, grade Pay Rs.7,600, DA at prescribed rates, transport allowances @ Rs.3200+DA … [Read more...] about Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration
Raise income tax exemption limit to Rs 5 lakh: Unions
Raise income tax exemption limit to Rs 5 lakh: Unions New Delhi: Trade unions today asked the government to increase the income tax exemption limit to Rs 5 lakh and the minimum wage to Rs 18,000 besides raising the minimum monthly pension to Rs 3,000 for all. They also sought a special package for victims of the recent Tamil Nadu floods. These demands were raised under … [Read more...] about Raise income tax exemption limit to Rs 5 lakh: Unions
Budget 2016: Assocham demands income tax exemption to Rs 2.5 lakh, re-introduce standard deduction
Budget 2016: Assocham demands income tax exemption to Rs 2.5 lakh, re-introduce standard deduction New Delhi: Industry body Assocham demanded an increase in income tax exemption ceiling for salaried people to Rs 2.5 lakh and and re-introduce standard deduction for salaried employees to boost consumption in the upcoming Budget. The income tax exemption … [Read more...] about Budget 2016: Assocham demands income tax exemption to Rs 2.5 lakh, re-introduce standard deduction
Government sets target to add one crore more Income Tax payers this year
Government sets target to add one crore more Income Tax payers this year New Delhi: Government targets adding one crore new income tax payers in the current financial year, Minister of State for Finance Jayant Sinha said today. “The government has set a target of adding one crore new Income tax payers during the financial year 2015-16. The said target has been further … [Read more...] about Government sets target to add one crore more Income Tax payers this year
Enhancement of Income Tax exemption limit in the case of Running Staff in Railways
Enhancement of Income Tax exemption limit in the case of Running Staff in Railways NFIR National Federation of Indian Railwaymen 3, CHELMSFORD ROAD, NEW DELHI – 110 055 Affiliated to Indian National Trade Union Congress (INTUC) International Transport Workers’ Federation (ITF) Dated: 13/11/2015 No. II/58/Part II The Secretary (E), Railway Board, New Delhi Dear … [Read more...] about Enhancement of Income Tax exemption limit in the case of Running Staff in Railways
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