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Union Budget 2011 Highlights Income Tax

Every taxpaying person has certain expectation from the Union Budget every year and like every year the Union Budget 2011-12 had certain expectations. The salaried class person swished to receive a raise in exemption limit of the taxation limit, whereas others wanted an exemption in some other forms. Mr. Pranab Mukherjee, the Finance Minister of India, did gave it a positive thinking and today the Union budget has somewhat tried on acting upon the grievances .....

Highlights of Budget 2011 on Tax

The Union budget 2011 has presented by the finance minister today. You can watch online videos speech of union budget 2011 and download full text speech of budget 2011. But if one can look into only for the highlights of union budget 2011. You can watch the below text to get all the highlights of union budget 2011-12. Union Budget 2011 Highlights on Tax New category of senior citizens above 80 years to get higher .....

I-T Dept Streamlines Tax Refund Procedure for Faster Payment

In a shift which will accelerate the pace of delivery of tax refunds, the IT (income tax) department will entertain the all tax deducted at source (TDS) credit and refund claims for the first time. The claim in such respect cannot exceed Rs. 3, 00,000 in case of TDS credit whereas the limit for refund claim is Rs. 25,000, at the phase of dispensation of the returns. The effect of such order is valid all .....

10 Most Attractive Income Tax Deductions

The time of the year has come when all the individuals try and find ways to reduce their tax liabilities. They look forward to make investments in different securities and obtain exemptions or deductions in respect of their income. Here is al list of few deductions which is generally available to the assessee but he doesn’t take it into account while computing his tax liability. Deduction in respect of life insurance premia, deferred annuity, contributions .....

Furnish Correct Information While Submitting Income Tax Return

The time has come for all entities to get prepared with all their books of accounts and other data which will help to prepare their Tax return file. The due date of filing income tax return for companies and other entities whose books are liable to get audited needs to submit its return by the 30th September whereas individuals and entities belonging to the non-audit-able group are required to furnish their tax return by 31st .....

Why You Must File Income Tax Returns?

In simple words, Income Tax return is a payment to the government by an individual from his earnings. Income Tax return should be regularly filed with the government authorities either in physical form or in electronic form. Generally people have a mistaken belief that tax is just a source of income for the government and they take it just in order to increase their revenues. But this conception is wrong; Tax is a social obligation .....

Income Tax Ombudsman Guidelines 2010

Income-tax Ombudsman Guidelines 2010 The Guidelines are introduced with the objective of enabling the resolution of complaints relating to public grievances against the Income Tax Department and to facilitate the satisfaction or settlement of such complaints. CHAPTER I PRELIMINARY 1. Short title, commencement, extent and application I. These Guidelines shall be known as the Income Tax Ombudsman Guidelines, 2010. II. They shall come into force from 1st May 2010. 2. Definitions I. ‘authorized representative’ means .....

Gift From Close Relative Not Taxable

I Wish to give a gift/loan of Rs. 2 Lakh to my mother who is in India. If I transfer this amount from my NRE A/c to her saving account in India – Will she be taxed ? A.Gift amounts received from any close relative are not taxable in the hand of either the donor or the donee. it is perfectly okay to give the gift as intended by you to your mother, both of .....

Download ITR1 ITR2 ITR3 ITR4 ITR5 ITR6 ITR7 ITR8 | New Income Tax Forms A.Y. 2009-10

Download All Income Tax form | ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, ITR7, ITR8, ITRV for A.Y. 2009-10. These forms has already notified by CBDT via vide notification No.32/2009 dt.27th March, 2009. These form are not available yet on official website of Income Tax Deparment (http://www.incometaxindia.gov.in) (today is 7th April 2009) You must subscribe your e-mail id for free download these forms Enter email: ITR-1 – Download Link1 | Link2ITR -2 – Download Link1 |Link2ITR .....

Procedure for Tax Deduction (TDS) on Salary

PROCEDURE AND PROVISIONS FOR TAX DEDUCTION (TDS)FROM SALARYUnder Section 192, the employer or disbursing officer is required to deduct income-tax while making the payment of salary during financial year in cash/cheque to the employees, at the rate of the income-tax applicable to the individuals for payment of advance tax for that Assessment Year. Calculate Tax by income Tax CalculatorTDS paid by employer on behalf of EmployeeAn employer may, at his option, pay tax on behalf .....

Documents Kept in Record in Support of the Income Tax Return

Document to be prepared/obtained by the assessee in support of the return New return forms have dispensed with the requirement of enclosing any documents in support of the return. However, in the opinion of Board of Editors, even though not required to be submitted along with the return, it is advisable that the documents be prepared /obtained beforehand, since the Assessing Officer may as per section 139C require an assesses to furnish these documents at .....

TAX STRUCTURE IN INDIA

TAX STRUCTURE IN INDIA (understand with some daily routine questions/answers) 1) Qus. : What are you doing? Ans. : Business. Tax : PAY PROFESSIONAL TAX! 2) Qus. : What are you doing in Business? Ans. : Selling the Goods. Tax : PAY SALES TAX!! 3) Qus. : From where are you getting Goods? Ans. : From other State/Abroad Tax : PAY CENTRAL SALES TAX, CUSTOM DUTY & OCTROI! 4) Qus. : What are you getting .....

Capital Gain Exemption u/s 54: Capital Gains from Transfer of a Residential House

How to minimize Capital Gain Part – 1: Capital Gain from Transfer of a Residential House-Exemption of Capital Gains u/s 54 IntroductionAny long-term capital gains arising on the transfer of a residential house (including self-occupied house) will be exempt from tax if, Conditions1) If the assessee has within a period of one year before or two years after the date of such transfer purchased, or within a period of three years constructed, a residential house. .....

Capital Gain Account Scheme

Why I Open Capital Gain Account Scheme?Capital Gain Account Scheme especially for those person who has earned capital gain. This scheme’s main purpose is to temporarily save the unutilised amount of capital gain up to its utilisation as per time specified in particular section. The scheme is open to all tax payers who wish to claim exemption u/s 54, 54D, 54F, 54G, 54GA.Types of Capital Gain Saving AccountThere are two types of accounts for depositing .....

Deduction u/s 80D Mediclaim (Medical Insurance Premia)

Deduction in respect of Medical Insurance Premia [Sec. 80D] Deduction is allowed for any medical insurance premium under an approved scheme of General Insurance. corporation of India, (popularly known as MEDICLAIM) or of any other insurance company, paid by any mode except cash, out of assessee’s taxable income during the previous year, in respect of the following: Feature This is an additional deduction after deduction u/s 80C because overall limit on deductions u/s 80C, 80CCC .....

Deduction u/s 80DDB of Medical Treatment

Deduction in respect of medical treatement etc.Sec. (80DDB) Who can ClaimA resident individual or HUF (Hindu Undivided Family) Which PeriodDeduction is allowed in respect of amount actually paid during a year for the medical treatment of specified disease or ailment for himself or a dependent or a member of a HUF.The diseases an ailments specified under rule 11DDShow/Hide (1) neurological diseases being dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemibilismus, aphasia and parkinsons .....

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