Issue Of Income Tax Refund Refunds Without Adjustment Of Demand

DIRECTORATE OF INCOME TAX (SYSTEMS)

ARA Centre, Ground floor, E-2, Jhandewalan Extension,

New Delhi-110055.

F.NO.DIT(S)-III/CPC/2013-14/Refund Adjustment/ Dated:22.10.2013

To

The Chief Commissioner of Income Tax (CCA) (By Name)

Ahmedabad/ Bangalore/ Bhubaneswar/ Bhopal/ Chandigarh/ Chennai/ Guwahati/Hyderabad /Jaipur /Kanpur/ Kochi / KolkatalLucknow /Mumbai /Nagpur/ New Delhi /Patna/ Pune.

Subject: Data pertaining to notices issued u/s 245 by CPC, Bangalore where demand/refund is greater than Rs. 5000/- -reg.

Ref :Letter F.No. DIT(S)-111/CPC/2012-13/Demand Management/ dated 10/04/2013.

Madam /sir,

I have been directed to inform you that

Income Tax Slab Rates for A.Y. 2013-14 / F.Y. 2012-13

1. For Individual (other then Individuals being resident of India and above 60 years of age), Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person:

i	where the total income does not exceed Rs. 2,00,000	Nil;
ii	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;
iii	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;
iv	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.

Revised interest rate and maturity value of National Saving Certificate issued after 1st December, 2011

Table for calculation of interest and value of National Savings Certificate (VIII Issue) at end of every year completed.

Including Table/Chart for National Saving Certificate (VIII Issue) issued after 1st December, 2011 (1-12-2011)
NSC 8th issued after 1-10-2011 will be issued for the period of 5 years. Amount payable after 5 years for every Rs.100/- will be Rs.150.90/-
NSC (8th issue) issued after 1-10-2011 can be prematurely withdrawn after 3 years. Premature encashment will be done along with interest but after discount. The discounted premature repayment values will be as per Table II.

No tax on selling house jointly owned with spouse : High Court Judgement

No tax on selling house jointly 

owned with spouse

                         If you have purchased a property in joint name with your spouse, you can now claim full exemption from long-term capital gain tax when you sell it. Recently, the Delhi High Court held that full exemption under Section 54F of the Income-Tax Act, 1961, should be allowed even if the new property is purchased in joint name, if the tax-payer was the real owner, that is, if he has funded the entire cost of the property.

                         The ruling was given on a case filed by a tax-payer who sold a plot of land to Nirala Developers for R4.3 crore and earned long-term capital gain (LTCG) of around R46 lakh. Out of the total LTCG earned, the tax-payer purchased a new house and claimed an exemption under Section 54F of the IT Act for financial year 2006-07.

                       The assessing officer of the IT department noticed that the purchase deed was made jointly in the names of the tax-payer and his spouse and the officer also noticed that the tax-payer had claimed exemption under Section 54F of the Act with reference to the whole amount invested in the new house.

PPF LIMIT RAISED TO ONE LAKH & PPF INTEREST RATE TO 8.6%

No. 6-1/2011-NS.II (Pt.)

Ministry of Finance

Department of Economic Affairs

(Budget Division)

------------------------------------------------------------

New Delhi, the 11th November, 2011.

OFFICE MEMORANDUM

Sub: Decisions on the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF).

The Thirteenth Finance Commission in its Report had, inter alia, recommended that all aspects of the design and administration of the NSSF be examined with the aim of bringing transparency, market linked rates and other much needed reforms to the scheme. As a follow up of this recommendation, the Government had constituted a Committee on 8th July, 2010, headed by Smt. Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India for comprehensive review of NSSF.

Circulars & Notifications - Income Tax

Circular

Income-tax Act

Section 192 of the Income-tax Act, 1961 - Deduction of tax at source - Salaries - Income-tax deduction from salaries during the financial year 2010-11

Circular No. 8/2010 [F.No. 275/192/2009-IT(B)], dated 13-12-2010

Reference is invited to Circular No. 01/2010, dated 11-1-2010 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 2009-10, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2010-11 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income-tax Department - www.incometaxindia.gov.in.