he government must increase the personal income tax exemption limit to at least Rs 3 lakh from Rs 1.6 lakh at present in the upcoming Budget for giving relief to taxpayers from high inflation, majority of CEOs surveyed by industry body Assocham has said.
Friday, February 25, 2011
Friday, February 18, 2011
CGHS Contribution is deductible u/s 80D of the I.T. Act
"...the whole of the amount paid to effect in force an insurance of the health of the assessee or his family or any contribution made to the Central Govt. Health Scheme (as inserted in the Finance Act 2010., w.e.f 01.04.2010) as does not exceed in the aggregate 15000 rupees..."
Thursday, February 10, 2011
ITOs may issue refunds even without TDS matching - CBDT relaxed norm.
"................In order to speed up refunds, TDS claims in all tax returns (ITR-1 to ITR-6) will be accepted without verification if the difference between the amount claimed in the return and the
amount reflected in the TDS return (AS-26 statement) does not exceed one lakh rupees. This will enable the Income Tax department clear nearly 95 percent refunds without verifying each
TDS claim. Cases with zero-matching, invalid TAN and difference exceeding Rs. 1 lakh will, however, be cleared only after due verification. This precaution is necessary to avoid refund frauds.
Earlier, the Chairman CBDT had directed all Chief Commissioners to upload necessary data so that the refunds can be issued expeditiously. It will be for the first time that most income tax refunds of the current assessment year will be dispatched to the taxpayers within the current financial year itself. "
Source : CBDT Press Release issued on 10.02.2011.
amount reflected in the TDS return (AS-26 statement) does not exceed one lakh rupees. This will enable the Income Tax department clear nearly 95 percent refunds without verifying each
TDS claim. Cases with zero-matching, invalid TAN and difference exceeding Rs. 1 lakh will, however, be cleared only after due verification. This precaution is necessary to avoid refund frauds.
Earlier, the Chairman CBDT had directed all Chief Commissioners to upload necessary data so that the refunds can be issued expeditiously. It will be for the first time that most income tax refunds of the current assessment year will be dispatched to the taxpayers within the current financial year itself. "
Source : CBDT Press Release issued on 10.02.2011.
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