Friday, February 29, 2008

As per the hint of my previous post the Tax Rate is very moderate now for the Individual taxpayers.

Just read it out what exactly the F.M announced in his Budget proposal

"I recall the Budget Speech of 1997. I believe that boldness pays. I also believe that trust will beget trust, moderation will beget revenues and fairness will beget compliance. Income tax payers have made out a persuasive case for some relief. Accordingly, I propose to make some changes in the slabs for personal income tax. I propose to increase the threshold limit of exemption:

• in the case of all assesses, from Rs.110,000 to Rs.150,000, thus giving every assessee a relief at a minimum of Rs.4,000. Consequently, the four slabs and rates will be as follows:

Up to Rs.150,000 NIL

Rs.150,001 to Rs.300,000 10 per cent

Rs.300,001 to Rs.500,000 20 per cent

Rs.500,001 and above 30 per cent

• in the case of a woman assessee, from Rs.145,000 to Rs.180,000;

• in the case of a senior citizen, from Rs.195,000 to Rs.225,000.

I do not propose to make any change in the corporate income tax rates.

No change is proposed in the rate of surcharge.

I propose to add the Senior Citizens Savings Scheme 2004 and the Post Office Time Deposit Account to the basket of saving instruments under Section 80C of the Income Tax Act.

I propose to allow an additional deduction of Rs.15,000 under Section 80D to an individual who pays medical insurance premium for his/her parent or parents."

Thursday, February 28, 2008

Latest News About Income Tax

Net direct tax collections stood at Rs.2,28,745 crore, up from Rs.1,61,776 crore during the same period last fiscal, registering a growth of 41.40 percent and achieving over 85 percent of budgeted direct tax target of Rs.2,67,490 crore.

CBDT has extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 to 29th February 2008.

Electronic payment of taxes has been made mandatory for all corporate assesses and all assesses to whom provisions of section 44AB of the Income Tax Act are applicable from 1st April, 2008.

New Return Preperation Utility (Version 1.5) regarding 24Q and 26Q has been prepared. Download from tin-nsdl.com and use. It is very user friendly. File Validation Utility is inbuilt in it. Please remember that at least 75% of PAN quoting is mandatory in 26Q and 90% in 24Q.

The F.M is seriously thinking about some reliefs to the taxpayers. Wait for just a few hours to know the actual figures.
It may kindly be noted that comments published in this blog are the views of our readers. The administrator of this blog is not responsible in any way regarding the comments and opinions expressed here.
Viewers are requested to post relevant comments only and abstain from making any comment which can hurt any person or group.

My Headlines