The Cabinet on 26th Aug-2010, approved Direct Taxes Code (DTC) Bill, clearing decks for tabling the legislation in the Monsoon Session of Parliament so that the new Act ushering in reduced tax rates and exemptions may come into effect from next fiscal.

Readers might be aware Finance Minister in his budget proposal 2010 announced that in addition to regular savings for deduction from income to the tune of Rs.1,00,000/- under Section 80C, 80CCC, 80CCD, deduction to the tune of Rs.20,000/- will be allowed for the amount invested in infrastructure bonds

The much expected Revised Tax Code Proposal was released by Government yesterday. It was informed by the Govt that the comments and suggestions of stakeholders and citizens in respect of New Tax Code proposals released by the Government during August 2009 were taken into account the revised tax code proposal ...

You must have started using GConnect ITR-1 online tool for this year (2009-10 A,year 2010-11) by now. Of course this online tool has the provision to generate filled up ITR-1 which can be printed instantaeneously

As you are aware July 31st 2010 is the last date for filing ITR with the income tax department. There are significant changes in the ITR for Salaried class this year. Those who are showing house property income, interest etc had to file ITR-2 till last year.

Income tax Department has notified the Income tax return format (ITR) for be followed by the individuals for filing income tax statement before concerned Income tax offices for the year 2009-10 (Assessment year 2010-11).

In the Budget proposals for the year 2010-11 presented by Finance Minister Mr.Pranab Mukarjee, Income tax rates for individuals have been modified to a greater extent. Yet in the background of inflation and implementation of sixth pay commission report the salaried class feels that measure is half-done.

Income Tax Rates 2010-11 (Assessment Year 2011-12) for individual and HUF

New Income Tax rates have been announced in the Budget speech by the Finance Minister.

As demanded by many of GConnect members and readers, the GConnect tool for calculating Income tax relief under Section 89(1) now caters Senior Citizens also.