Page-5 of Income tax in India
Salaried employees to get more tax benefits
Now, salaried employees who are earning up to Rs 5 lakh a year, are not required to file income tax returns for assessment year 2012-13. The immunity from filing I-T returns is valid in those conditions, when total income of ..
Month: Current Affairs - July, 2012
E-file returns compulsory if income exceeds Rs 10 Lakhs
People with income of Rs 10 Lakhs per annum will have to file their tax returns electronically beginning 2011-12 Financial year. The CBDT (Central Board of Direct Taxes) has issued a notification making e-filing compulsory for assessment year 2012-13 onwards ..
Month: Current Affairs - July, 2012
Govt to do away with multi-level TDS on software services
Giving respite to the software industry, the government announced that it would remove the complex multi-level system of Tax Deduction at Source (TDS) for the IT sector from July 1, 2012. As per the notification, no deduction of tax shall ..
Month: Current Affairs - June, 2012
Direct tax revenue doubled to Rs 4.46 lakh crore in 5 yrs to FY11
During 2010-11, the government’s revenue from direct tax collection rose by 94% to Rs 4,46,935 crore in from Rs 2,30,181 crore in 2006-07. During the same period, the Indirect tax collection rose to Rs 3,45,127 crore from Rs 2,41,538. But, ..
Month: Current Affairs - May, 2012
Prasar Bharati exempted from paying income tax
In a key respite to the nation’s public broadcaster, the Prasar Bharati has been relieved from paying any income tax. As per one of the amendments in the Finance Bill, 2012, “any income of Prasar Bharati (Broadcasting Corporation of India)” ..
Month: Current Affairs - May, 2012
I-T department detects over Rs 5800 crore hidden income in MSME
The Income Tax department has discovered more than Rs 5,800 Crore of concealed income in the low-profile Micro, Small and Medium Enterprises sector during the fiscal 2010-11. This was detected by the IT department after it carried out over 3,900 ..
Month: Current Affairs - May, 2012