It is seen that conditions for availing exemption from filing of Income tax Return, such as income cap of Rs.5 lakhs, income only from salaries and interest, involvement of no refund claim, salary from only one employer etc., existed last year also, and there is no change as well as no new conditions this year
Income Tax Department has issued Notification No: 9/2012 F. No.225/283/2011-ITA(II) dated 17-2-2012, for exempting filing of Income tax Return for the financial Year 2011-12 (Assessment Year 2012-13).
As per media reports on expected changes in Income tax regulations in the ensuing budget 2012, the present limit of Rs. 1.5 lakh for housing loan interest may be raised to Rs. 3 lakhs.
The Direct Tax Code (DTC) is in the offing. The bill for this new income tax statue might be introduced in the parliament this winter. Once DTC is in place the income tax act and rules will no longer exist.
Income Tax Department has come up with a compendium for determining income tax liability of a salaried employee and deduction of the same by the respective employer in the form of circular No:5/2011, dated 16.08.2011.
We lanuched an online calculator for estimating the Income Tax rebate under Section 89(1) for the arrears of pay and allowance received by an employee in the year 2009 as we thought that it will be very useful for gconnect readers
Needless to say, one of the best tax management practices to reduce personal income tax liability, is to avail deduction of interest paid on housing loan.
The much awaited GConnect online Income Tax calculator tool for 2011-12 (Assessment Year 2012-13) with save option is live now. Definitely, this tool has an edge over the regular GConnect online Income tax calculator – no login version, as all the details required to calculate income tax can be saved future retrieval.
The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned.
The provisions under Section 22 to Section 27 of Income tax Act, covers deduction of interest on house loan from the total income. But, these provisions do not allow direct deduction of house loan interest from the income. The deduction is actually allowed while we incur net loss on house property.
Whether Income tax exemption on HRA is available to me while I am claiming deduction in respect of home loan interest?
This is the tutorial for using the GConnect online income tax calculator tool 2011-12 (Assessment Year 2012-13). Refer to the numbers marked in the picture above and get the details for the same in the following tutorial