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In this regard, it may be stated that sub-section (1C) was inserted in section 139 of the Income-Tax Act, 1961 (the Act), vide the Finance Act, 2011, with effect from 1.6.2011. For the sake of ready reference, the aforesaid sub-section (1C) is reproduced as follows: (1C) Notwithstanding anything contained in sub-section (1), the Central Government may, by notification in the Official Gazette, exempt any class or classes of persons
Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset. After introducing the eFile by eMail option where customers need to just send us an email with a few details, e-filing of taxes through mobile is the next obvious step for the company, Ankur Sharma, CEO, TaxSpanner said in a statement.
Online filing of tax returns in India jumped 80 per cent to 91.57 lakh in 2010-11 and is projected to zoom to to 7.5 crore in five years, according to an online service portal. NK ETax Solutions Chairman Sanjay N Kapadiaa said in 2010-11, the number of tax returns filed was 4.4 crore, compared to 3.40 crore in the previous fiscal.
More than five crore people are estimated to pay tax in the current fiscal, of which two crore are likely to pay taxes through the online medium, an online tax service portal today said. These projections are on the basis of the trends seen over the past few years and also after discussing the matter with some government officials,” Taxsum.com Chairman Sanjay Kapadiaa told reporters here.
As many as 85 lakh salaried tax payers with an annual income of up to Rs 5 lakh will not have to file income-tax return from now onwards, a finance ministry official said. No income-tax returns would be required for salaried persons earning up to Rs 5 lakh per annum. We would notify this in first week of June, outgoing Chairman of Central Board of Direct Taxes Sudhir Chandra told reporters here.
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee [ Images ] when he presented the Budget in February. On Tuesday, Pranab Mukherjee said this will be applicable in the 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect will be brought out soon.
As many as 85 lakh tax payers will benefit from the government’s decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said. The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh small taxpayers, he said.
Exemption under section 10B-Availability-Return not filed by due date-Proviso to section 10B(1) which provides that no exemption under section 10B shall be allowed if return is not furnished by due date prescribed under section 139(1) is directory and not mandatory in nature. Therefore, in genuine cases exemption under section 10B may be allowed even if the return is not filed by the due date mentioned in section 139(1)
For AY 2009-10 onwards, E-returns are being processed u/s143 (1) at CPC Bangalore. In some cases, taxpayers have requested for rectification of the intimation u/s 154. In almost all cases it is seen that the rectification can be correctly processed
Tax returns are not sacrosanct when it comes to calculating the maintenance paid by a man to his estranged wife and kids, the Bombay high court has ruled. In two recent cases, the HC thwarted the attempt of two businessmen who challenged the maintena
