Form 16 is a certificate issued by an employer evidencing the TDS which is deducted from your salary and deposited with the authorities.
Tag: Income Tax
How to save Income Tax on salary for Individuals?
There are certain less-popular tax deductions which not only help you reduce your income tax outgo, but also the quantum of investment you need to make to avail tax breaks under the Section 80C.
Finding difficult to calculate tax? Here are 5 calculating apps with new income tax slabs
If you’re looking for income tax calculator apps in India, you are at the right place.
Budget 2019: No change in the Income Tax slabs, income up to Rs 5 lakh to be tax-free
In his address for the interim Budget 2019, Finance Minister Piyush Goyal introduced no changes to the tax slabs but announced full tax rebate for those who earn less than Rs 5 lakh. Also those whose gross income reaches to Rs 6.5 lakh will not be required to pay any[Read More…]
Budget 2019: No income tax for those earning under Rs 5 Lakh, says FM
While unveiling the Interim Budget 2019 on Friday February 1, Interim Finance Minister Piyush Goyal announced that all those earning less than Rs 5 lakh will get a full tax rebate. “Individual taxpayers with annual income up to Rs. 5 lakh will get full tax rebate. Individuals with gross income up to Rs. 6.5[Read More…]
These announcements in budget 2019 likely to provide relief in income tax
With increasing income levels and inflation, taxpayers expect the budget 2019 may help them save their taxes.
PM Modi reviews resolution of grievances related to Income Tax
The Prime Minister, Narendra Modi, today chaired his twenty-eighth interaction through PRAGATI – the ICT-based, multi-modal platform for Pro-Active Governance and Timely Implementation. The Prime Minister reviewed the progress in resolution of grievances related to income tax. Finance Ministry officials briefed him on the progress made in this regard. The[Read More…]
Link car, 2-wheeler sale to income to harness vehicular population and increase tax revenue
Growing traffic congestion resulting in pollution mainly due to an increasing number of cars and two-wheelers all over India is a serious concern for the government. In metropolitan cities like Delhi, Mumbai, Bengaluru the problem of congestion is at an intolerable stage and therefore the effective solution is highly required.[Read More…]
One year of GST: Long way to go for a simple, uniform tax regime
New Delhi: Touted as the biggest economic reform since Independence, the Goods and Services Tax (GST) was supposed to replace the complex indirect tax system prevalent in the country with a more simplified, uniform regime. As its roll-out completes one year on June 30, it can be argued that while[Read More…]
Direct Tax Collection rises to 19% in April-July
Direct tax collections increased to 19% in the first four months of the current fiscal as demonetisation of higher denomination currency brought in more number of individuals in tax net. Collections of direct taxes, which are made up of personal and corporate taxes, soared to Rs 1.90 lakh crore in[Read More…]
I-T return filings grew by 25% after demonetization: Tax department
According to the tax department, the number of I-T returns filed for the 2016-17 year grew by 25% to 2.82 crores, as increased number of individuals filed their tax returns post demonetization. The growth in ITRs filed by Individuals is 25.3% with over 2.79 crore returns having been received up[Read More…]
DK Shivakumar interrogated for 4 hours by IT officials in Bengaluru
The Karnataka energy minister DK Shivakumar on Monday appeared before the Income Tax department officials. He was questioned at the Bengaluru office for almost four hours at the Bengaluru office. As he was done with the interrogation, Shivakumar said to media personnel, “I am not afraid, I will do my[Read More…]
I-T return: Income-tax office to remain open until midnight
To facilitate senior citizens and those with income below Rs. 5 lakh to file tax returns for 2016-17, the Income-tax office department declared to remain open until midnight on Saturday. Notably, the last date of filing Income Tax Returns (ITRs) was extended from July 31 to August 5 in view of difficulties faced[Read More…]
Finance Minister Arun Jaitley launches Aaykar Setu in Delhi
On Monday, Union Finance Minister, Arun Jaitley, launched “Aaykar Setu”, a new Income Tax payer e-service module in New Delhi. Speaking at the event, Jaitley quoted the new e-service technology as a ‘great enabler’. He added that this application will reduce the physical interface between assessees and the tax assessing[Read More…]
Not scared, will fight fascism till the end: Lalu Yadav
In response to the allegations against him, RJD chief Lalu Prasad Yadav has slammed BJP in a series of tweets. After the Income Tax raided 22 locations in Delhi NCR in relation to the Benami land deal case, Lalu alleged that the government is targeting him as he constantly keeps[Read More…]
Lalu Yadav comes under Income Tax scanner
In connection to the Benami land deals linked to RJD chief Lalu Prasad Yadav, the Income Tax department is conducting raids in 22 locations in Delhi and Gurgaon. The search is carried out just after a day after the Bhartiya Janata Party(BJP) had accused Lalu, his daughter Misa Bharti and[Read More…]
You can now correct PAN and Aadhaar details errors online
In order to ensure security, the IT department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Additionally, to make the process of Aadhaar linking hassle-free, the department has also put two separate hyperlinks on its e-filing website.[Read More…]
SC to hear plea against Aadhaar link with PAN
Hearing of plea challenging making Aadhaar mandatory in progress
The Supreme Court on Wednesday started hearing on a plea which challenges the government’s move to make Aadhaar card compulsory for IT returns. On behalf of one of the petitioner, Petitioner Senior Advocate Aravind Datar opened his argument by saying that Section 139AA of Income Tax Act is contrary to[Read More…]
Four lakh companies may face deregistration for not filing IT returns
As large numbers of Indian companies have failed to file their returns for three financial years, more than a third of the 11 lakh active Indian companies face the chances of their names being struck off or deregistered. The development is as part of the check on shell companies. Lately,[Read More…]
Chaiwala under I-T scanner for giving Rs 1.5 cr dowry for 6 daughters
Tax evasion of more than Rs 1.37 lakh Cr in last 3 yrs
Aadhar mandatory for filling ITR forms
Income tax department starts helpline to stop frauds
There is now a helpline number for people who have been issued a notice to disclose their unaccounted income. The Income tax (I-T) department officials said the helpline will restrict frauds trying to impersonate an income tax official. As per the principal commissioner of I-T, Noida, T Tonsing Prasad, this[Read More…]
