Page-6 of Income tax in India Current Affairs, GK & News

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 for an individual or a Hindu undivided family if his or its total income exceeds ..

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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 be made on payment by a person (transferee) for acquisition of software from another person ..

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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, the number of tax assesses fell in 2008-09 and 2010-11 from the previous years for ..

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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)” is now mentioned among entities who will not have to pay tax.

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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 raids. Almost 45% of the manufacturing o/p of the nation is accounted by the Micro, ..

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