CBDT Extended the last date for filing return of income for AY 2015 to 31.8.2015

CBDT Extended the last date for filing return of income for AY 2015 to 31.8.2015

Extension of due date of filing return of income for Assessment Year 2015-16

Central Board of Direct Taxes, Department of Revenue has notified for extending the last date for filing of Income Tax for the Financial Year 2015-16 from 31st July 2015 to 31st August 2015.

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Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000

Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000

The Government has announced that income tax will be imposed if, at the time of premature withdrawal, the Provident Fund amount is in excess of Rs.30,000.

Finance Minister brought a new provision in his budget that allows for TDS on Provident Fund withdrawal before five years of continuous service. When calculating the period of continuous service of five years, the previous employment can also be included. The intention of this at promoting long-term savings. The amendment will come into force from June 2015.

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No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16

No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16

Surcharge @12% Levied on Individuals, HUFs, AOPs, BOIs, Artificial Juridical Persons, Firms, Cooperative Societies and Local Authorities Having Income Exceeding Rs 1 Crore

The Union Finance Minister Shri Arun Jaitley in his Budget Speech in Lok Sabha today proposed no change in the rate of personal Income-tax. He announced the tax proposals with no change in the rate of tax for companies in respect of the income earned in the financial year 2015-16, assessable in the assessment year 2016-17.

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Benefits to Middle Class Tax Payers in the Budget 2015-16

Benefits to Middle Class Tax Payers in the Budget 2015-16

Payments to the Beneficiaries Including Interest Payment on Deposit in Sukanya Samriddhi Scheme to be Fully Exempt

The Union Minister of Finance Shri Arun Jaitley in his Budget Speech in Lok Sabha today proposed rationalization of various tax exemptions and incentives to reduce tax disputes and improve tax administration. He said, with a view to encourage savings and to promote health care among individual tax payers, it is proposed to increase the limit of reduction of health insurance premium from Rs 15,000 to Rs 25,000 and for senior citizen this limit is increase from Rs 20,000 to Rs 30,000.

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Income Tax Exemption Slab Could be Raised Further: Finance Minister Arun Jaitley Informs

Income Tax Exemption Slab Could be Raised Further: Finance Minister Arun Jaitley Informs

“I have no intention of burdening the salaried and middle classes by imposing heavy taxes on them. At the same time, I’m not going to let tax evaders get away. I’m going to bring them into the tax-payers circle,” Minister of Finance, Arun Jaitley said.

“Salaried middle class people are paying more in direct taxes. If you ask me, I’d suggest that their direct tax burden should be reduced and if you could ensure that they get their full salaries, they will spend more. You can thus collect the money from them through indirect taxes,” he said.

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