SAHAJ and SUGAM Forms notified by CBDT are the simplest, technology enabled and taxpayer friendly return forms. These have been designed to facilitate error free and faster digitization.
Centralized Processing Center’s have been set up all over the country with the primary objective of processing returns on a bulk processing basis instead of case by case Processing. The automated environment at CPC requires forms to be designed in manner which would double the digitization productivity.
CBDT (Central Board of Direct Taxes) has come up with two new Income tax returns known as Sahaj (previously called as ITR-1) and Sugam (for business income previously called as ITR-4S).
Income tax Department (CBDT) has announced that the Government’s Proposal to exempt salaried people in the income category of Rs.5 lakhs and below per annum will be issued as a notification in the first week of June.
The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones.
To make the New Pension System more attractive Government has announced two major Income tax concessions for contributions made in New Pension Scheme in the budget 2011.
Mr.Pranab Mukherjee has announced in the budge 2011 that Government has proposed to exempt salaried class from filing Income tax returns unless they have other sources of income.
The Income Tax Rates applicable for the financial year 2011-12 (Assessment year 2012-13) have been revised. The following is the detailed New Income Tax structure 2011-12
These are New Income tax for the financial year 2011-12 (Assessment year 2012-13) announced by Finance Minister in the Budget 2011
As demanded by many of GConnect readers we have launched the tool for calculating Income tax relief under Section 89(1) of IT Act for the arrears of pay and allowances received by a salaried employee during the year 2010-11.
We have come up with an online tool for calculating rebate under Section 89(1) of Income Tax Act for Second Installment of Sixth Pay Commissioner Arrears. This Calculator would get you the exact Income tax exemption while distributing the arrears amount to previous years in which the enhanced salary is actually payable. You can also…
Check this Online Income Tax calculator for estimating your Income Tax for the year 2008-09 Income Slab Tax Rate Up to Rs.1,50,000 (Male) / Up to Rs 1,80,000 (Female) / Up to 2,25,000 (for resident individual of 65 years or above) NIL Rs. 1,50,001 to Rs. 3,00,000 (Male)/ Rs 1,80,001 to Rs 3,00,000 (Female) 10%…