Income tax – Government urges for disclosing True Income

Government Once again urges all Tax Payers to Disclose their true income and pay Appropriate Taxes within the Current Financial Year Nodal Cell set up to Capture the Response and take Follow-up Action An Online Monitoring System to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment The Union Finance…

Income tax – Government urges for disclosing True Income

Government Once again urges all Tax Payers to Disclose their true income and pay Appropriate Taxes within the Current Financial Year Nodal Cell set up to Capture the Response and take Follow-up Action An Online Monitoring System to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment The Union Finance…

Revised DTC to allow Income Tax Exemption for income up to Rs. 3 lakh

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…

Declaration of Savings, income or loss on house property by Salaried Employees

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.

Extension of time limit for filing of ITR-V forms

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

DTC may ease tax liability for tax payers with income up to Rs.10 lakh

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.

Income Tax Department provides Illustrative Tax Calculations

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