Important Amendment in Income Tax, which FM did not cover in Budget Speech: (1) Deemed sale value for sale of unquoted shares introduced. To be taxed at fair value. Sec 50CA (2) In absence of PAN,the rate of TCS will be twice of the extent rate or 5%, whichever is higher....
The Income Tax department has launched an ATM-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless regime of filing the annual IT returns. “Now, Electronic Verification Code (EVC) can be generated by pre-validating your Automated Teller Machine (ATM) provided by the bank...
If a taxpayer does not disclose part or whole of his income, or provides inaccurate details of his income in his returns, he can be penalised. However a mere change in head of income does not attract any penalty.
In case of a deceased person, legal heir of the deceased person has to file income tax return for the financial year. Step by step process to file return
How to Calculate TDS and What Rate TDS needs to be deducted, is a popular query. You can calculate TDS on your income by following the below steps
Ministry of Railways had earlier decided that in case of children above 5 years and under 12 years of age, for whom full berth or seat is sought at the time of reservation, full fare shall be charged
The government was forced to take a U-turn on the Employee Provident Fund (EPF) issue yet again on Friday when it increased the rate to 8.8 per cent from 8.7 per cent decided earlier. The Central Board of Trustees (CBT) had originally recommended 8.8 per cent. The rollback comes after...
The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said. The Central Board of Direct Taxes has issued a directive in this regard...
The finance ministry has approved 8.7% interest on provident fund deposits for over 5 crore subscribers of retirement body Employees’ Provident Fund Organisation (EPFO), lower than 8.8% decided by the Central Board of Trustees (CBT). “The (EPFO’s apex decision-making body) CBT, at its meeting held in February 2016, has proposed...
Retirement fund body EPFO is planning to introduce ‘One Employee One EPF Account’ system on May 1 to discourage premature PF withdrawals and encourage state governments to join its pension system. The decision was taken on April 21 in EPFO’s internal meeting, a day after the government rolled back its...