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
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Income Tax Act
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
Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961 The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the … [Read more...] about Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961
Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961 CIRCULAR NO : 01/2017 F.No.275/192/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 2nd January, 2017 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR … [Read more...] about INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961
Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962 Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at serial no. 11 of … [Read more...] about Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means
Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business … [Read more...] about Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means
7th Pay Commission Pay Out – Best Tax Saving Investment Options
There are a large variety of tax-saving options available under Section 80C of the Income-Tax Act. However, the key issues are the safety, returns and tax status while investing. 7th Pay Commission Pay Out – Best Tax Saving Investment Options – The increased pay packet by the 7th pay commission will come with its own set of concerns on managing the money. The 7th Pay … [Read more...] about 7th Pay Commission Pay Out – Best Tax Saving Investment Options
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
Key changes to Mandatory Quoting of Pan Rules of the Income tax Act
Key changes to Mandatory Quoting of Pan Rules of the Income tax Act Rules regarding quoting of PAN for specified transactions amended The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of … [Read more...] about Key changes to Mandatory Quoting of Pan Rules of the Income tax Act
Launch of scheme for Girl Child named “Sukanya Samridhhi Account” by Hon’ble Prime Minister
Launch of scheme for Girl Child named "Sukanya Samridhhi Account" by Hon'ble Prime Minister When Prime Minister Narendra Modi will launch 'Beti Bachao Beti Padhao' campaign at Panipat on January 22, he would also introduce an ambitious scheme 'Sukanya Samruddhi Account' to make girls financially empowered. Modeled on the pattern of small savings schemes of the government, … [Read more...] about Launch of scheme for Girl Child named “Sukanya Samridhhi Account” by Hon’ble Prime Minister
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