Income Tax Ceiling

The Income Tax department has set a ceiling of Rs 1 lakh per taxpayer for the withdrawal of small tax demands.

In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill.

Finance Minister Nirmala Sitharaman, announcing the Union Budget for 2019-20 in Parliament on Friday, said India will become a $3-trillion economy this year. In the first Budget in Prime Minister Narendra Modi's second term, the Finance Minister proposed to extend the 25 per cent ceiling to corporates with a turnover up to Rs 400 crore, permit fili...

Recently, trade unions agreed on the proposal of doubling gratuity ceiling upon in discussions with labour ministry, according to Press Trust of India.

According to the EPFO's income projection, payment of 8.8 per cent rate of interest would have left a surplus of Rs 77.15 crore. But since the income projection of Rs 29,136.42 crore for the current fiscal was done without factoring in interest payment burden due to enhanced wage ceiling, EPFO had suggested to fix 8.7 per cent rate of return on PF ...

The Income Tax department has set a ceiling of Rs 1 lakh per taxpayer for the withdrawal of small tax demands.

In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill.

Finance Minister Nirmala Sitharaman, announcing the Union Budget for 2019-20 in Parliament on Friday, said India will become a $3-trillion economy this year. In the first Budget in Prime Minister Narendra Modi's second term, the Finance Minister proposed to extend the 25 per cent ceiling to corporates with a turnover up to Rs 400 crore, permit fili...

Recently, trade unions agreed on the proposal of doubling gratuity ceiling upon in discussions with labour ministry, according to Press Trust of India.

According to the EPFO's income projection, payment of 8.8 per cent rate of interest would have left a surplus of Rs 77.15 crore. But since the income projection of Rs 29,136.42 crore for the current fiscal was done without factoring in interest payment burden due to enhanced wage ceiling, EPFO had suggested to fix 8.7 per cent rate of return on PF ...