Saturday, February 28, 2015

Budget brings little cheer for taxpayers

Finance Minister Arun Jaitley in his first full-year Budget did not hike income tax exemption limits, as he did last year. However, he hiked the tax exemption limits of some allowances.

Here are the tax proposals in the Union Budget:

1) Limit in deduction on health insurance has been hiked from Rs. 15,000 to Rs. 25,000 to encourage people to take health insurance.

Sunday, February 22, 2015

ITEF elected new executive committee

ITEF elected it's new All India Executive Committee in Guwahati conference. As expected and hinted in this blog by the viewers, Mr Ashok Kanojia from Delhi has been elected as President and Mr Rupak Sarkar from West Bengal has been elected as Secretary.
Congratulation to all newly elected executive committee members !
Now secretaries of both the service association, ITGOA and ITEF belong to West Bengal charge. West Bengal , the worst sufferer in cadre restructuring but gallant winner in the union number game ! Is it the reward of unconditional surrender before the other regions ? 

Tuesday, February 17, 2015

All India Conference of ITEF In Guwahati

ITEF is going to organize the All India Conference in Guwahati between 19th and 22nd February 2015. Leaders from all over the country will exchange their views and by meaningful discussions, future roadmap for the welfare of employees are likely to be drawn.
As we are aware that the visiting leaders (approximately 15 per circle, amounting to nearly 250 in number) remain always busy for the benefit of employees, will mostly avail the aerial route to minimize the travel time. Though Guwahati is well connected by rail, delegates prefer air travel to concentrate fully on the conference itself.
Expense for air fare should not be a problem for this organization. For instance, 16 delegates from West Bengal are flying to Guwahati by a private air carrier at the cost of Rs 7000/- (approx) per head for one way journey only. The local unit is collecting subscription from ordinary members to bear the expense partially. As the conference is meant for the welfare of the members, they should come forward and subscribe generously.
It may be mentioned that West bengal is the only region which did not get even a single post of additional ITO in the recent cadre restructuring. But it may be remembered that the organization is on warpath against phasing out of posts from this circle and the national leadership is constantly pursuing for long pending demands like mobile handset, laptop etc.

Tuesday, February 10, 2015

Interest u/s 234A not to be charged for S.A. tax paid before due date : CBDT clarifies

CBDT has decided no interest under Section 234A is chargeable on the amount of self assessment tax paid by the assessee before the due date of filing of return of income.
As S.A. Tax was not considered as a component of tax to be reduced from the amount on which interest under section 234A of the act is chargeable, interest is being charged on the amount of S.A. tax even if the asssessee has deposited it before the due date of filing of return.
Based on a Supreme Court judgement, CBDT revisited the provision and issued the above mentioned clarification.
Click here for the CBDT communication for compliance of all officers

Saturday, January 31, 2015

CIT to Pr CIT : Promotion Order issued

As many as 264 Commissioners of Income Tax have been promoted as Pr Commissioner of Income Tax in the HAG scale (67,000 to 79,000).
This is a new post consequent to the implementation of cadre restructuring.
Click here for the order
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