Example 1 For Assessment Year 2013-14 (A) Calculation of Income tax in the case of an employee below the age of sixty years and having gross salary income of: (i) Rs. 1,50,000/-, (ii) Rs.2,00,000/-, (iii) Rs.5,00,000/-, (iv) Rs. 10,00,000/-and (v) Rs.20,00,000/-. (B) What will be the amount of TDS in case of above employees, if … Read more
An important amendment has been made by the Department of Posts regarding that the ceiling of maximum balance in a post office savings account. Prior to this, the ceiling of maximum balance in the savings account was Rs. 1 lakh in single savings account and Rs.2 lakh in Joint savings account. Now it has been … Read more
The Central Board of Direct Taxes have extended the due date of filing income tax returns for the assessment year 2010-11 from 30th September 2010 up to 15th October 2010. The due date has been extended in view of disturbance to general life caused by floods. Accordingly, the due date for obtaining tax audit report … Read more
REVISED DISCUSSION PAPERONTHE DIRECT TAXES CODEJUNE 2010 Central Board of Direct TaxesDepartment of RevenueMinistry of Finance CHAPTER II TAX TREATMENT OF SAVINGS – EXEMPT EXEMPT TAX (EET)VIS-À-VIS EXEMPT EXEMPT EXEMPT (EEE) BASIS 1. Chapter-XII of the Discussion Paper on the Direct Taxes Code (DTC) deals with tax incentives for savings. It proposes the “Exempt-Exempt-Taxation‟ … Read more