Income Tax Exemption of Rs. 5 lakhs per annum to pension income “Exemption of Rs. 5 lakhs per annum to pension income” Shiv Pratap Shukla D.O.No.370150/9/2017-TPL MINISTER OF STATE FOR FINANCE GOVERNMENT OF INDIA NEW DELHI – 110001 14th November, 2017 Dear Dr. Tharoor ji, Kindly refer to your D.O.letter No. DO/ST/09/2017/986 dated 26.09.2017 requesting for providing … [Read more...]
Mandatory Levy will be charged for Non filing of IT Return within Due date
Mandatory Levy will be charged for Non filing of IT Return within Due date GOVERNMENT OF INDIA MINISTRY OF FINANCE LOK SABHA UNSTARRED QUESTION NO: 4263 ANSWERED ON:11.08.2017 Action against Non-Filers of Income Tax RAYAPATI SAMBASIVA RAO a)The existing laws in place to deal with the IT defaulters; b)Whether the Government is planning to take severe punitive measures … [Read more...]
Clarification regarding number of Taxpayers added after Demonetization
Clarification regarding number of Taxpayers added after Demonetization Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by different authorities: (i) The Prime Minister mentioned … [Read more...]
Income Tax Department simplifies linking PAN with Aadhaar
Income Tax Department simplifies linking PAN with Aadhaar for taxpayers The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadhaar. Responding to grievances of taxpayers regarding difficulties in linking PAN with Aadhaar as their names did not match in both systems (e.g., names with initials in one and expanded initials in another), the IT … [Read more...]
Income Tax Calculator for FY 2016-17 and FY 2017-18
Income Tax Calculator for FY 2016-17 and FY 2017-18 The budget announcement on Income Tax Slabs come into effect from 1.4.2017 for Financial year (FY) 2017-18. We are in Financial Year (FY) 2016-17. That is from 01/04/2016 to 31/03/2017. This means the Assessment Year is 2017-18. So, the Calculator provided below will help you to understand the difference between Income Tax … [Read more...]