Double income tax benefits in 2019: Five tax saving investments with tax-free income A person has to shortlist tax saving investment in advance in order to maximise the tax savings and benefits on investing in such instruments. All the tax saving investment options available provide tax breaks, deductions according to the prescribed guidelines by the […]
Income Tax
Certificate for tax deducted at source in Part B of Form No. 16 – CBDT
Certificate for tax deducted at source in Part B of Form No. 16 – CBDT Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi Notification No. 09/2019 New Delhi, 06th, May, 2019 Subject: Procedure, format and standards for issuance of certificate for tax deducted at source in […]
Tax Benefits Under NPS
Tax Benefits Under NPS What are the tax benefits of NPS 1. What are the tax benefits of NPS? Income Tax Act allows benefits under NPS as per the following sections: On Employee’s contribution: Employee’s own contribution is eligible for tax deduction under sec 80 CCD (1) of Income Tax Act up to 10% of salary […]
E-filing of Income Tax Returns registers an increase of 19%
E-filing of Income Tax Returns registers an increase of 19% There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns(ITR) e-filed during Financial Year(F.Y.) 2018-19 as compared to F.Y. 2017-18. This is factually untrue, because the figures for F.Y. 2017-18 and F.Y. 2018-19 are not directly comparable. It […]
Income Tax Rules For New Financial Year (2019-20): Key Points
Income Tax Rules For New Financial Year (2019-20): Key Points 1. The new tax structure The interim Budget introduced certain key changes in the tax rules for the financial year 2019-20. These changes came into effect from April 1, 2019. 2. No tax on income below Rs 5 lakh No need to pay tax if […]