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The income tax department has issued a clarification on PAN-Aadhaar linking regarding difficulties f...
Tax exemption limit on leave encashment increased to Rs lakh for non-government salaried employee...
In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been e...
The PAN-Aadhaar linking is important. In terms of government processing, it helps to verify the identity of individuals filed by income tax returns. Income Tax shared a tweet from its official Twitter handle saying, “Last date to link your PAN & Aadhaar is approaching soon!” “As per IT Act,1961, it is mandatory for all PAN […]
Income Tax (IT) officials have searched the BBC Delhi and Mumbai offices today. The income tax officials have seized phones and laptops. According to reports, a team of IT officials reached the BBC Studios office in Kalina Santacruz around 11.30 am. There have been over 100 employees that have been working the morning shift. The employees have […]
Higher EPF contribution to be taxable from April 1, but…? Union Finance minister Nirmala Sitharaman had announced in the Budget 2021-22 that interest earned on individual PF contributions over Rs 2.5 lakh in a financial year will be taxable from the next financial year. The move is set to impact people with high incomes and […]
EPFO: Interest on your PF contributions over Rs 2.5 lakh to be taxed Interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021, a move aimed at taxing high-value depositors in the EPF. Finance Minister Nirmala Sitharaman said the Employee Provident Fund (EPF) is aimed […]
Govt can look to provide tax deductions for WFH employees: Pwc India The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-budget session, Pwc India senior tax partner Rahul Garg said demand […]
In the announcement of the economic relief package, Finance Minister Nirmala Sitharaman said that the due date for Income Tax Returns for the year 2019-2020 is now being extended from July 31, 2020, and October 31, 2020 to November 30, 2020. She said, “Due date for all income-tax return for FY 2019-20 will be extended […]
Today, the Income Tax Department, on its official Twitter handle, announced that Government of India to give income tax refunds up to Rs 5 lakh immediately due to coronavirus impact. According to the announcement “In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds […]
In view of COVID-19 outbreak, India has offered several relaxations under the Income Tax Act and other direct tax laws to assuage taxpayers especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here on 24th March, Smt. Sitharaman announced much-needed relief measures in areas of […]
TimesJobs survey on the impact of Union Budget 2020 reveals that most (56%) professionals welcomed that income tax slab revision, The announcements related to insurance policies were the biggest disappointment 39% of young professionals said that the Union Budget 2020 failed to introduce concrete plans on employment generation 41% of professionals said that the policies […]
