There was lot of confusion by the salary class assessee’s to file the Income Tax return or not to file. Hence Income tax department has issued Notification to clarify the same.
Here is the Notification copy
Notification No.402/92/2006-MC (14 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, dated the 23rd June, 2011
PRESS RELEASE
The Central Board of Direct Taxes has notified the scheme exempting salaried
taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable
deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.
Persons receiving salary from more than one employer, having income from sources
other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.
PLEASE FEEL FREE TO CONTACT ME FOR YOUR CLARIFICATIONS.
Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts
Tuesday, June 28, 2011
Thursday, June 5, 2008
Petrol Price
Its fantastic that we all think about petrol price hike, commodities hike, hotel food, cable charges hike etc.,
Why don’t we think about how to control the usage and where the usage of petrol is happening more.
Check how many government vehicles are moving per day, how many kilometers, how many liters consumed, and how much milage does the vehicle give. Is it necessary to give one vehicle to each officer. Here you will find lot of answers for yourself. Can we control this? Why not and who will control. Who will rise the voice against it. Will you?
Check how many government buses / public transport will travel in the peak hours, and in non peak hours, how many will go to school / colleges with their parents and how many go by auto or school-van. Why don’t we insist to go by school bus or college bus or public transport. It’s the prestige issue for some to have own vehicle.
Check how many will go to government offices from different locations, every one has to own a good vehicle. I hope you know better how they get money!!!
Check how many will go to their business and their offices. Why don’t we have house close by.
Details to check the figures for the above is a delicate issue. That’s the reason we or anybody doesn’t want to highlight.
If 10% of the public think this for 6 months, I think we can save 10% of shortage in petrol. Petrol / Gas / LPG is very much necessary to our day to day life. How to use is the big question mark. If you have any ways to save petrol do highlight.
As the population grows, requirement of every thing increases like food, clothing and shelter (basic things) to supply these things by transport we need diesel / petrol from one place to another.
Is this not possible, why don’t we supply petrol / diesel by pipeline. So that transportation of petrol will be cheap. Do you know what is the cost of petrol in Pakistan.
http://www.kshitij.com/research/petrol.shtml
http://in.answers.yahoo.com/question/index?qid=20080112091007AA7oreN
http://pakistantimes.net/2005/04/23/top5.htm
Why don’t we think about how to control the usage and where the usage of petrol is happening more.
Check how many government vehicles are moving per day, how many kilometers, how many liters consumed, and how much milage does the vehicle give. Is it necessary to give one vehicle to each officer. Here you will find lot of answers for yourself. Can we control this? Why not and who will control. Who will rise the voice against it. Will you?
Check how many government buses / public transport will travel in the peak hours, and in non peak hours, how many will go to school / colleges with their parents and how many go by auto or school-van. Why don’t we insist to go by school bus or college bus or public transport. It’s the prestige issue for some to have own vehicle.
Check how many will go to government offices from different locations, every one has to own a good vehicle. I hope you know better how they get money!!!
Check how many will go to their business and their offices. Why don’t we have house close by.
Details to check the figures for the above is a delicate issue. That’s the reason we or anybody doesn’t want to highlight.
If 10% of the public think this for 6 months, I think we can save 10% of shortage in petrol. Petrol / Gas / LPG is very much necessary to our day to day life. How to use is the big question mark. If you have any ways to save petrol do highlight.
As the population grows, requirement of every thing increases like food, clothing and shelter (basic things) to supply these things by transport we need diesel / petrol from one place to another.
Is this not possible, why don’t we supply petrol / diesel by pipeline. So that transportation of petrol will be cheap. Do you know what is the cost of petrol in Pakistan.
http://www.kshitij.com/research/petrol.shtml
http://in.answers.yahoo.com/question/index?qid=20080112091007AA7oreN
http://pakistantimes.net/2005/04/23/top5.htm
Friday, May 30, 2008
Finance for common man
Finance for Common man
Finance is necessary for every one. What ever is the age, sex, caste, religion etc., Finance plays a vital role in everybodies life. By birth every one prays to be rich. But our karma of earlier janma leads to present janma.
At our childhood our parents will take care of our financial needs. If parents are not alive during childhood, children will take different , different directions without knowledge. Good direction leads to good lifestyle and bad directions leads to criminal activity.(May or May not be) That is how society is created with evil activity.
At our middle age, we will be fast in every thing. That is also, we will be fast in spending our earnings without anticipating future needs. One who enjoys at the early age will se trouble or shortage of finance at the later age. (Just sit back and find few examples of your relations or friends) Don’t get panic, decide now you will not make this mistake.
Later of our age leads to concentration of health. Day to day taking care of health treatments are becoming costlier. To avail good treatment, we have to spend good amount of money.
Prima facie, we need finance at each and every level of life, irrespective of wheather we are in business or profession.
My sincere request to you all is save first and spend next.
Finance is necessary for every one. What ever is the age, sex, caste, religion etc., Finance plays a vital role in everybodies life. By birth every one prays to be rich. But our karma of earlier janma leads to present janma.
At our childhood our parents will take care of our financial needs. If parents are not alive during childhood, children will take different , different directions without knowledge. Good direction leads to good lifestyle and bad directions leads to criminal activity.(May or May not be) That is how society is created with evil activity.
At our middle age, we will be fast in every thing. That is also, we will be fast in spending our earnings without anticipating future needs. One who enjoys at the early age will se trouble or shortage of finance at the later age. (Just sit back and find few examples of your relations or friends) Don’t get panic, decide now you will not make this mistake.
Later of our age leads to concentration of health. Day to day taking care of health treatments are becoming costlier. To avail good treatment, we have to spend good amount of money.
Prima facie, we need finance at each and every level of life, irrespective of wheather we are in business or profession.
My sincere request to you all is save first and spend next.
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