Posted on: June 6, 2014 Author: Sudhir Kaushik
Here are a few changes in the procedure for filing your tax return this year
Changes in Exempt Allowances:
It is now mandatory to display the breakup of Exempt allowances under section 10 in Form 16 as well as in the income tax return. The major allowances to be disclosed under this section are:
Changes in Deductions:
Changes in Surcharge:
Surcharge @ 10% of the income tax payable is applicable, in cases where total taxable income is more than Rs. 1 crore.
There were about 90,000 taxpayers declaring income above Rs. 1 crore in FY 2013-14. Hence, this change will impact less than 1% of the total return filers.
Other tax changes that are applicable for the assessment year 2014-15:
Sudhir Kaushik has been a practicing tax consultant for the last 17 years. He is a Fellow Chartered Accountant and conducts seminars in large companies to help salaried employees with income tax and investment queries. Sudhir brings domain knowledge of income tax laws and their compliance difficulties faced by individuals. He is the author of Income Tax Handbook For Salaried Employees for smart financial planning and investments for salaried people. He enjoys an excellent reputation and has a strong network in the corporate sector and public sector undertakings.
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