The Income Tax Calculator given below is for A.Y. 2012-13 or Financial year 2011-12. The Calculator Calculates taxable Income and tax thereof. Calculator can be used for calculating income tax on all types of Income. It have the option to set off carried forwarded losses and to compute rebate for Agricultural income. Calculator calculates tax on income of Male, Female, Senior Citizen, Very senior Citizen after considering basic exemption limit available to them.
Government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where “foreign assets” are involved.The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT Bank of Liechtenstein.
Deposits in foreign banks, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government’s drive to unearth black money.The proposal to expand the ambit of the Wealth Tax forms part of the Direct Taxes Code (DTC) Bill which is being scrutinised by a Parliamentary Standing Committee. Some of the proposals are likely to be incorporated in the Budget for 2012-13, pending approval of the DTC.
Considering the spurt in volume of software exports from India in recent times, other complexities involved in execution of work contracts and time consumed in the certification of SOFTEX forms, a simplified procedure has since been finalised by the Reserve Bank. Under the revised procedure, a software exporter, whose annual turnover is at least Rs. 1000 crore or who file at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format, giving all particulars alongwith quadruplicate set of SOFTEX forms to the nearest STPI.
There is no conflict between the statutory relief of winding up and of the contractual right to have disputes settled by arbitration. Once a bona fide defence is shown to exist, arbitration will be the efficacious and proper remedy. Where, however, the defence is mala fide and a moonshine, arbitrable disputes would not exist and the company judge would have the power to pass appropriate orders Madhya Pradesh Iron & Steel Co. (supra). Existence of an arbitration clause does not oust the jurisdiction of this court to either entertain or to admit a petition for winding up.
