Income Tax Calculators

No TDS upto 50,000 for Senior Citizen – CBDT Notification Dt. 6.12.2018

December 12, 2018 by Admin

No TDS upto 50,000 for Senior Citizen – CBDT Notification Dt. 6.12.2018
TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens

F. No. Pr. DGIT(S)/CPC(TDS)/Notification/2018-19

Notification No. 06/2018

Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax (Systems)
New Delhi

Notification No. 06 /2018

New Delhi, 06th December, 2018

Subject: – TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens – reg.-

It has been brought to the notice of CBDT that in case of Senior Citizens, some TDS deductors/Banks are making TDS deductions even when the amount of income does not exceed fifty thousand rupees.

The same is not in accordance with the law as the Income-tax Act provides that no tax deduction at source under section 194 A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees. (Please refer to the third proviso to sub-section 3 of section 194 A)

2. Under sub-rule (5) of Rule 31 A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26 B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26 B in the manner so specified.

3. In exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31 A of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby clarifies that no tax deduction at source under section 194 A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.

sd/-
(Dewangi Marthak)
Asstt. Commissioner of Income-tax(CPC-TDS)
O/o the Pr. Director of Income-tax (Systems)
New Delhi

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Pension Exempt from Income Tax – BPS writes to FM

November 26, 2018 by Admin

Pension Exempt from Income Tax – BPS writes to FM

Pension of Ex-Govt Employees to be Net of Income Tax Dt – 23.11.18

BHARAT PENSIONERS SAMAJ

(All India Federation of Pensioners Association)
2/13-A-LGF Backside, Jangpura – ‘A’, New Delhi – 110 014

No BPS/ SG/pension/I.Tax/018/1

Dated: 23.11.2018

To
The Arun jaitley ji
Honorable Cabinet Minister for Finance
Government of India

Subject: Pension of ex-Govt employees to be net of Income Tax

Sir,
With passage of time, the purchase value of pension due to steep rise in the cost of food items, caregivers and medical facilities etc gets substantially reduced.

Due to inflation coupled with low interest rates value of their deposits in Banks/Post offices etc too go on reducing year by year adversely affecting the net-worth of Pensioners. Thus compelling them to compromise their standard of dignified living.

As was worked out & recommended by TECS (Tata Economic Consultancy Services) consultant to Vth CPC (Para 127.9 Vol III 5th CPC report) Pension need to be 67% of the last drawn to enable a pensioner to live with the same standard to which he was living while in service (Supreme Court pronouncement in DS Nakara vs UOI) but only 50% of last drawn is being paid. Old age relief given to Sr citizen in Income tax is too little to compensate.

You are therefore, requested to reconsider & accept the recommendation of Vth CPC vide their 167.11(copy attached) in this regard and spare the pension/family pension along with DR & FMA from the levy of income-tax.

Further to compensate fall in purchase value of their savings in deposits with banks & post offices rate of interests for senior citizens on their deposits should be 2% above the normal rate of interests as against the existing 0.25% to 0.50%.

Hoping for your sympathetic consideration

Thanking you in anticipation

With Regards
Sincerely yours,
S.C.Maheshwari
Secy Genl Bharat Pensioners Samaj

Source: https://scm-bps.blogspot.com/

Income Tax Calculator Pre Post Budget 2018

February 9, 2018 by Admin

Income Tax Calculator Pre Post Budget 2018

Income Tax Calculator for AY 2018-19 and AY 2019-20

Income Tax Calculator Pre Post Budget 2018
Age Category
Gross Income

Description	AY 2018-19	AY 2019-20
Taxable Income
Standard Deduction	---
Transport Allowance		---
Taxable Income
0% ()	---	---
5% ()
10% ()
20% ()
30% ()
Tax on Income
Rebate U/S87A
Tax on net Income
Surcharge
Educational Cess 4%
Total Tax Payable
Impact on Tax

Income Tax Calculator AY 2019-20

February 4, 2018 by Admin

Income Tax Calculator AY 2019-20

Simple calculator to find out your income tax from your gross income for the next financial year 2018-19.

There is no change in tax rates. Only change in Health & Educational Cess 4% instead of 3%. We assume in this calculator deduction of 1.5 lakh under Section 80C.

And enter the income from the salary after deduct the Standard deduction of 40000.

Income Tax Calculation Details
Age Category
Income from Salary (After Standard Deduction of Rs.40000)

Description	AY 2019-20
Gross Income
80C Deduction
Taxable Income
0% ()	---
5% ()
10% ()
20% ()
30% ()
Tax on Income
Rebate U/S87A
Tax on net Income
Surcharge
Educational Cess 4%
Total Tax Payable

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Income Tax Calculator Pre – Post Budget 2017

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Income Tax Calculators(Form 16) for Government Employees

Income Tax Calculator Pre Post Budget 2017

January 30, 2018 by Admin

Income Tax Calculator Pre Post Budget 2017

Income Tax Calculator - Pre & Post Budget 2017
Age Category
Gross Income

Description	FY 2016-17	FY 2017-18
Gross Income
80C Deduction
Taxable Income
0% ()	---	---
5% ()
10% ()
20% ()
30% ()
Tax on Income
Rebate U/S87A
Tax on net Income
Surcharge
Educational Cess 3%
Total Tax Payable
Impact on Tax

[Note: All the figures are indicative]

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Income Tax Calculators

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