Income Tax Updates

Deduction for Investment in Long-Term Infrastructure Bonds [Sec. 80CCF] Posted: 14 Feb 2012 07:39 AM PST Under the extant provisions of section 80CCF, a sum of Rs. 20, 000 (over and above the existing limit of Rs. 1 lakh available under section 80CCE for tax savings) is allowed as deduction in computing the total income of an individual or a Hindu undivided family if that sum is paid or deposited during the previous year relevant to the assessment year 2011-12 in notified long term infrastructure bonds. The aforesaid provisions of section [...]

Marginal Relief – Maximum Marginal Tax Rates for A.Y. 2012-13 Posted: 14 Feb 2012 07:35 AM PST Marginal relief - In the case of a domestic company if net income exceeds Rs. 1 Crore, surcharges is 7.5 per cent of income-tax for the assessments year 2011-12 and 5 per cent of income-tax for the assessment year 2012-13.. Likewise, in the case of a foreign company. If net income exceeds Rs. 1 Crore, surcharge is 2.5 per cent of income-tax the assessment year 2011-12 and 2 per cent of income-tax for the assessment [...]

Surcharge, Education Cess in the Case of TDS – F.Y.2011-12 Posted: 14 Feb 2012 07:15 AM PST 6a SURCHARGE, EDUCATION CESS, ETC, IN THE CASE OF TDS-   For the Financial year 2011-12 these are applicable as follows—- Nature of payment Whether surcharge is applicable Whether education cess @ 2% secondary and higher education cess @ 1% is applicable Salary to a resident or non-resident No Yes Payment (other than salary) to a resident No No Payment (other than salary) to a non-resident not being foreign company No Yes Payment (other than salary) [...]