Taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form, a senior Finance Ministry official said on Tuesday. Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns. Income tax returns for the group above Rs 5 lakh, all such returns…
MINISTRY OF FINANCE (Department of Revenue), (Central Board of Direct Taxes), NOTIFICATION No. 15/2013, Income-Tax, New Delhi, the 26th February, 2013 S.O. 460(E).-In exercise of the powers conferred by Section 118 of the Income-taxAct,1961(43 of 1961), the Central Board of Direct Taxes hereby directs that the income-tax authority specified in column (3) of the…
1. Leave allowance: An employee can use such an allowance to cover his domestic travel and can be used for air, rail, and road transport. 2.Gratuity paid to an employee also has taxation benefits. To determine the taxability of gratuity, it is important to understand whether an employee is covered by payment of gratuity act. If an…
Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) There is a statutory requirement under section 1 39A of the Income-tax Act read with rule 11 4B of the Income-tax Rules, 1962 to quote Permanent Account Number (PAN) in documents pertaining to purchase or sale of immovable property for…
The Finance Bill 2013-14 proposes a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status. Presenting the Union Budget in the Lok Sabha, the Finance Minister Shri P.Chidambaram said that he also proposes to increase…
Applicable TDS Rates are same as were in force for F.Y. 2013-13 except the changes specified below. I.Rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than – “Salaries”. The rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries”…
There is no change in income tax rates, slabs at all. No change in exemption limit. Only tax rebate of Rs 2000 has been allowed for income tax slabs between 2 lakh-5 lakh. So if your income is more than 500000 and less than 1 crore then no tax rate change for you. Income is…
Browser Settings Income Tax Department recommends that you use the following browser specifications for the best view of https://incometaxindiaefiling.gov.in website. You may still be able to use the e-filing website using other browsers and versions, but the pages may not display properly or you may experience difficulties to use all of the functionality. Mozilla Firefox (…
TDS related forms and rules regarding digital singnature of TDS return has been changed through INCOME-TAX (SECOND AMENDMENT) RULES, 2013 – AMENDMENT IN RULES 31A & 31AA; SUBSTITUTION OF RULES 31ACB, 37J and FORM NOS.15G, 15H, 16, 16A, 24Q, 26Q, 27C, 27D, 27Q & 27EQ and INSERTION OF FORM NO. 26B, notification no 11/2013 date…
Income Tax rules regarding refund of excess deposit of TDS by deductor has been amended in notification 11/2013 dated 19.02.2013. In this notification deductor can claim refund of excess TDS by filing the return electronically on New form 26B with digital signature only .New rule 31A(3A) has been inserted under rule 31A. Further Director general…