What is Income-tax? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961. What is the administrative framework of Income-tax? The revenue functions of the Government of India are managed by the Ministry of Finance. The…
DetailsCentral Government have notified the following districts of the State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD, namely:— 1. Patna 2. Nalanda 3. Bhojpur 4. Rohtas 5. Kaimur 6. Gaya 7. Jehanabad 8. Aurangabad 9. Nawada 10.…
DetailsThe Pr. Chief Commissioners of Income Tax, New Delhi will be organizing special return counters for salaried tax payers (including pensioners) between 24 to 31 August, 2015 at Pratyaksha Kar Bhawan, Civic Centre, Minto Road, New Delhi. The camp will be inaugurated by Chairperson of the Central Board of Direct Taxes, Smt. Anita Kapur on…
DetailsGovernment Launches Suraksha Bandhan Drive to Facilitate Enrolment under Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) through the Jeevan Suraksha Gift Cheques (Rs. 351), the Suraksha Deposit Scheme (Rs. 201) and Jeevan Suraksha Deposit Scheme (Rs. 5001) Initiatives To build on the very encouraging response to the social…
DetailsAtal Pension Yojana (APY) Modified to Increase the Acceptability of the Scheme Amongst Informal Sector Workers and Make the Scheme More Viable; Subscribers Would Now Have an Option to Make the Contribution on a Monthly, Quarterly, Half Yearly Basis Instead of on a Monthly Basis Earlier; Discontinuation of Payment of Contribution Provision Substantially Modified in…
DetailsIncome-Tax Act 1961 Amended Through Finance Act 2015 to Provide Certain Tax Benefits to Notified Backward Areas in Specified States Including State of Bihar to Give these Areas an Opportunity to Grow Faster;21 Districts of Bihar Notified as Backward Areas; Any Manufacturing Undertaking or Enterprise Set-Up During the Period From 01.04.2015 to 31.03.2020 in the…
Details[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] INCOME-TAX Notification New Delhi, the 17th August, 2015 S.O. 2240(E).- In exercise of the powers conferred by Explanation 2 to clause (1) of section 6 read…
DetailsNo. 580/9817015-FT&TR- V Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research Division Dated: 14th August, 2015 To, All Principal Chief Commissioner of Income Tax. Madam/Sir, Sub: Representation before Authority of Advance Rulings – reg. Sir, I am directed to refer to the above-mentioned subject…
DetailsThe Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate…
DetailsEPFO Settles 11.56 Lakh Claims in July,2015Social Security Agreements with Austria and Canada Come Into Effect In the month of July, 2015 EPFO( Employees Provident Fund Organisation) have revised from 30 days to 20 days, the timelines for settlement of PF, pension and insurance claims. As a result, the claimants would now get speedier service.…
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