Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: cpt :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4%
News Headlines »
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018

IT Dept in favour of re-introduction of standard deduction
November, 07th 2006

The salaried class will stand to gain if the suggestion by the Income Tax (IT) Department is accepted by Union Finance minister P Chidambaram in the forthcoming Finance Budget 2007.

The IT department is in favour of re-introduction of standard deduction for the salaried class withdrawn by Chidambaram in the 2005 budget.

"In our budget suggestion to the Finance Ministry we have suggested that the standard deduction withdrawn from the financial year 2004-05 should be re-introduced," a senior official with the IT West Bengal zonal office said.

"We have forwarded our suggestion to the Finance Ministry through the Central Board of Direct Taxes," the official who declined to be quoted said.

The Department felt that the salaried class was at a disadvantage compared to corporate entities.

"Standard deduction was given as a lump sum benefit toward cost to earn income. But, after the tax exemption ceiling on investment was raised to Rs one lakh this was abolished," the source said.

The Rs 1 lakh investment ceiling has certain advantages for business firms and corporate entities like depreciation of vehicles and cost of hiring a driver, the official said.

The standard deduction slab was Rs 30,000 for total income for the salaried class under Rs 5 lakh per annum and Rs 20,000 for income over Rs 5 lakh.

Meanwhile, the West Bengal IT circle has collected Rs 2,972 crore net corporate tax during the first seven months (April-October) of the current fiscal ended October.

This is 36 per cent rise over the corresponding period when the department collected Rs 2186 crore as corporate tax.

Personal tax collection during the period was Rs 1124 crore just nine per cent higher over the corresponding period.

"We are planning to look into why personal Income Tax growth is low," commissioner of IT, G Choudhuri said.

"We are targeting a total tax collection of Rs 9,900 crore in the financial year 2006-07. The total tax collection till October of 2006-07 was Rs 4096 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions