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(showing articles 4721 to 4723 of 4723)
(showing articles 4721 to 4723 of 4723)

older | 1 | .... | 235 | 236 | (Page 237)

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    New Delhi:A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns. Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form called Sahaj. In the form for Assessment Year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included. "Columns that will remain include those for claiming deductions under Section 80C, mediclaim (80D). Those individuals who want to show deductions under other heads can do so by selecting an option," an official told PTI. Currently, the ITR 1/Sahaj has 18 different columns for claiming deductions under Section 80 of the Income Tax Act.Under section 80C, a deduction of Rs 1.5 lakh can be claimed from total income for investments in LIC, PPF and repayment of housing loan. Section 80D provides for tax deduction from the total taxable income for the payment of medical insurance premium. This deduction is over and above the deduction under Section 80C. "The forms would be notified by this month end as we want assessees to start filing returns from April onwards," the official added. The move is aimed at encouraging more number of people to file returns. Currently, only 6 crore out of 29 crore persons holding permanent account number (PAN) file income returns. The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back. People with an income of more than Rs 50 lakh per annum and who own luxury items like yacht, aircraft or valuable jewellery will continue to disclose these expensive assets with the I-T department in the ITRs. The e-filing facility for ITR-1 is likely to be enabled from April 1 and ITRs can be filed till the stipulated deadline of July 31. At the time of filing the form, the taxpayer has to fill in his PAN, Aadhaar number, personal information and information on taxes paid, and TDS will be auto-filled in the form. Post July 1, as per amendments to the Finance Bill 2017 as passed by the Lok Sabha, it would become mandatory for an assessee to provide the Aadhaar number or the number showing that he has applied for Aadhaar in the ITR. Also the efiling website would have an online tax calculator to help assessees determine their tax liability. ITR 1-SAHAJ, 2 and 2A can be used by individual or Hindu Undivided Families whose income does not include income from business. ITR 4S - SUGAM can be used by an individual or HUF whose income includes business income assessable on presumptive basis.

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    New Delhi:The Supreme Court today banned the sale and registration of vehicles which are not compliant with BS-IV emission norms from April 1 across the country. The apex court observed that the "health of the people is far far more important than the commercial interest of automobile manufactures". A bench of Justices Madan B Lokur and Deepak Gupta prohibited registration of any vehicles which do not meet the Bharat Stage-IV emission norm standards from April 1. The BS-IV emission norms will come into force from April 1, 2017. The top court had yesterday reserved its verdict on pleas seeking ban on the sale and registration of BS-III compliant vehicles after April 1. The Society of Indian Automobile Manufacturers (SIAM) had earlier submitted data on manufacturing and sale of BS-III vehicles on a monthly basis from January 2016 and told the court that the companies were holding stock of around 8.24 lakh such vehicles including 96,000 commercial vehicles, over six lakh two-wheelers and around 40,000 three-wheelers. The manufacturers had also told the court that they were allowed to sell their stocks with old emission norms when new technology was brought in force on the previous two occasions at the time the industry had switched to BS-II and BS-III in 2005 and 2010. PTI

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    Kochi: The High Court on Wednesday asked government why it is not removing the present Vigilance Director from the post. Pointing out that the Vigilance is making unnecessary interference in Kerala, the court asked the government how it can go forward with the present Vigilance Director. "Why is the government keeping mum in this regard?"the court asked. The court made the observation while considering the petition submitted by two officials who are facing Vigilance probe. Severely censuring the Vigilance and Anti-Corruption Bureau, the High Court last month had asked whether Vigilance Raj is prevailing in the state.

older | 1 | .... | 235 | 236 | (Page 237)