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CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17 th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962 -- regarding 1. Section 203 of the Income-tax Act 1961 ("the Act") read with the Rule 31 of the Income-tax Rules 1962 ("the Rules") stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, valid permanent account number (PAN) of the deductee, tax deduction and collection account number (TAN) of the deductor, etc. The relevant form for such TDS certificate is Form No. 16 in case of deduction under section 192 and Form No. 16A for deduction under any other provision of Chapter XVII...

CBDT has directed that all the Income Tax Offices through out India shall remain open and the receipts counters shall also work during normal office hours on 30th and 31st of March 2013.  Special arrangements may also be made by way of opening additional receipt counters, wherever required on 30th and 31st March 2013.   F.No.226/45/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 13'h March 2013 Order under Section 119 (1) of the Income Tax Act, 1961. The Financial Year 2012-13 closes on 31-3-2013. In view of holidays on 27th and 29th of March and thereafter, on 30th and 31st March, being Saturday and Sunday, it is directed that all the Income Tax Offices through out India shall remain open and the receipts counters shall also work during normal office hours on 30th and 31st of March 2013. This direction is issued for administrative convenience by the Central Board of Direct Taxes in e...

FINANCE BILL, 2013 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of the Finance Bill, 2013 relating to direct taxes seek to amend the Income-tax Act , Wealth-tax Act and Finance (No.2) Act, 2004, inter alia , in order to provide for – A.            Tax rates B.            Additional Resource Mobilisation C.            Measures to Promote Socio-economic Growth D.            Relief and Welfare Measures E.            Widening of Tax Base and Anti Tax Avoidance Measures F.            Rationalisation  Measures 2.            The Finance Bill, 2013 seeks to prescribe the rates o...

Ministry of Finance 28-February, 2013 Benefit under Section 80-D of the Income Tax Act for CGHS Extended to Similar Schemes of the Central Government and State Governments The Finance Bill 2013 proposes extension of benefits under Section 80-D of the Income Tax Act to such schemes of the Central Govt and State Govts that are similar to Central Govt. Health Scheme(CGHS). Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that contributions made to CGHS are eligible for deduction under Section 80-D of the Income Tax Act and he is proposing to extend the same benefit to similar schemes of the Central Govt and State Govt. The Finance Minister also announced that deductions made to the National Children’s Fund will now be eligible for 100% deduction. PIB (Release ID :92759)

It’s that time of the year again when one needs to begin calculating their tax liabilities. However before you do so, remember to analyze the various sections of tax deductions under the Income Tax Act as tax planning does not end with Section 80C. Apart from this, there are other tax deductions provided by the Income Tax Act, 1961. Let’s understand them briefly: 80D : Tax deduction section 80D qualifies for mediclaim policies. The premium, which is paid for medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse and dependent parents/children is Rs 15,000. In case of a senior citizen, the maximum amount extends up to Rs 20,000. If you are paying the premium for your parents (whether dependent or not), you can claim an additional maximum deduction of Rs 15,000. 80DD : According to the Income Tax Act, if you are paying a premium to Life Insurance Co...

A vast majority of salaried class employees in a host of trade and industry sectors want Finance Minister P. Chidambaram to raise the income tax exemption limit to at least Rs three lakh and increase deductions like medical and educational allowances in the Budget, an Assocham survey said. The survey was conducted in major places like Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun on 'Budget 2013: Common man's expectations from the FM', the industry body said. Over 89 per cent of respondents said the slab of tax free income has not moved up in line with real inflation. The current basic exemption limit of Rs two lakh should be increased to at least Rs three lakh with the limit for women going up to Rs 3.5 lakh. This will increase the purchasing power of individuals and stimulate demand. 'Pushing the basic exemption limit the tax payers in saving taxes and will also align it with the proposals made by the Parlia...

House rent allowance (HRA) is an exemption under section 10(13A) of the Income Tax Act. And this applies to you provided certain conditions are met, one such condition being that your employer actually gives you a house rent allowance. But, before you start looking for your rent receipts, you have to meet a few conditions to qualify for this deduction. “You should not own any residential house at any place of your employment or business,” said Amit Dani, chartered accountant and certified financial planner, based out of Nagpur. The second condition is that, you should not own a house at any other place which is claimed as self-occupied house. “So, if you work in Mumbai and claimed  tax benefits for a self-occupied house in Pune, you will not qualify for deduction under Section 80 GG,” said Dani. How much: The amount which you can claim under Section 80 GG will be the least amount of the following options. 1) Rent paid minus 10 percent the adjusted total income. 2) Rs 2...