CHANGES IN RATES OF INCOME TAX In case of Resident Individual (Below 60 years of age) & HUF Income Level Tax Rate (%) Upto Rs. 1,80,000/- Nil Rs. 1,80.001/- to Rs. 5,00,000/- 10% Rs. 5,00,001/- to Rs. 8,00,000/- 20% Above Rs. 8,00,000/- 30% In case of
Budget 2011 – Tax Proposals Read More »
The Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V forms relating to income tax returns for A.Y 2010 – 2011 filed electronically on or before 1st April 2010. Those who have filed their returns on or before 1st April 2010 electronically, without digital signatures , initially had time
Due Date for filling of ITR-V extended to 31st July, 2011. Read More »
Eligibility All employees of the Assessee are eligible to claim this Exemption. Value of Travel Concession or assistance received by an individual from his employer or former employer for himself and his family* in connection with the below proceedings shall be exempt. a) On leave to any place in India; b) To any place in
Salaried taxpayers with no other income could get a respite from filing tax returns. The income-tax (I-T) department is open to examining a proposal to exempt them from the annual chore. Asked whether the department would think about doing away with income-tax returns for employees, who had no other income apart from salaries in a
Salaried taxpayers may be spared filing returns Read More »
As per provisions of Section 80 CCF , an additional deduction of Rs.20000/- can be claimed from Gross Total Income as Deduction in addition to Rs. 100000/- under Section 80C (LIC Premium,School Fees,Housing Loan Repayment , etc.,) On account of the same, the tax savings for an Individual can be to the maximum of Rs.
Long Term Infrastructure Bonds Read More »
