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Income upto Rs 5 Lakh to get full tax rebate

Income upto Rs 5 Lakh to get full tax rebate



Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed


Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers
TDS thresh hold on interests on small savings raised

Boost to housing and real estate sector

FM announces a slew of tax reliefs for middle class and small tax payers
Individual taxpayers having taxable annual income up to  Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax.  While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush

Q & A - Income Tax Returns E Filing – IT Filing


Income Tax Returns E Filing – IT Filing

Q:  The last month of the file IT returns is begin and so is the worries of all the taxpayers, what must a taxpayer should know?

ANS - The month of August is very important for all Taxpayers. In our Country, the Financial Year April to March is applicable for all Tax Laws. That's why Books of Accounts are made for the period of April to March. In Budget 2017 Stringent provisions relating to filing of Income Tax Returns have been made.

Q -  who all are required to file an Income Tax return?

Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks 1. The attention of the Board has been drawn to certain difficulties being faced by pensioners drawing their pensions through banks where the tax deduction at source certificate in the prescribed Form No. 16 is some-time denied to them on the ground that no employee-employer relationship exists between the banks and the pensioner. At times, objections have also been raised by the banks on the premise that Form No. 16 relates to deductions from salaries and not from pensions. In other cases, the certificates have been denied on the ground that the bank was not aware of any other income which the pensioner may have had.

EMPLOYEE NEWS & 7th CPC: Clarifications regarding use of Form No. 16 for pe...: 1184. Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks 1....

Amendment in Eligibility Qualification, Age, Fee and Remuneration for Tax Return Preparer (TRP)


MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)


NOTIFICATION


New Delhi, the 19th January, 2018


G.S.R. 44(E).—In exercise of the powers conferred by sub-section (1) of Section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the Tax Return Preparer Scheme, 2006, namely:—

Short title, commencement and application.
1. (1) This Scheme may be called the Tax Return Preparer (Amendment) Scheme, 2018.

Bitcoin crackdown: Income Tax Department to send notices to 4-5 lakh HNIs for suspected tax evasion

Bitcoin's blistering bull run, and all the worries that come with it becoming the biggest asset bubble ever, has finally galvanised the Income Tax Department into taking action. After surveying nine major cryptocurrency exchanges in the country last week to investigate instances of tax evasion, the taxman is now all set to issue notices to lakhs of high networth individuals (HNI) involved in Bitcoin trading in India.

According to official sources, the survey had revealed that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were "operational" and indulging in transactions and investments. "Those individuals and entities are now being probed under tax evasion charges.

Sharp increase in prosecutions of tax evaders by Income Tax Department

The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders.
Prosecutions have been initiated for various offences including wilful attempt to evade tax or payment of any tax; wilful failure in filing returns of income; false statement in verificationand failure to deposit the tax deducted/collected at source or inordinate delay in doing so, among other defaults.

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Income upto Rs 5 Lakh to get full tax rebate

Income upto Rs 5 Lakh to get full tax rebate Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed Relief of o...