Finance Minister’s advisor indicates that as per Revised DTC Income Tax Exemption will be allowed for income up to Rs. 3 lakh as per Revised DTC Advisor to Finance Minister Mr.Parthasarathi Shome informed that Government might come up with a revised Direct Tax Code on the basis of suggestions of Parliamentary Panel chaired by Shri.Yashwant…
GConnect online Calculator to estimate Income Tax Relief under Section 89 of IT Act in respect of arrears of pay received in the year 2012-13: I have received arrears of pay this year as a result of one time increment granted by govt this year for employees received increments from Feb-06 to Jun-06 in the pre-revised Scale – Should I have to pay income tax for the same? Is there any exemption?
From which date the refund banker has been implemented? The refund banker has been implemented from January 24, 2007. In which cities the refund banker has been implemented ?
Now you can check the status of Income Tax Refund through online. This facility is available for the assessment year 2003-04 to 2013-14. In this feature, Taxpayers can check status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker.
As Drawing and Disbursal Officers (DDO) responsible for deduction of income tax from the salaried employees need to prepare for deduction and payment of income tax from the end of November of a financial year, all salaried employees have to declare Savings, income or loss on house property and other income to their DDO before end of November in every financial year.
The Director General of Income Tax (System) as per powers assigned to it under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 2011. issued as per C B D T Notification No. SO16(E) dated 4.1.2012, has decided to extend the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically
New E-Filing Project Conceptualized to take the E-Services to the Next Generation; in order to make the New Portal Live, E-Filing Services to the Tax Payers through the Existing Portal will not be available from 3rd November to 8th November, 2012.
Once Direct Tax Code bill is passed in the Parliament, Income tax payers in the initial slabs viz., persons with the income of up to Rs. 3 lakhs and income from Rs.3 to 10 lakhs as Finance Minister Mr.P.Chidambaram has assured ia press conference conducted recently to the effect that Government would abide by the recommendations of Parliamentary Standing Committee on Direct Tax Code for the purpose of tax structure and personal income tax exemptions under Direct Tax Code.
Circular No: 08/2012 dated 05.10.2012 F.NO. 275/192/2012-IT(B) issued by the Income tax Department elaborately explains the procedure to calculate income tax for this year and also elaborates the procedure for deduction of tax. The same circular provides various illustrations for calculation of inome tax of salaried class
Income Tax Department issues this year’s (financial year 2012-13 and Assessment year 2013-14) Circular for envisaging the procedure for Income Tax calculation in respect of salaried class and deduction of tax from salary by the concerned DDO.
The need for exempting Transport Allowance from Income Tax – Railway Board writes to Finance Ministry
Income Tax Dept announced Mascot Design Contest Income Tax Department invites all artists and designers, both professionals and amateurs, to develop a Mascot to be used in all advertising and communications of the Department. Make sure that the Mascot you develop captures the vision and values of the Income Tax Department and exhibits a definite…