Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment
 
 
ITAT-Constitution of Benches »
 Income Tax Appellate Tribunal Visakhapatnam Bench Consolidated list of orders ready for pronouncement on 06/04/2017
 Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for pronouncement on 26/04/2017
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches for one week from 17.04.2017 To 20.04.2017(21st April 2017- M.A.Day)
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Period From 17.04.2017 To 27.04.2017.
 Income Tax Appellate Tribunal Pune Benches Pune Causelist for Bench 'A' For The Week Ending 21/04/2017
 Income Tax Appellate Tribunal Pune Benches Pune Causelist for Bench 'A' For The Week Ending 21/04/2017
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before Shri V Durga Rao, Hon'ble Judicial Member & Shri G Manjunatha, Hon'ble Accountant Member During The Period From 17 April, 2017 To 5 May, 2017.
 Income Tax Appellate Tribunal New Delhi Constitution of Benches from 17/04/2017 To 20/04/2017
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore 'A' Bench DB Cases Causelist for the Week from 17/04/2017 To 20/04/2017
 Income Tax Appellate Tribunal : Pune Benches : Pune Constitution of Pune Benches Division Bench from : 17/03/2017 To 21/03/2017
 Income Tax Appellate Tribunal Mumbai Constitution of Benches from 17/04/2017 To 20/04/2017

Income tax return not required for salary upto Rs. 5 lakh a year
July, 23rd 2012

Starting this financial year, salaried employees earning up to Rs. 5 lakh a year no longer need to file income tax returns, the Finance Ministry said today.

The exemption from filing I-T returns is applicable only if 'the total income of the employee does not exceed Rs. 5 lakh ... (and) the annual interest earned from savings bank account is less than Rs. 10,000' for assessment year 2012-13.

Filing I-T returns is, however, necessary to claim refunds.

There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs. 5 lakh.

The exemption will be permitted only if the assessee has received a certificate of tax deduction in Form 16 from the employer. The employees have to report income from interest on savings bank account to the employer to become eligible for exemptions.

Earlier, it was obligatory for all salaried persons to file income tax returns under the Income Tax Act, 1961.

Meanwhile, the tax department said special counters will be set up in Delhi and 'Tax Kiosks' in various parts of Mumbai to assist people in filing income tax returns.

Unlike the previous years, the tax department will not set up any return receipt counters are at Pragati Maidan in New Delhi.

"Instead returns will be received at Civic Centre, opposite Ramlila Ground, New Delhi, from July 26 to 31.

The Mumbai Income Tax Department will set up 'Tax Kiosks, manned by Tax Return Preparers, at various locations in city to assist individual and HUF taxpayers in preparation and filing of the returns. A tax payer will have to pay Rs. 250 to avail services of TRPs.

'Tax Kiosks' will be functional in certain residential areas on July 22 and in certain offices on July 24 and 25.

At present, income of Rs. 2-5 lakh attracts 10 per cent tax, Rs. 5-10 lakh 20 per cent and above Rs. 10 lakh, 30 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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