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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT RATES :: empanelment :: VAT Audit :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: due date for vat payment
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

6th Pay Commission: Euphoria may not last long
September, 12th 2008

The govt employees euphoria may not last long in case the provisions of income tax are not amended in relation to 6th Pay Commission recommendations.

As all know that 40% arrears will be paid this year and balance will be paid in next financial year. However income tax law states that the tax will be deducted for full 100% of the arrears in the same year in which the same has been announced. So dear Finance Minister please make amendment to IT rule by a circular so that the amount of income tax is deducted as per the arrears given in the concerned year.

Even transport allowance exemption is only upto Rs 800 and thus if you get rs 1600 than you are bound to pay additional income tax. So here also I will request FM of India to undertake the amendment to the income tax.

Thus do not be ready with your shopping bags till the time the amendment is not made in the deduction of income tax.

For e.g. if amendment is not made and an individual gets Rs 1 lakh as arrears in total and thus gets Rs 40,000 in this year than his tax liability stands close to Rs 34000. Hence this individual will be only left to make the sun shine with bare Rs 6000.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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