Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley

 Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley

 Arun Jaitley, one of BJP’s prominent leaders says that raising income tax slab to Rs 5 lakh will benefit more than thirty million people in the country. He also added that direct tax should be reduced, If the Income Tax limit is raised from Rs. 2 lakh to Rs. 5 lakh, 3 crore people will save Rs. 24 crore which will lead to a small impact of 1 to 1.5 per cent of the National Tax Fund.

All 100% of the Government employees pay taxes without fail, all the time. There is no doubt about it.

Each year, with Government employees losing about a month’s pay as taxes, the suggestion to raise tax slab to Rs. 5 lakh is a welcome move. But, since such ideas are being aired only around election time, they lose credibility.

It has almost become a routine for the Government employees to eagerly hope for a tax slab raise during each annual budget presentation, and be disappointed. There haven’t been any alternative savings options to avoid income tax this time also.

Those who had got employed after 2004 have no options to save and are paying income tax even for comparatively lower incomes.

Will this situation continue?
Only the new Government at the Centre will have the answer to this question.

Source: 90paisa.blogspot.in
[http://90paisa.blogspot.in/2014/04/income-tax-exemption-limit-should-be.html]

RATES OF INCOME-TAX AS PER FINANCE ACT, 2013

RATES OF INCOME-TAX AS PER FINANCE ACT, 2013

As per the Finance Act, 2013, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2013-14 (i.e. Assessment Year 2014-15) at the following rates:

2.1 Rates of tax
 

A. Normal Rates of tax:

S. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,00,000/-.	Nil
2	Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-	10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,30,000/- plus 30 Per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or
more but less than eighty years at any time during the financial year:

S. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,50,000/-	Nil
2	Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-	10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-	Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

C. In case of every individual being a resident in India, who is of the age of eighty years or
more at any time during the financial year:

S. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 5,00,000/-	Nil
2	Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-	20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
4	Where the total income exceeds Rs. 10,00,000/-	Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

2.2 Surcharge on Income tax:

The amount of income-tax shall be increased by a surcharge @10% of the Income-tax on payments to an individual taxpayer, if the total income of the individual exceeds Rs 1 crore during FY 2013-14 (AY 2014-15). However the amount of Surcharge shall not exceed the amount by which the individual’s total income exceeds Rs 1 crore and if surcharge so arrived at, exceeds such amount (assessee’s total income minus one crore) then it will be restricted to the amount of total income minus Rupees one crore.

2.3.1 Education Cess on Income tax: The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

2.3.2 Secondary and Higher Education Cess on Income-tax: An additional cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax as in 2.3.1.

3. SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM "SALARIES":

3.1 Method of Tax Calculation:

Every person who is responsible for paying any income chargeable under the head "Salaries" shall deduct income-tax on the estimated income of the assessee under the head "Salaries" for the financial year 2013-14. The income-tax is required to be calculated on the basis of the rates given above, subject to the provisions related to requirement to furnish PAN as per sec 206AA of the Act, and shall be deducted at the time of each payment. No tax, however, will be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. 2,00,000/- or Rs.2,50,000/- or Rs. 5,00,000/-, as the case may be, depending upon the age of the employee.
Source: 90paisa.blogspot.in

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONGWITH INTEREST PAID UPTO OCTOBER 2012.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONG WITH INTEREST PAID UPTO OCTOBER 2012...

Income Tax Refund

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013.

Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

 The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No.	Financial Year	Refund (in Rs. crores)
1.	2009-10	57349
2.	2010-11	73441
3.	2011-12	*95278
4.	2012-13	*51908 (upto Oct. 2012)

           
*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:
i) Promoting e-filing of the returns for speedy processing

ii) Issuance of refunds through Refund Banker

iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

v) TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

vi) Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

vii) Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONGWITH INTEREST PAID UPTO OCTOBER 2012.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONG WITH INTEREST PAID UPTO OCTOBER 2012...

Income Tax Refund

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013.

Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

 The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No.	Financial Year	Refund (in Rs. crores)
1.	2009-10	57349
2.	2010-11	73441
3.	2011-12	*95278
4.	2012-13	*51908 (upto Oct. 2012)

           
*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:
i) Promoting e-filing of the returns for speedy processing

ii) Issuance of refunds through Refund Banker

iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

v) TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

vi) Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

vii) Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONGWITH INTEREST PAID UPTO OCTOBER 2012.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONG WITH INTEREST PAID UPTO OCTOBER 2012...

Income Tax Refund

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013.

Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

 The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No.	Financial Year	Refund (in Rs. crores)
1.	2009-10	57349
2.	2010-11	73441
3.	2011-12	*95278
4.	2012-13	*51908 (upto Oct. 2012)

           
*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:
i) Promoting e-filing of the returns for speedy processing

ii) Issuance of refunds through Refund Banker

iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

v) TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

vi) Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

vii) Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONGWITH INTEREST PAID UPTO OCTOBER 2012.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONG WITH INTEREST PAID UPTO OCTOBER 2012...

Income Tax Refund

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013.

Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

 The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No.	Financial Year	Refund (in Rs. crores)
1.	2009-10	57349
2.	2010-11	73441
3.	2011-12	*95278
4.	2012-13	*51908 (upto Oct. 2012)

           
*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:
i) Promoting e-filing of the returns for speedy processing

ii) Issuance of refunds through Refund Banker

iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

v) TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

vi) Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

vii) Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONGWITH INTEREST PAID UPTO OCTOBER 2012.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONG WITH INTEREST PAID UPTO OCTOBER 2012...

Income Tax Refund

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013.

Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

 The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No.	Financial Year	Refund (in Rs. crores)
1.	2009-10	57349
2.	2010-11	73441
3.	2011-12	*95278
4.	2012-13	*51908 (upto Oct. 2012)

           
*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:
i) Promoting e-filing of the returns for speedy processing

ii) Issuance of refunds through Refund Banker

iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

v) TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

vi) Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

vii) Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONGWITH INTEREST PAID UPTO OCTOBER 2012.

INCOME TAX REFUND : ALL INDIA DATE FOR REFUNDS ALONG WITH INTEREST PAID UPTO OCTOBER 2012...

Income Tax Refund

Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013.

Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

 The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No.	Financial Year	Refund (in Rs. crores)
1.	2009-10	57349
2.	2010-11	73441
3.	2011-12	*95278
4.	2012-13	*51908 (upto Oct. 2012)

           
*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:
i) Promoting e-filing of the returns for speedy processing

ii) Issuance of refunds through Refund Banker

iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

v) TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

vi) Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

vii) Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.

Income Tax Refund Status – Check your status through online

Income Tax Refund Status – Check your status through online

‘Refund Banker Scheme’ – Check your Income Tax Refund status through online

The Income Tax Department has already introduced the provision to know the status of Income Tax Refund through online. As shown in the official website of TIN-NSDL you can verify the status of refund for the assessment year 2003-04 to 2013-14. Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker – by entering ‘PAN’ and ‘Assessment Year’ in the prescribed place of the webpage. The details are given for recollecting the information…

Tax Information Network of
Income Tax Department
REFUND STATUS
Refund Banker

The ‘Refund Banker Scheme,’ which commenced from 24th Jan 2007, is now operational for taxpayers assessed all over India (except at Large Taxpayer Units) and for returns processed at CPC (Centralized Processing Centre) of the Income Tax Department at Bangalore.

In the ‘Refund Banker Scheme’ the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day of processing for further distribution to taxpayers.

Refunds are being sent in following two modes:
RTGS / NECS : To enable credit of refund directly to the bank account, Taxpayer.s Bank A/c (at least 10 digits), MICR code of bank branch and correct communication address is mandatory.

Paper Cheque : Bank Account No, Correct address is mandatory.
Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker – by entering ‘PAN’ and ‘Assessment Year’ below.

Other Refunds
Status of ‘paid’ refund, being paid other than through ‘Refund Banker,’ can also be viewed at www.tin-nsdl.com by entering the ‘PAN’ and ‘Assessment Year’ below.

‘Refund paid’ status is also being reflected in the ‘Tax Credit Statements’ in Form 26AS.

Check your status…
https://tin.tin.nsdl.com/oltas/refundstatuslogin.html