I.T. WEAVES WONDERS FOR I.T.!
E-processing of tax returns at CPC ushers faster refunds for tax payers & considerable saving in interest cost of IT Dept.
Information Technology (IT) has indeed weaved wonders for Income Tax (IT)! Your columnist had an occasion to get a feel of this unique feat of the Centralized Processing Centre (CPC) of the IT Department, while participating at the interactions of the strategic All India CPC Workshop, organized at the sprawling state of the art academic campus of Infosys at Mysore. (more…)
LATE NIGHT INTERROGATION IS HUMAN RIGHT VIOLATION!
Patna High Court holds tax officials guilty for sleep deprivation of taxpayer during Income-tax search!
One Rajendra Singh made a complaint before the Bihar State Human Rights Commission that during the Income-tax search and seizure operation, the raiding party committed various acts of omission and commission including violation of his human rights. He alleged that the officials of the Income Tax Department confined his family in the house for two days in course of the search and seizure operations at their business and residential premises almost uninterruptedly and did not allow cooking food, thereby compelling them to purchase the same from outside. He also alleged that the members of the search team misbehaved, abused and tortured the taxpayer and his family members and used methods of coercion for recording statements and obtaining signatures forcibly. (more…)
BANK ON TERM DEPOSITS FOR AVAILING TAX SAVING
Investing in the ‘Tax Saving Deposit Scheme’ can be a great choice for NRIs & HUFs who cannot invest in PPF!
TAX FREE MEDICAL PERKS
Salaried employees enjoy special tax shelter for various reimbursements of medical expenditure for self & family!
Section 17(2) of the Income-tax Act provides for taxability of perquisites in the hands of a salaried employee. In this context, a salaried employee must plan to take the benefit of a number of medical facilities provided by an employer to the employee, which are not treated as taxable perquisites as per the Proviso to Section 17(2), which carves out exceptions to the general rule of taxing perquisites. (more…)
