Type of income tax return forms for A.Y.2016-2017
Criteria for selection and due dates for filing of income tax return for A.Y.2016-2017.
Type of income tax return forms for A.Y.2016-2017
Simplifying Tax for C.A's and Taxpayers
Category Archives: Income Tax
No TDS on PF withdrawal upto Rs 50000
Good News!!! No TDS for provident fund withdrawals of up to Rs 50,000 from June 1, 2016
The Finance Act, 2016 has amended section 192A of Income Tax Act, 1961 to raise the threshold limit of PF withdrawal from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS) with effect from June 1, 2016
Get ready for new service tax rate 15% from June 1, 2016
A cess is a tax that is levied by the government to raise funds for a specific purpose. With effect from June 1, 2016, a new cess proposed by Budget 2016-17 called Krishi Kalyan Cess (KKC) will apply. In this regard, a new Chapter VI has been inserted in the Finance Bill, 2016, that contains the provisions, which is applicable with an enactment of the Finance Bill, 2016. Thereby, effective rate of Service tax going to be increased from 14.5% to 15%. Read More
Missed your income tax proof submission deadline..Still you can save tax
Many of us, due to work pressure or for other reason, forget to submit proofs for investment made for tax purposes or for claiming deductions or reimbursements to the employer. Even sometimes, we do invest in tax saving investments near the year end which we realize later is generally past the income tax proof submission deadline. Result: Employer deducting higher taxes.
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“Marriage is but a consolidation of resources. “ P.S. Plan your and your spouse taxes
Ideally two incomes mean twice the opportunity. When both spouses have income sources, this definitely adds strength to financial fiber of the family. But all you need to do is to understand and plan properly to reap benefits from this advantage. Seek help from a marriage tax company in filing your taxes.
Final warning from Income tax department for non-submission of ITR V
Final warning from Income tax department for non-submission of ITR V pending for returns filed electronically without digital signature for the A.Y.2009-2010, 2010-2011, 2011-2012, 2012-2013, 2013-2014, 2014-2015
Do declare your interest Income yourself
- “I do not want to declare interest as it will add to my tax liability.”
- “ I believed that interest on saving bank account is tax free “
- “My bank has not deducted TDS on this interest. I am not supposed to report this part of interest”
Wondering which category you belong to? Read More
New rule 29C Regarding Furnishing of Form 15G/15H w.e.f 01/10/2015
Income tax (14th amendment) Rules, 2015 vide notification no. S.O.2663 (E) dated 29/09/2015
Simplification of procedure for form 15G and 15H.No need to submit these forms to income tax department, procedure to be specified soon.