GConnect Income Tax Calculator for 2011-12 (A.Year 2012-13)
We are already halfway through this financial year as first 6 months of 2011-12 have already passed. It’s time to manage our tax payment for the year 2011-12 (Assessment Year 2012-13).
Online Income tax Refund Tracking-FAQ
The Income Tax Department entertains queries for all assessees regarding the refunding of income tax through the Tax Information Network (TIN). The SBI has been appointed as the refund banker,
Consequences of not filing Income Tax Return
Most of us who are required to file Income tax returns for the year 2010-11 (Assessment Year 2011-12), would have met out the obligation. Unfortunately, there may be few who would not have filed their tax return in time.
Exemption for ITR-FAQ released by Income Tax Deparment
Notification No. 36/2011 F. NO. 142/09/2011 (TPL), Dated 23-6-2011 issued by Income tax department exempts Tax payers in the salaried class from filing Income tax return if the tax payer’s salary income and interest received from bank not exceeding Rs.10,000/- both put together did not exceed Rs.5,00,000 during the financial year 2010-11 (Assessment year 2011-12).
Income Tax benefits out of Government Contributions in NPS
In the Budget 2011, finance minister announced that during the financial year 2011-12 (Assessment year 2012-13) an employer can invest up to 10% of the Cost to Company for employment of an employee, in the name of the said employee in New Pension Scheme, which will be exempted from Income Tax.
Income Tax Notification for exemption from filing Income Tax Return
In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely
Govt notifies exemption from filing IT return for Salaried Class
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Cost of annual medical tests exempted under IT Act
Income Tax Department (CBDT) has given relief to the salaried class person by exempting the funds withdrawn from the welfare funds established for the purpose of meeting the cost of annual medical tests or medical checkups of the member, his spouse and dependent children.
Taxability on Commuted Pension
One of GConnect Readers wanted to know about the taxability in respect of Commuted Portion of Pension and Dearness Relief paid on the Commuted Portion of Pension.
Notification for exemption from filing Income Tax Return soon
As many as 85 lakh salaried tax payers with an annual income of up to Rs 5 lakh will not have to file income-tax return from now onwards, a finance ministry official said.
Income tax benefits on Education loan
The ever-increasing cost of education is worrying parents who want their children to pursue higher education. Financing the high-priced education is a matter of concern for all such parents.
Digitisation of IT returns
The income tax department plans to digitize all returns to facilitate faster processing. The department is setting up two dedicated units, which will scan and convert all manual returns into electronic or e-returns within days of filing.