It’s marginal and it’s not exactly what the salaried class wanted keeping in mind the raise in their annual income thanks to 6CPC implementation. These are certain key features of budget 2009-10 relating to Personal Income Tax The Union Govt has marginally increased personal income tax exemption limit by Rs 15,000 from Rs 2.25 lakh […]Read More What’s in for Salaried Class in the Union Budget 2009-10 ?
The Central Board of Direct Taxes has deferred the implementation of furnishing of the unique transaction number (UTN) for filing income-tax returns. Accordingly, taxpayers filing their returns for the assessment year (AY) 2009-10 or any other earlier assessment years can do so without mentioning the UTN, as required under a notification (No 31 of 2009) […]Read More Unique Transaction Number (UTN) not mandatory for filing income-tax returns
Having got your income tax calculated for this year (2008-09) through GConnect online Income Tax calculation application, now it’s time to file those details in the form of ITR-1 or ITR-2 with Income Tax department. The last date of filing these returns is 31st July 2009. GConnect has again made this procedure a simple one […]Read More Online Tool to generate ITR-1 return
Ahead of the annual budget, here’s some cheer for salaried employees and pensioners. The finance ministry is considering bringing back standard deduction of up to Rs 20,000 in individual taxable incomes. According to revenue department officials, the government may be willing to take a small hit in return for a spike in spending that it […]Read More Standard deduction for salaried employees may return