Category: INCOME TAX
Tax Concession on Education Loan under Section 80E of the Income Tax Act, 1961
Tax Concession on Education Loan
Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his [...]
Direct tax code to be made operational by 2013
Union Finance Minister Pranab Mukherjee on Saturday said the Direct Tax Code (DTC) would be made operational by next year.
Speaking at the post-bu [...]
Income Tax provisions in Union Budget 2012-13
Income Tax Slabs for Assessment Year 2013-2014
(Financial Year 2012-13)
1. For Individuals( below 60 years)
[...]
Final report on Income tax submitted by Parliamentary Committee
The parliamentary panel of Parliamentary standing committee on finance headed by former FM Shri Yashwant Sinha has submitted its final report to help [...]
Parliamentary standing committee on finance has recommended an increase in basic tax exemption limit to Rs. 3 lakh and another Rs. 3.20 lakh rebate
The Parliamentary standing committee on finance has recommended an increase in basic tax exemption limit to Rs. 3 lakh and another Rs. 3.20 lakh reba [...]
Exemption from filing return are not available for certain category
1. Taxpayer receiving or received salary from more than one employer :
Who gets salary from two or more employer/TAN.
Who transferred fro [...]
I-T relief: House panel may push for higher deduction of Rs 3.20 lakh
Likely to include long-term savings, children's education; corporate tax may remain unchanged
NEW DELHI, FEB 24: The Standing Committee of Parliament [...]
This year too, no tax returns for salaries up to Rs 5 lakh including 10 thousand bank interest limit
Feb 20:
Millions of salaried taxpayers will continue to enjoy a procedural relief of not having to file their income-tax returns even for the curren [...]
Tax exemption may rise to Rs 1.5 lakh
Finance minister Pranab Mukherjee is likely to increase the income tax exemption limit on individual savings from R1 lakh at present by up to R50,000 [...]
Income Tax Exemption Limit may be increased upto 3 Lakh on Home Loan Interest
As per IBN Live:
In a bid to boost housing sector credit, the government is contemplating enhancing income tax exemption for up to Rs 3 lakh pa [...]