Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018 There has been a marked improvement in the number of Income Tax Returns(ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year. The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as against 3.17 crore upto … [Read more...]
Extension of date for filing of Income Tax Returns for taxpayers in Kerala
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 the … [Read more...]
Income Tax Section 192(2) – Salary From More Than One Employer
Income Tax Section 192(2) - Salary From More Than One Employer Section 192(2) deals with situations where an individual is working under more than one employer or has changed from one employer to another. It provides for deduction of tax at source by such employer (as the tax payer may choose) from the aggregate salary of the employee, who is or has been in receipt of salary … [Read more...]
Income Tax Section 80CCD – Deduction in respect of contribution to pension scheme of Central Government
Income Tax Section 80CCD - Deduction in respect of contribution to pension scheme of Central Government Section 80CCD(1) allows an employee, being an individual employed by the Central Government on or after 01.01.2004 or being an individual employed by any other employer, or any other assessee being an individual, a deduction of an amount paid or deposited out of his income … [Read more...]
Deduction U/S 16 – Act from the Income from Salaries
Deduction U/S 16 - Act from the Income from Salaries Entertainment Allowance [Section 16(ii)]: A deduction is also allowed under section 16(ii) in respect of any allowance in the nature of an entertainment allowance specifically granted by an employer to the assessee, who is in receipt of a salary from the Government, a sum equal to one-fifth of his salary(exclusive of any … [Read more...]