What to do to claim refund of Income Tax

What to do to claim refund of Income Tax If I have paid excess income tax, how and when will it be refunded to me? Answer: To claim the excess paid tax, the assessee has to file Income Tax Return, irrespective of the fact whether the income is taxable or not. The amount of refund will be remitted to the assessee to the bank account as mentioned in the ITR after the processing of the retuRead More…

5 oppn amendments to Finance Bill 2017 adopted in Rajya Sabha

Govt faces embarrassment in RS; 5 oppn amendments to Finance Bill adopted New Delhi, Mar 29 (PTI) The government today faced a major embarrassment in the Rajya Sabha as five amendments moved by the opposition to the Finance Bill 2017 were adopted before the House approved the measure. Of the five opposition amendments, three were moved by the Congress member Digvijaya Singh and two by Sitaram Read More…

Key Changes proposed in Finance Bill 2017

Changes proposed in Finance Bill, 2017 Changes made in the Finance Bill, 2017 as passed by the Lok Sabha viz-a-viz the Finance Bill, 2017 presented originally in the Lok Sabha [ Read  Finance Bill 2017 Amendment -Lok Sabha 20.03.2017-Download/Print ]  1) Threshold limit prohibiting cash payments reduced Finance Bill, 2017 had imposed a prohibition on receipt of cash payments of rupees threeRead More…

Cash Transaction Limit proposed at Rs 2 Lakh in Budget 2017-18

In yet another move to curb black money in India, the government on Tuesday proposed a fresh ceiling of Rs 2 lakh on cash transactions, which is lower than the Rs 3 lakh proposed in Budget 2017-18. An amendment to this effect, was one among the 40 amendments proposed by Finance Minister Arun Jaitley to the Finance Bill, 2017, while moving for its consideration and passage in the Lok Sabha. “Read More…

Finance Bill 2017 needs to be Money Bill – Arun Jaitely

2 p.m.: Lok Sabha on 21.03.2017 House reconvenes. Deputy Speaker M. Thambidurai is in the Chair. Arun Jaitley rises to move that the Finance Bill, 2017 be taken into consideration. N.K. Premachandran says he is opposed to the Finance Bill under rule 219(1) and Article 110. He says the Finance Bill can only provide for a particular year. Speaker Sumitra Mahajan is in the Chair. What is Read More…