Income Tax Calculator for Salaried Employee for FY 2011-12, 2010-11, 2009-10

Pre budget Presidents Address to the Parliament Posted: 12 Mar 2012 08:17 PM PDT The Government has initiated action on various fronts to tackle the menace of black money. These include enactment of the Benami Transactions (Prohibition) Act, amendment of the Prevention of Money Laundering Act, setting up of a special committee... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Circulars – Binding On Department? Posted: 12 Mar 2012 07:34 PM PDT The first and foremost issue is that whether the Circulars issued by the Board will be binding on the Revenue? Whether the Board circulars will be binding on the Assessee? Also, whether the Circulars will be binding on the Quasi Judicial Bodies i.e.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SARFAESI Act -Can Bank adopt unfair/illegal methods to recover its due? Posted: 12 Mar 2012 07:15 PM PDT Recovery of its due has been a hectic exercise for the Banks in the absence of a special legislation. 'Non-performing Assets' were growing and a need was felt to reduce the 'Non-performing Assets' of the Banks drastically. As the recovery through... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction under Section 80G of Income Tax Act, 1961 for donation Posted: 12 Mar 2012 07:12 PM PDT The amount donated towards charity attracts deduction under section 80G of the Income Tax Act, 1961. Section 80G has been in the law book since financial year 1967-68 and it seems it's here to stay. Several deductions have been swept away but the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax Calculator for Salaried Employee for FY 2011-12, 2010-11, 2009-10 Posted: 12 Mar 2012 07:00 PM PDT Download Income Tax Calculator for Salaried Employee for Financial Year (FY) 2011-12, 2010-11, 2009-10 / Assessment Year 2012-13, 2011-2012, 2010-2011 in excel format category wise , Male/Female/Sr Citizen Age 60=80 Years. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tds and TCS Rates for financial year 2011-12 and assessment year 2012-13 Posted: 12 Mar 2012 05:30 PM PDT Tds Rates for financial year 2011-12 and assessment year 2012-13 - The Rate Chart for the Financial Year 2011-12 i.e. Assessment Year 2012-13 is tabulated below. TDS Rates for the Financial Year 2010-11 is also same. [[ This is a content summary only. Visit www.taxguru.in for full article.]] View Tax Credit (Form 26AS) detail on Income Tax, NSDL website and in Online Banking A/c Posted: 12 Mar 2012 04:23 PM PDT You can now view your Form 26AS (Taxes paid) at ITR e-Filing website, without any additional login. To view the tax statement, Assessees can now login in to www.incometaxindiaefiling.gov.in with their login, and click on 'My Accounts' -> 'View Tax... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Original assessment date relevant for Sec. 263 revision on issues outside re-assessment Posted: 12 Mar 2012 09:37 AM PDT An order of assessment in case of ICICI bank Ltd (ICICI) was passed in March 1999 u/s 143(3) wherein deduction claimed u/s Section 36(1)(vii) and 36(1)(viia) and in respect of foreign exchange rate difference was allowed. The first reassessment was... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S.80IB deduction not available in absence of Factory License Posted: 12 Mar 2012 09:14 AM PDT HC held that the benefit of Sec 80IB was not available where the assessee had not applied for Factory License before April 1st 2004. How¬ever, HC also clarified that in other cases where the assessee had applied for Factory License before April 1st... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Part expenditure subject to FBT, cannot be disallowed on the ground that same are not for the purpose of business Posted: 12 Mar 2012 09:04 AM PDT The Tribunal referred to CBDT circular No. 8/2005, dtd. 29.08.2005 and opined that once fringe benefit tax is levied on expenses incurred, it follows that the same are treated as fringe benefits provided by the assessee as employer to its employees... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Set-off of Sec 10B units loss against profits from other units al­lowed Posted: 12 Mar 2012 08:43 AM PDT HC, ruling in favour of the assessee held that it was eligible to set off a loss incurred in tax holiday unit against the income arising from other units, under the same head of 'profits and gains of business or profession'. HC observed that there... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Reassessment after completion of assessment u/s 143(3) cannot be termed as regular assessment and interest u/s 234D not chargeable Posted: 12 Mar 2012 08:15 AM PDT The assessee was given refund while processing the return u/s. 143(1) and further refund was given after assessment u/s. 143(3). In reassessment proceedings u/s. 147, the refund given earlier became collectible from the assessee. The Assessing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No reduction in WDV of fixed assets upon waiver of bank loan Posted: 12 Mar 2012 08:01 AM PDT Mumbai Bench of ITAT observed that the term loan from IDBI was borrowed by the assessee for the purpose of acquiring a capital asset. Accordingly, ITAT held that the waiver of loan from IDBI was a capital receipt and not taxable u/s 28(iv) or 41(1).... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Sale originating in a State is an inter-state sale or not is a question of fact – HC should not have entertained writ petition – SC Posted: 12 Mar 2012 07:46 AM PDT High Court ought not to have entertained the writ petitions filed under Article 226 of the Constitution. We say so for the reason, that, whether a sale originating in a State is an inter-state sale or not is essentially a question of fact to be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to change the Address of TAN and communicate I-T Dept Posted: 11 Mar 2012 08:50 PM PDT How can the change in address or details on the basis of which TAN was allotted be communicated to Income Tax Department? Any change or corrections in the data associated with the TAN, should be communicated to ITD by filing up 'Form for Changes or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to apply for Changes or Correction in TAN Data Posted: 11 Mar 2012 08:50 PM PDT a. Mention 10 digit TAN correctly in the space provided.b. Left hand thumb impression, if used, should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp. c. For changes or correction in TAN data,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to apply Online For New TAN Posted: 11 Mar 2012 08:50 PM PDT You can apply for TAN online at the NSDL-TIN website. You can then fill and submit the form online. Once you click on button 'submit', an acknowledgment containing a unique 14 digit acknowledgment number is generated on the screen. You should print... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Duplicate TAN – Which TAN to use and how to get cancelled Posted: 11 Mar 2012 08:50 PM PDT Duplicate TAN is a TAN which has been inadvertently obtained by a person who is responsible for deducting/collecting tax and who already has a TAN allotted to him. It is illegal to possess or use more than one TAN. Different branches/divisions of an... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Reopening on the basis of information received form investigation wing Valid Posted: 11 Mar 2012 08:47 PM PDT In this case, the return of income was filed under section 139 (1) on 31.10.2001. The same was processed under section 143(1)(a) of the Income-tax Act. There was no scrutiny assessment under section 143(3) of the Income-tax Act. The reassessment... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Regular method employed means method followed in past years which continued to be followed in subsequent years Posted: 11 Mar 2012 08:45 PM PDT The assessee was regularly employing the method of valuation for valuing the stock at cost or net realizable value whichever is less. By shifting to a new ERP package, for example, SAP 2 worked out the value of the stock at cost, any reduction in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IRDA – Exposure Draft on Servicing of Orphan policies Posted: 11 Mar 2012 08:08 PM PDT Insurance agents are the most important channel of intermediation in the insurance business in India. Recognizing the importance of the agents in the procurement and servicing of insurance policies, the Insurance Act has two specific provisions,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] In case of additional evidence produced by the Assessee, A.O must be given opportunity Posted: 11 Mar 2012 08:05 PM PDT Indisputably, the ld. CIT(A) considered additional material in relation to two comparables and that of the assessee, which was not available before the TPO/AO. Apparently, the ld. CIT(A) did not follow the procedure laid down under Rule 46A of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CS Foundation Programme (New Syllabus) Study Material Posted: 11 Mar 2012 08:04 PM PDT Student can access the Foundation Programme (New Syllabus) Study Material after login at ICSI portal http://www.icsi.in first time user should register himself on the above portal. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Minister of Parliamentary Affairs & Water Resources Pawan Kumar Bansal addresses Press Conference on the Budget Session- 2012 Posted: 11 Mar 2012 07:58 PM PDT The Budget Session, 2012 of Parliament (10th Session of the Fifteenth Lok Sabha and the 225th Session of the Rajya Sabha) commenced today, the 12th of March, 2012 and subject to exigencies of Government Business, the Session will conclude on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Roll Back of Ban on Cotton Exports – Anand Sharma meets MPs on the issue of Cotton Posted: 11 Mar 2012 07:56 PM PDT Roll Back of Ban on Cotton Exports The Cotton Budget for the cotton year 2011-12 was prepared by the Cotton Advisory Board. In arriving at a Cotton Export Policy a balanced perspective is taken, carefully addressing the interests of all stakeholders... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CBDT panel on black money gets third extension Posted: 11 Mar 2012 07:53 PM PDT The CBDT Chairman-led committee on combating the menace of black money has been given yet another extension and it is now expected to submit its final report by this month end. It is the third time that the deadline has been extended for the panel,... [[ This is a content summary only. Visit www.taxguru.in for full article.]]