tax

Document identification numer--- used in it income tax department

India’s Direct Tax Collections registered 47.16 per cent Increase in April-June 2012

Income-tax Act requires a person to obtain a Permanent
Account Number (PAN) if his / her total personal income exceeds ___? [A]Rs.
100,000 at Present [B]Rs. 200,000 at Present [C]Rs. 500,000 at present [D]Every
self employed person
Rs. 200,000 at Present The Income-tax Act requires you to obtain a Permanent
Account Number (PAN) if your total income exceeds the basic exemption limit (Rs 2
lakh at present) or if you run a business or are a professional with turnover of at
least Rs 5 lakh.










The new service tax regime will come into force today. All services, except the 38 services figuring in the negative list, will now attract 12 per cent service tax. The government has also widened the definition of 'Services' to bring in more activities under the tax net. Till now, 119 services that come under 'positive list' were subject to the levy.

But, services like metered taxis, auto rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and electricity transmission or distribution by discoms have been kept in the negative list and will not attract the tax.

Coaching classes and training institutions will come under the net, though the tax will not be levied on school, university education and approved vocational courses.




E-file returns compulsory if income exceeds Rs 10 Lakhs
People with income of Rs 10 Lakhs per annum will have to file their tax returns electronically beginning 2011-12
Financial year. The CBDT (Central Board of Direct Taxes) has issued a notification making e-filing compulsory for
assessment year 2012-13 onwards for an individual or a Hindu undivided family if his or its total income exceeds Rs 10
Lakhs. Yet, digital signature will not be mandatory for these tax payers.
E-filing for such assesses was optional till 2010-11.
The Income Tax Department had received record 1.64 crore E-returns in 2011-12 financial year.



Panel formed to advise govt on issues of international taxation

The Finance Ministry by the recent controversy over the tax case involving Vodafone has been prompted to set up a
group to advise it on the issues of international taxation. The finance ministry formed the panel (a 12-member body,
headed by finance and revenue secretary R S Gujral) with an aim to reduce disputes in international transactions. The
advisory group set up in order to reduce tax litigation and bring tax certainty in the area of international taxation,
transfer pricing and thus deal with the controversial amendments in the Income Tax Act that seek to tax overseas deals
with retrospective effect.



Cabinet approves proposal to set up a SPV – Goods and Services Tax
Network (GSTN)
The cabinet approved a proposal to set up a SPV (Special Purpose Vehicle) namely‘Goods and Services Tax Network
(GSTN)’.
What is GSTN?
 Goods and Services Tax Network is an IT Special purpose Vehicle (SPV) set up to create an enabling environment
for smooth introduction of GST (Goods and Services Tax).


INDIA'S TOP MOST INDIVIDUAL TAX PAYER IS AMEER KHAN





Tax concessions to private employers of persons with disabilities: NAC
National Advisory Council, NAC has suggested providing tax benefits to private employers of persons with disabilities.
Some of the key recommendations by the NAC are:
 Incorporating measures like extending subsidies and financial benefits for initiating small-scale income
generation activities by household of persons with disabilities while drafting Rights of Persons with Disabilities
Bill (RPDB)
 Law Ministry to review all statutes in order to bring an acknowledgement of full legal capacity for such persons.
 Formation of stronger anti-discrimination provisions to remove obstacles in their productive employment, thus
facilitating increased participation of the disabled in the workforce
 During survey of poor households and Below Poverty Line and food insecure households, higher weightage
should be given to the families with disabled members.
 Establish a single National Disabilities Commission and State Disability Commission to replace various other
institutions concerned with the rights of persons with disabilities