Results for Income Tax

20 लाख तक की ग्रेच्युटी के लिए आईटी छूट - राजपत्र अधिसूचना

March 16, 2019
20 लाख तक की ग्रेच्युटी के लिए आईटी छूट - राजपत्र अधिसूचना


Gazzette Notification: Exemption u/s 10 of Income Tax – Rs. 20 Lakh for Gratuity w.e.f. 29.03.2018

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

NOTIFICATION

New Delhi, the 8th March, 2019

(Income-tax) 

S.O. 1213(E).—In exercise of the powers conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department of Revenue, notification number S.O. 141(E), dated the 11th June, 2010, except as respects things done or omitted to be done before such supersession, the Central Government, having regard to the maximum amount of any gratuity payable to employees, hereby specifies twenty lakh rupees as the limit for the purposes of the said sub-clause in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 29th day of March, 2018 or whose employment is terminated on or after the said date.

[Notification No. 16 /2019/F. No. 200/8/2018-ITA-I]

RAJARAJESWARI R., Under Secy.


20 लाख तक की ग्रेच्युटी के लिए आईटी छूट - राजपत्र अधिसूचना 20 लाख तक की ग्रेच्युटी के लिए आईटी छूट - राजपत्र अधिसूचना Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on March 16, 2019 Rating: 5

Income tax exemption for gratuity enhanced Up to Rs. 20 lakhs

March 13, 2019
IT Exemption on Gratuity – 20 lakhs w.e.f. 29.3.2018


Income tax exemption for gratuity increased from Rs.10 lakhs to 20 lakhs w.e.f. 29.3.2018

Income tax exemption for gratuity enhanced Up to Rs. 20 lakhs

Ministry of Finance has enhanced the income tax exemption for gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs. 20 lakhs. Shri Santosh Kumar Gangwar, Minister of State for Labour and Employment has expressed hope that this would benefit those employees of PSUs and other employees not covered by Payment of Gratuity Act, 1972 and has thanked the Finance Minister for enhancing the exemption limit.

The ceiling of Gratuity amount under the Payment of Gratuity Act, 1972 has been raised from time to time keeping in view over-all economic condition and employers capacity to pay and the salaries of the employees, which have been increased in private sector and in PSUs.

The latest such enhancement of ceiling of gratuity was made vide Government of India Notification dated 29.03.2018 under which the gratuity amount ceiling has been increased from Rs.10 lakhs to 20 lakhs w.e.f. 29.3.2018.

Source: PIB
Income tax exemption for gratuity enhanced Up to Rs. 20 lakhs Income tax exemption for gratuity enhanced Up to Rs. 20 lakhs Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on March 13, 2019 Rating: 5

Extension Of Date For Filing Of IT Returns For Taxpayers In Kerala

August 29, 2018
Extension of date for filing of Income Tax Returns for taxpayers in Kerala


Ministry of Finance
Extension of date for filing of Income Tax Returns for taxpayers in Kerala

In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the “Due Date” for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018.

CBDT had earlier extended the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the categories of taxpayers who were liable to file their Income Tax Returns by 31st July, 2018.

Source” PIB
Extension Of Date For Filing Of IT Returns For Taxpayers In Kerala Extension Of Date For Filing Of IT Returns For Taxpayers In Kerala Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on August 29, 2018 Rating: 5

Lok Sabha Q&A - Income Tax Refunds

August 17, 2018
Income Tax Refunds – Parliament Q&A

LOK SABHA
UNSTARRED QUESTION NO: 1751
ANSWERED ON: 27.07.2018

PRASUN BANERJEE
(a). the average time taken for Income Tax refunds; and

(b). the details of all pending IT refunds since 2014 and the number of people awaiting IT refunds as on date?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SHIV PRATAP SHUKLA)

(a). In the current financial year, the Centralized Processing Center (CPC) of the Income Tax Department, Bengaluru has taken on an average 43 days to process the income-tax returns of Assessment Year 2018-19. Separate data of average time taken in respect of returns involving claim of refund is not available. However, 83% refunds in the current financial year were issued by CPC within 60 days of filing of return.

(b). Out of all eligible refund claims filed in FY 2017-18, CPC has already processed 1.93 Cr cases. Out of the total eligible refund claims pending as on 01.04.2018, only 1.86 Lakh are pending to be issued by CPC as on 24.07.2018. Processing for eligible refund claims filed in the current financial year has already been completed in 17.92 lakh cases and processing in 19.61 lakh cases is under progress. Eligible refund cases are those cases where the return of income is free from any defect, the response of taxpayer to any notice for adjustment of income or outstanding arrears is not pending and the case is not covered under scrutiny.

Authority: https://loksabha.nic.in/
Lok Sabha Q&A - Income Tax Refunds Lok Sabha Q&A - Income Tax Refunds Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on August 17, 2018 Rating: 5

Filing of Income Tax Returns Deadline Extended for AY 2018-19

July 29, 2018
Filing of Income Tax Returns Deadline Extended for AY 2018-19


Extension of Due Date for filing of Income Tax Returns

The due date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers.

Related Post

Filing of Income Tax Returns Deadline Extended for AY 2018-19 Filing of Income Tax Returns Deadline Extended for AY 2018-19 Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on July 29, 2018 Rating: 5

Filing of Income Tax Returns Deadline Extended for AY 2018-19

July 26, 2018
Filing of Income Tax Returns Deadline Extended for AY 2018-19

Extension of Due Date for filing of Income Tax Returns

The due date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes(CBDT) extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers.


Filing of Income Tax Returns Deadline Extended for AY 2018-19 Filing of Income Tax Returns Deadline Extended for AY 2018-19 Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on July 26, 2018 Rating: 5

Paying Rent over Rs.50,000 pm - Deduct 5% TDS

July 16, 2018
Paying Rent over Rs.50,000 pm - Deduct 5% TDS

Are you an Individual*/HUF* paying rent over ₹50,000 per month?
Deduct & Deposit 5% TDS
(*except those liable to audit under clause (a) and (b) of section 44AB of the I.T. Act, 1961)

Deposit the TDS through e-payment or at authorised bank branches!

Deduct TDS @5% of the rent for year, at the time of credit/payment of rent of March, 2019 (or in the last month of the tenancy, if property is vacated earlier)

Upload details of tax deducted along with correct PAN of the Landlord in Form No. 26QC (www.tin-nsdl.com) (The tenant is not required to obtain TAN)
Deposit TDS online through NET Banking/Debit Card or at authorized Bank Branches
Download and issue TDS certificate to landform in Form No. 16C from TRACES website (www.tdscpc.gov.in)

  • ADVISORY TO LANDLORD:
  • PROVIDE YOUR PAN TO THE TENANT
  • VERIFY TAX DEPOSIT IN YOUR FORM 26AS
  • INSIST OF FORM 16C FROM THE TENANT


Detailed procedure, list of Bank branches authorized to accept TDS and Frequently Asked Questions (FAQs) are available on website www.tin.nsdl.com@IncomeTaxindia

Visit: www.incometaxindia.gov.in
www.cleanmoney.gov.in
Download “AAYKAR SETU”
Taxpayers Services Module & Mobile Application
Income Tax Department
Central Board of Direct Taxes

Source: www.incometaxindia.gov.in
Paying Rent over Rs.50,000 pm - Deduct 5% TDS Paying Rent over Rs.50,000 pm - Deduct 5% TDS Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on July 16, 2018 Rating: 5

Income Tax - Long Pending Issues & Ongoing Agitation

July 16, 2018
Long Pending issues & ongoing agitation – Income Tax Employees and Officers’ Associations

Long Pending issues & ongoing agitation – Income Tax Employees Federation and Gazetted Officers’ Associations

No. 2/2018-19

Dated, 9th July, 2018

To
The Presidents/General Secretaries
of all the Units/Circles of ITGOA and ITEF

Dear Comrades,
Sub : Long Pending issues & ongoing agitation – regarding

As decided earlier by the Central JCA to embark upon the path of agitation on various issues affecting the membership of the JCA from 17th May 2018, all the affiliated units have participated in the agitation programme and successfully completed the first phase of agitation. It was due to the unified agitation of the members of the JCA, the CBDT had invited the JCA for a discussion on 26th June 2018 on the charter of demands. Though the meeting lasted more than 2(two) hours but no such concrete/positive assurances were received from the Chairman, CBDT regarding resolving of the issues at the earliest. On 27th June 2018 the matter was discussed in the Central JCA meeting held at Civic Centre, Delhi. The meeting threadbarely discussed the outcome of the meeting with the Chairman, CBDT and was of the opinion to continue the ongoing agitation till the minutes of the meeting is made available to the JCA. It was further decided that on receipt of the minutes, further intensification of the agitation would be decided, if necessary.

As per the decision of the meeting, we have persuaded with the Authorities of the CBDT for issuing the minutes immediately but the same was till awaited. Moreover, we have also observed that some of the issues on which positive assurances were given by the Chairman, CBDT, there were no progress. Considering the impasse continuing in the Board on resolving the issues we have no
other alternative but to intensify the agitation.

Accordingly, as per the decision of the Central JCA meeting dated 27th June 2018 authorising the Joint Convenors to suggest for the intensification of the agitation, it is now decided to mount Phase-II of our agitation from 23rd July 2018. It was further decided to submit the same to the Chairman, CBDT informing him about the intensification of the agitational programme if the issues
did not get resolved by 20th July 2018. It was further decided to hold Press meet on 20th July 2018 by all the Circles/Units at their respective headquarters for wider publicity of the issues relating to genuine grievances of the officers and employees of the Department. A press note in this regard will be forwarded by Central JCA to all Circles/Units in due time. The Central JCA will also undertake mobilisation programme from 16th to 20th July, 2018 and all Unit leadership are requested for extensive campaigning in all offices of respective Regions for implementation of the following programme successfully.

The next phase of agitation will be as under :- JULY 2018 ONWARDS

1) Lunch Hour Demonstration on 23rd July, 2018 in all stations;

2) To boycott Income Tax Day on 24th July 2018 and observing Black Day by wearing Black Ribbons. The members of JCA will not participate in any meeting of the committee that may be constituted for organising this programme immediately after issuance of the Circular of JCA.

3) Black Flag Demonstration on visiting Chairman/Members of CBDT and Officials of Directorates in all income tax offices where they visit. Boycott Outreach programme/Seminar by Officers/Officials (visit to Schools, TDS seminar etc.)

4) Not to attend office on Saturday , Sunday & Holidays by the JCA members.

5) Not to attend any duty in the nature of protocol duty by members of JCA

AUGUST 2018 ONWARDS

1) Non-participation in the Search and seizure operation, Survey including TDS & recovery Survey and spot verification;

2) Mass squatting programme by Office Bearers and Committee Members of the JCA in front of the Chamber/Conference Hall whenever the Video Conference takes place.

3) Observing Day Long Fasting on 9th August, 2018 from 10 AM to 5 PM by the Office Bearers and Committee Members of the JCA at all stations of PCCIT/CCIT/PCIT.

4) Half-a-day (from 2 PM) Walk Out on 28th August 2018.

SEPTEMBER 2018

One day Token Strike on 12TH September, 2018 by the members of the JCA. It was also decided that the Central JCA will meet again to take stock of the situation during the month of August, 2018. All the units of the JCA are requested to ensure implementation of the aforementioned agitational programme in case of non-settlement of the issues within 20th July 2018.

It was also decided that in many regions the local administration had constituted committees for celebration of the Income Tax Day on 24th July 2018. As we have already decided to boycott the Income Tax Day celebration hence we appeal to all our members who were nominated in the committees should not extend any co-operation in this respect. We are hopeful that with the cent percentage participation of all the units and members, the issues above will reach to a logical end.

With revolutionary greetings,

Yours fraternally,
sd/-
(AmitavaDey) (RupakSarkar)
Joint Convenors

Source: http://www.itgoawbunit.org
Income Tax - Long Pending Issues & Ongoing Agitation Income Tax - Long Pending Issues & Ongoing Agitation Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on July 16, 2018 Rating: 5

CBDT Circular - Linking Of Pan With Aadhaar While Filing Of ITRs

July 16, 2018
Linking of PAN with Aadhaar while filing of ITRs – CBDT Circular

CBDT’s order regarding linking of PAN with Aadhaar while filing of ITRs

F.No.225/270/2017/lTA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

North-Block, ITA II Division,
New Delhi, dated the 30th of June, 2018

Order under Section 119 of the Income-tax Act, 1961

Vide its orders dated 31.07.17, 31.08.17, 08.12.2017 & 27.03.2018 in file of even number, CBDT had allowed time till 30th June, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of the matter, the CBDT further extends the time for linking PAN with Aadhaar till 31st March, 2019.

sd/-
(Rajeswari R)
Under Secretary to the Government of India

Authority: https://www.incometaxindia.gov.in
CBDT Circular - Linking Of Pan With Aadhaar While Filing Of ITRs CBDT Circular - Linking Of Pan With Aadhaar While Filing Of ITRs Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on July 16, 2018 Rating: 5

Filling of Income Tax Returns by Government Employees

July 09, 2018
Filling of Income Tax Returns by Government Employees



Income Tax : Filling of Returns by every Government Servant

P.N.DEVADASAN, IRS
Principal Commissioner
Phone: 8547000030

Chennai
19/06/2018

To
The Drawing & Disbursing Officer
O/O Dy. Director of IT(INV) Unit III
139, IOC Bhavan I Floor IOC Bhavan, Nungambakkam High Road, Nungambakkam, Chennai – 600034

Dear Sir/Madam,

Sub: Filing of Returns by every Government Servant – Reg.

As you might be aware, every person who is having income more than Rs.2,50,000 is bound to file his/her return of income. This includes the Government Servants also. However, the data of returns filed indicate that more than 50% of the Government Servants at Chennai are not filling their income tax returns. I hope, you will agree that as government servants, we should abide by laws and to be role models to the common citizens of our country. If we, Government servants ourselves are violating law by not filling our income tax returns, we don’t have any moral right to blame other sections of society.

From this year i.e Assessment Year 2018-19 onwards, the Parliament has amended the Income Tax Act by introducing a new section 234F for imposing late fee on every person who is not filling his/her return of income within the due date. For salaried employees, the due date is 31-07-2018. This means all the salaried employees have to file their returns of income for the Financial Year 2017-18 (Assessment Year 2018-19) on or before 31-07-2018. Otherwise they all mandatorily have to pay late fee amounting between Rs.1,000 to Rs.10,000 as per the provisions of Section 234 . Also, a penalty of Rs.5,000 can be imposed under section 271F on them. In addition to this, they can be prosecuted under section 276CC of the Income Tax Act for jail termsvarying between three months to seven years.

It may please be noted that these provisions are applicable to all the persons having gross income (excluding deductions) above Rs.2,50,000/-. It is understood that many persons who are claiming deductions under section 80C etc. (on GPF contribution, Life Insurance Policies, Housing Loan Repayment etc.) and adjustment of Interest on Housing Loan are under the impression that they need not file the return as their net income is below taxable limit and no TDS is deducted from their salary.

Therefore, I request you to kindly intimate and advice all the employees to whom the gross salary paid in the last year is more than Rs.2,50,000 to file their returns of income before 31-07-2018. It may also be noted that all the incomes earned by an employee such as rental income (including subletting of house/s), interest incomes, dividend from Co-operative societies and all such incomes should be declared in their returns of income. Later, if found to have omitted any such incomes, they are liable for separate penalty and prosecution for concealing those incomes.

A copy of this letter may be handed over to each of your employees who draw their salary through you. You may also discuss this issue with the Head of your Office/Department and request him/her to issue a circular to all the employees to file their return of income well in time.

In case of any clarification or suggestions, you may please contact the following Officers: Joint Commissioner Smt. Sumathy Venkataraman (8762300298), Assistant Commissioner Ms. N. Abhinaya (8939744880), Smt. Priya Ramakrishnan, ITO (9445954906), Shri Sundaramurthy, ITO (9445955554), Smt. Malarvizhy Kujur ITO (9962383336) or Shri V. Baladandayutham, ITO (9445954896).

Yours faithfully,
sd/-
(P.N.DEVADASAN)

Source: Confederation


Filling of Income Tax Returns by Government Employees Filling of Income Tax Returns by Government Employees Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on July 09, 2018 Rating: 5

New Income Tax Forms for AY 2018-19 – CBDT Notification

April 13, 2018
New Income Tax Forms for AY 2018-19 – CBDT Notification

Ministry of Finance
CBDT notifies Income Tax Return Forms for Assessment Year 2018-19

The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19 also, a one page simplified ITR Form-1(Sahaj) has been notified. This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.). Further, the parts relating to salary and house property have been rationalised and furnishing of basic details of salary (as available in Form 16) and income from house property have been mandated.

ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2. The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases).

In case of non-residents, the requirement of furnishing details of any one foreign Bank Account has been provided for the purpose of credit of refund. Further, the requirement of furnishing details of cash deposit made during a specified period as provided in ITR Form for the Assessment Year 2017-18 has been done away with from Assessment Year 2018-19.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR Form-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an Individual of the age of 80 years or more at any time during the previous year; or

(ii) an Individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the Return of Income.

The notified ITR Forms are available on the official website of the Department www.incometaxindia.gov.in.

Source: PIB News
New Income Tax Forms for AY 2018-19 – CBDT Notification New Income Tax Forms for AY 2018-19 – CBDT Notification Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on April 13, 2018 Rating: 5

CPPCs Advised To Issue Form-16 by 31st of May every year – CPAO

March 17, 2018
CPPCs Advised to Issue Form-16 by 31st of May every year – CPAO

Deduction of Income Tax at the time of making payment

“All Heads of CPPCs are advised to deduct the income tax at the time of each payment itself and issue Form-16 by 31st of May every year”

CPAO/IT&Tech/Bank Performance/37(Vol-II)/2017-18/204

09/03/2018

OFFICE MEMORANDUM

Subject:- Deduction of Income Tax at the time of making payment.

It is observed that some of the banks are not following the guidelines of the Income Tax Act regarding tax deduction on pension payments. Pensioners have raised grievances relating to the deduction of Income Tax at the fag end of the year causing undue financial hardship to the pensioners. Moreover, there is considerable delay in the issuance of Form-16 to the pensioners and in some cases, Form-16 are not being issued to the pensioners.

In view of the above, all Heads of CPPCs are advised to deduct the income tax at the time of each payment itself and issue Form-16 by 31st of May every year and follow the Income-tax guidelines issued from time to time.

sd/-
(Md. Shahid Kamal Ansari)
(Asstt. Controller of Accounts)
r

Authority: www.cpao.nic.in
CPPCs Advised To Issue Form-16 by 31st of May every year – CPAO CPPCs Advised To Issue Form-16 by 31st of May every year – CPAO Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on March 17, 2018 Rating: 5

CPPCs Advised to Issue Form-16 by 31st of May every year – CPAO

March 15, 2018
CPPCs Advised to Issue Form-16 by 31st of May every year – CPAO

Deduction of Income Tax at the time of making payment

“All Heads of CPPCs are advised to deduct the income tax at the time of each payment itself and issue Form-16 by 31st of May every year”

CPAO/IT&Tech/Bank Performance/37(Vol-II)/2017-18/204

09/03/2018

OFFICE MEMORANDUM

Subject:- Deduction of Income Tax at the time of making payment.

It is observed that some of the banks are not following the guidelines of the Income Tax Act regarding tax deduction on pension payments. Pensioners have raised grievances relating to the deduction of Income Tax at the fag end of the year causing undue financial hardship to the pensioners. Moreover, there is considerable delay in the issuance of Form-16 to the pensioners and in some cases, Form-16 are not being issued to the pensioners.

In view of the above, all Heads of CPPCs are advised to deduct the income tax at the time of each payment itself and issue Form-16 by 31st of May every year and follow the Income-tax guidelines issued from time to time.

sd/-
(Md. Shahid Kamal Ansari)
(Asstt. Controller of Accounts)

Authority: www.cpao.nic.in
CPPCs Advised to Issue Form-16 by 31st of May every year – CPAO CPPCs Advised to Issue Form-16 by 31st of May every year – CPAO Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on March 15, 2018 Rating: 5

Exemption Of Transport Allowance And Medical Reimbursement From Income Tax – NC JCM Staff Side

February 07, 2018
Exemption of Transport Allowance and Medical Reimbursement from Income Tax – NC JCM Staff Side

National Council Staff Side Secretary writes to Finance Ministry regarding the exemption of Transport Allowance and Medical Reimbursement from Income Tax

Shiva Gopal Mishra
Secretary

Ph: 23382286
National Council (Staff Side)
Joint Consultation, Machinery
For Central Government Employees
13-C, Ferozshah Road, New Delhi – 110001
E.Mail : nc.jcm.np@gmail.com

No.NC/JCM/2018

Dated: February 2, 2018

Hon’ble Finance Minister,
Ministry of Finance,
(Government of India),
North Block,
New Delhi

Respected Sir,

Sub: General Budget 2018-19

We hope that, standard deduction, up to Rs.40,000 in the Budget (2018-19) announcement, was provided to give some relief to the salaried class, but at the same time, there is serious resentment in the salaried class in general and the Central Government Employees in particular because of non-enhancement of limit of the Income Tax.

We were hopeful that, in this budget, the Central Government would provide Income Tax exemption, if not Rupees Five Lakh, definitely Four Lakh, but nothing has been done, which has resulted in desperation in the Government Employees. Moreover, Education Cess has been increased from 3% to 4%, which will further put additional tax burden on the salaried class. In such a situation standard deduction given by the government will definitely not going to help to any salaried employees.

Not only the above, Transport Allowance and Medical Reimbursement, used to exempt earlier, have also been stopped in this budget, has given another blow to the salaried class.

Since there is all-round resentment in the salaried class, it would be in all appropriateness if the Income Tax Exemption is enhanced to minimum Rupees Four Lakh.

Sir, Government Employees are also very eagerly awaiting for improvement in the Minimum Wage and Fitment Formula as well as announcement of the Guaranteed Pension to the employees covered under the National Pension System(NPS). These also need to be given top priority to keep industrial peace among the Government Employees.

It is also requested that, Transport Allowance and Medical Reimbursement, almost exempted from the Income Tax, should also remain exempted from the Income Tax, to give some relief to the government employees in distress.

With Kind Regards

Sincerely yours
sd/-
(Shiva Gopal Mishra)
Secretary(Staff Side)
National Council(JCM)

Source: NCJCM
Exemption Of Transport Allowance And Medical Reimbursement From Income Tax – NC JCM Staff Side Exemption Of Transport Allowance And Medical Reimbursement From Income Tax – NC JCM Staff Side Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on February 07, 2018 Rating: 5

Relief to Salaried Taxpayers – Standard Deduction of Rs 40,000 Allowed

February 02, 2018
Relief to Salaried Taxpayers – Standard Deduction of Rs 40,000 Allowed

Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions

2.5 Crores salaried employees and pensioners to benefit Differently-Abled will continue to get transport allowance at
enhanced rate

In order to provide relief to salaried taxpayer, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, proposed to allow a standard deduction of Rs. 40,000/- in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses. However, the transport allowance at enhanced rate shall continue to be available to differently-abled persons. Also, other medical reimbursement benefits in case of hospitalisation etc., for all employees shall continue.

Presenting the General Budget 2018-19 in the Parliament here today, the Finance Minister said, “Standard deduction shall significantly benefit the pensioners also, who normally do not enjoy any allowance on account of transport and medical expenses. The revenue cost of this decision is approximately Rs.8,000 crores. The total number of salaried employees and pensioners who will benefit from this decision is around 2.5 crores.”

Shri Jaitley said, “The Government had made many positive changes in the personal income-tax rate applicable to
individuals in the last three years. Therefore, I do not propose to make any further change in the structure of the income tax rates for individuals. There is a general perception in the society that individual business persons have better income as compared to salaried class.”

The Finance Minister further said, “Apart from reducing paper work and compliance, this will help middle class employees even more in terms of reduction in their tax liability.”

Source: PIB News
Relief to Salaried Taxpayers – Standard Deduction of Rs 40,000 Allowed Relief to Salaried Taxpayers – Standard Deduction of Rs 40,000 Allowed Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on February 02, 2018 Rating: 5

New Scheme For Assessment In Electronic Mode – Finance Minister

February 02, 2018
New Scheme for Assessment in Electronic Mode – Finance Minister

Ministry of Finance
Amendments in the income-tax act proposed to notify a new scheme for assessment in electronic mode.

E-assessment to be rolled-out across the country to transform age-old assessment procedure

In the General Budget 2018-19 presented in Parliament today, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed to amend the Income-tax Act to notify a new scheme for assessment. Shri Jaitley said the assessment will be done in electronic mode which will almost eliminate person to person contact leading to greater efficiency and transparency.

The Finance Minister added that the e-assessment system was introduced in 2016 on a pilot basis. In 2017, it was extended to 102 cities with the objective of reducing the interface between the department and the taxpayers. “With the experience gained so far, we are now ready to roll out the E-assessment across the country, which will transform the age-old assessment procedure of the income tax department and the manner in which they interact with taxpayers and other stakeholders” Shri Jaitley said.

Source: PIB
New Scheme For Assessment In Electronic Mode – Finance Minister New Scheme For Assessment In Electronic Mode – Finance Minister Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on February 02, 2018 Rating: 5

Exemption Of Interest Income On Deposits Increased To Rs 50,000

February 02, 2018
Exemption of Interest Income on deposits increased to Rs 50,000 to Senior Citizens

Ministry of Finance
Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000

Pradhan Mantri Vaya Vandana Yojana extended up to March 2020

Existed limit on investment under PMVVY enhanced to Rs 15 lakhs

With the objective of providing a dignified life to senior citizens, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, announced significant incentives for senior citizens.

Presenting the General Budget 2018-19 in Parliament here today, the Finance Minister said that the exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000/- to Rs. 50,000/- and TDS shall not be required to be deducted on such income, under section 194A. This benefit shall be available also for interest from all fixed deposits schemes and recurring deposit schemes.

The Finance Minister also announced raising the limit of deduction for health insurance premium and/ or medical expenditure from Rs. 30,000/- to Rs. 50,000/-, under section 80D. All senior citizens will now be able to claim benefit of deduction up to Rs. 50,000/- per annum in respect of any health insurance premium and/or any general medical expenditure incurred.

Further, the Finance Minister proposed raising the limit of deduction for medical expenditure in respect of certain critical illness from Rs. 60,000/- in case of senior citizens and from Rs. 80,000/- in case of very senior citizens, to Rs. 1 lakh in respect of all senior citizens, under section 80DDB.

These concessions will give extra tax benefit of Rs. 4,000 crores to senior citizens.

In addition to tax concessions, the Finance Minister proposed to extend the Pradhan Mantri Vaya Vandana Yojana up to March 2020 under which an assured return of 8% is given by Life Insurance Corporation of India. The existing limit on investment of Rs. 7.5 lakh per senior citizen under this scheme is also being enhanced to Rs. 15 lakh.

Source: PIB
Exemption Of Interest Income On Deposits Increased To Rs 50,000 Exemption Of Interest Income On Deposits Increased To Rs 50,000 Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on February 02, 2018 Rating: 5

CBDT Circular - Amendment In Eligibility Qualification, Age, Fee And Remuneration For Tax Return Preparer (TRP)

January 24, 2018
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.

(2) It shall come into force from the date of its publication in the Official Gazette.

2. In the Tax Return Preparer Scheme, 2006 (hereinafter referred to as the said Scheme), for paragraph 3, the following paragraph shall be substituted, namely:-

“3. An individual, who holds a bachelor degree from a recognised Indian University or institution, or has passed the intermediate level examination conducted by the Institute of Chartered Accountants of India or the Institute of Company Secretaries of India or the Institute of Certified Management Accountants of India, shall be eligible to act as Tax Return Preparer.”.

3. In the said Scheme, in paragraph 4,-
(1) for clause (i), the following clauses shall be substituted, namely:-

“(i) It shall invite application from persons,-

(a) having requisite educational qualifications specified in paragraph 3 or having appeared in the final year examination of the qualifying examination; and

(b) who is not below the age of twenty one years or more than forty-five years as on the 1st day of October of the year immediately preceding the date on which applications are invited.

(ia) It shall require that the application under clause (i) shall be accompanied by a fee of two hundred and fifty rupees, and failing which the application shall be invalid.”.

(2) for clause (v), the following clauses shall be substituted, namely

“(v) It shall enrol the persons who qualify the test for enrolment for each training centre separately.

(va) It shall not enrol any person under clause (v), unless –

(a) he makes a deposit of an amount of seven hundred and fifty rupees, which shall be nonrefundable; and

(b) he produces a proof of having passed the qualifying examination as specified in paragraph 3.”.

(3) clause (ix) shall be omitted.”.

4. In the said Scheme, in paragraph 9, for sub-paragraph (1), the following sub-paragraphs shall be substituted,
namely:-

“(1) The Board may authorise the Resource Centre or the Partner Organisation to disburse to a Tax Return preparer, the following amount, namely:-

(a) five per cent. of the tax paid on the income declared in the return of income for First Eligible Assessment Year which has been prepared and furnished by him;

(b) three per cent. of the tax paid on the income declared in the return of income for the Second Eligible Assessment Year which has been prepared and furnished by him;

(c) two per cent. of the tax paid on the income declared in the return of income for the Third Eligible Assessment Year which has been prepared and furnished by him.

(1A) The amount of disbursement for any eligible person in relation to an eligible year shall not exceed,-

(a) five thousand rupees in case of First Eligible Assessment Year;
(b) three thousand rupees in case of Second Eligible Assessment Year; and
(c) two thousand rupees in case of Third Eligible Assessment Year.”.

[Notification No. 04/2018/F.No. 142/16/2010 (SO)-TPL(Part)]

Dr T.S.MAPWAL, Under Secy.

Note : The Tax Return Preparer Scheme, 2006 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide notification number S.O. 2039(E), dated the 28th November, 2006 and last amended vide notification number S.O. 2819(E), dated the 22nd November, 2010.

Authority: http://www.incometaxindia.gov.in/
Original Link: Click here

CBDT Circular - Amendment In Eligibility Qualification, Age, Fee And Remuneration For Tax Return Preparer (TRP) CBDT Circular - Amendment In Eligibility Qualification, Age, Fee And Remuneration For Tax Return Preparer (TRP) Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on January 24, 2018 Rating: 5

Comparison Of Income Tax Calculation With Examples

January 15, 2018
Comparison of Income Tax Calculation with Examples (AY 2018-19, AY 2017-18, AY 2016-17 & AY 2015-16, AY 2014-15)

Calculation of Income tax in the case of an employee (Male or Female) below the age of sixty years and having gross salary income of...

FOR ASSESSMENT YEAR 2014-2015



FOR ASSESSMENT YEAR 2015-2016

FOR ASSESSMENT YEAR 2016-2017

FOR ASSESSMENT YEAR 2017-2018

FOR ASSESSMENT YEAR 2018-2019


Comparison Of Income Tax Calculation With Examples Comparison Of Income Tax Calculation With Examples Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on January 15, 2018 Rating: 5

Form No.16 For Pensioners : Issue Certificate Of Tax Deducted In Form 16 To The Pensioners

January 11, 2018
Form No. 16 for Pensioners : Issue Certificate of Tax Deducted in Form 16 to the Pensioners

Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks – CBDT Circular No.761, dated 13.1.1998

1184. 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.

2. The matter has been considered by the Board. It is hereby clarified that :—

(a) as per section 17(1)(ii) of the Income-tax Act, 1961, the term ‘salary’ includes pension;

(b) once tax has been deducted under section 192 of the Income-tax Act, 1961, the tax-deductor is bound by section 203 to issue the certificate of tax deducted in Form 16. No employee-employer relationship is necessary for this purpose;

(c) the certificate in Form No. 16 cannot be denied on the ground that the tax deductor is unaware of the payees’ other income.

3. These clarifications may be brought to the notice of all concerned, especially the banks in your region.

Circular : No. 761, dated 13-1-1998

Authority: Income Tax Department
Form No.16 For Pensioners : Issue Certificate Of Tax Deducted In Form 16 To The Pensioners Form No.16 For Pensioners : Issue Certificate Of Tax Deducted In Form 16 To The Pensioners Reviewed by CENTRAL GOVT WORKFORCE(EMPLOYEES) NEWS on January 11, 2018 Rating: 5
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