The revenue tax division has launched the utility to allow taxpayers to verify the related provision of the new income tax Bill.
The brand new revenue tax Invoice was introduced in the Parliament on Thursday and it’ll now be referred to the Choose Committee of Lok Sabha for additional evaluation. In the meantime, the Lok Sabha proceedings have been adjourned until Mar 10.
Considerably, revenue tax division has additionally launched often requested questions (FAQs) on provisions for salaried taxpayers, and extra.
Moreover, if taxpayers need to verify which new provision carries their common exemption and underneath which provision they will file their attraction and so forth, – they will go to the related provision of the present Act (Earnings Tax Act, 1961) and use the section-wise mapping utility to navigate to the related provision of the brand new Invoice.
To begin with, you’ll be able to verify this link on revenue tax division’s portal:
Suppose you need to verify any particular allowance from employer which is given underneath part 10 (13A). As you click on the related provision on the left hand facet, the corresponding provision on the precise hand facet (as proven within the picture beneath) will likely be proven.
Likewise if you wish to verify ‘part 43’ which carries the definition of sure phrases related to revenue from income and positive factors of enterprise or occupation. The corresponding clause on the precise hand facet will reveal that that is given in sections 39, 41 and 66 of the New Earnings Tax Invoice.
Taxpayers can verify the draft of the brand new invoice given on the identical web page the place you’ll be able to scroll down to search out the related provision.
Omitted or not
The utility additionally exhibits whether or not the exemption or deduction that you’re in search of has been omitted or not.
As an example, while you need to search for the deduction in respect of contribution to sure pension funds given underneath part 80CCC, the precise facet panel will present that it has been ‘omitted’, because the picture beneath exhibits.
Equally, 80CCE has additionally been omitted which offers with the restrict on deductions underneath sections 80C, 80CCC and 80CCD.
