Clarification for Contributory Pension Scheme (CPS / NPS) - Extra 50,000 Deduction - Chief Income Tax Officer -Tamilnadu
Showing posts with label Income Tax. Show all posts
Showing posts with label Income Tax. Show all posts
Saturday, 18 February 2017
Wednesday, 24 August 2016
INCOME TAX SLABS & RATES FOR FINANCIAL YEAR 2016 - 2017 (ASSESSMENT YEAR 2017 - 2018
INCOME TAX SLABS & RATES FOR FINANCIAL YEAR 2016 - 2017 (ASSESSMENT YEAR 2017 - 2018
** Additional tax benefit of Rs.5000/- under Section 87A, if Income is upto Rs.5,00,000/-.
*** 3% Extra Surcharge on total Tax.
- Section 80GG: Deduction amount under 80GG increased from Rs 24,000 per annum to Rs 60,000 per annum. Section 80GG is applicable for all the individuals who do not own a residential house & do not get HRA (House Rent Allowance).
- Section 87A Rebate : Benefit of Rs 5,000 upto the income of Rs 5,00,000. If you are earning below Rs 5 lakh, you can save an additional Rs 3,000 in taxes. Tax rebate under Section 87A has been raised from Rs 2,000 to Rs 5,000. Effectively, this means now the basic exemption is of Rs 3 lakh.
- Surcharge: 15 % Surcharge on income of more than 1 crore rupees yearly has been proposed, earlier it was 10 %.
- National Pension System : 40% of corpus withdrawal at the time of retirement will be tax exempted.
- Section 80EE – First time Home Buyers can claim an additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE.
- The home loan should have been sanctioned in FY 2016-17
- Loan amount should be less than Rs 35 Lakh
- The value of house should not be more than Rs 50 Lakh
- INCOME TAX RATES FOR GENERAL CATEGORY (NON SENIOR CITIZENS):
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. | 10% of amount by which the total income exceeds Rs. 2,50,000/- |
| iii. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. |
| iv. | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,25,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
- INCOME TAX RATES FOR SENIOR CITIZENS (60 YEARS & ABOVE, BUT BELOW 80 YEARS):
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 3,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- | 10% of the amount by which the total income exceeds Rs. 3,00,000/ |
| iii. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | Rs. 20,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. |
| iv. | Where the total income exceeds Rs. 10,00,000/- | Rs. 120,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
- INCOME TAX RATES FOR VERY SENIOR CITIZENS (80 YEARS & ABOVE):
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 5,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | 20% of the amount by which the total income exceeds Rs. 5,00,000/-. |
| iii. | Where the total income exceeds Rs. 10,00,000/- | Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
Tuesday, 23 August 2016
INCOME TAX GUIDE BY DOP ACCOUNTANT
Sunday, 14 August 2016
SAVE TAX BY INVESTING IN NPS
7th CPC arrears and revised Salary is about to paid. There is no major change in Income Tax rates for F.Y. 2016-2017. Many of us will come under Income Tax range. NPS is one of the best option to save tax.
Saturday, 30 July 2016
Date of filling Income Tax Return for FY 2015-2016/ A.Y. 2016-2017 Extended From 31 July to 05th August
Press Information Bureau
Government of India
Ministry of Finance
29-July-2016 20:47 IST
CBDT extends the date for filing income tax return for Assessment Year 2016- 2017 from July 31st to August 5th, 2016 As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year 2016- 2017 from 31st July, 2016 to 5th July,2016 , in case of taxpayers throughout India who are liable to file their Income-tax by 31st July, 2016. This extension is given in order to avoid any inconvenience to the taxpayers while making payment of taxes pertaining to returns of income for Assessment Year 2016- 2017 by 31st July, 2016 due to reports of Bank strike on 29th July,2016(Friday) and 31st July,2016 (Sunday), being a Bank-Holiday
Ensure e-Filling of Income Tax Return before 5th August.
Friday, 22 July 2016
Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Non PAN Transactions
Press Information Bureau
Government of India
Ministry of Finance
21-July-2016 15:56 IST
Income Tax Department to issue 7 lakh letters
Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc. Many of these transactions do not have PAN linked to it. The Department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17. The Income Tax Department has with the help of in-house computer techniques, grouped such non-PAN transactions and identified 7 lakh high-risk clusters having around 14 lakh non-PAN transactions which are being scrutinized by the Income Tax Department closely.
The Department will be issuing letters to the parties of these transactions requesting them to provide their PAN number against these transactions. For the convenience of the parties to whom these letters are addressed, a new functionality on e-filing portal has been developed wherein they can own up transactions and provide structured response electronically. The parties can log-in to their e-filing website and by quoting a Unique Transaction Sequence Number provided in the letter sent to them, can link their transaction with their PAN easily. They will also be able to give a response to this letter electronically by choosing the option of either owning up the transaction or denying the transaction as their own. The responses received from such parties online will be examined by the Department. The Department will initiate further necessary action in those cases where no replies are received.
The members of public who receive such letters are requested to kindly cooperate in the matter. They may use the Departmental helpline to ask questions, as far as possible, instead of making direct contact with any officials of the Income Tax Department. Members of public are advised not to entertain any claims from unscrupulous elements who may offer their help in complying with such communication by falsely representing themselves to be the agents of Income Tax department in the matter .
