No LTA for government staff using personal car or taxi as mode of transport
Nov 3, 2009 Government Policy
The government will not sanction leave travel allowance for an employee who uses personal car or taxi as mode of transport.However, the rule shall not be applicable to employees with a handicap or disability of self or dependent family member. According to a government notification, the employees can avail the LTA only if they travel by Indian Railways or Air India and state transport corporation buses.
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Tags: air india, central government, competent authority, dependent family members, family member, government notification, government staff, government state, handicap, indian railways, journeys, LTA, medical certificate, modes of transport, own car, personal car, private taxis, state government, transport corporation, travel allowance
Direct Tax code will make People earning between 5-10 lakh end up pay more
Aug 15, 2009 Income Tax, direct tax code
If you think the new direct tax code unveiled by finance minister Pranab Mukherjee on Wednesday will save you tax, think again. For taxpayers in the lower brackets, taxes may actually go up, depending on various assumptions. People who make substantial income from buying and selling shares may also lose out.
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Tags: direct tax code, discussion paper, dtc, Home Loan, Income Tax, long term capital, long term capital gains, ltcg, medical allowance, rented accommodation, salary income, scheme of things, substantial income, travel allowance
How to fill and file Income Tax Return( ITR-2)
Jun 14, 2009 Income Tax
To file I-T returns, the choice for salaried individuals will be between the Indian Income Tax Return – 1 (ITR-1) and ITR-2 forms. If your earnings for the year are through salary income and interest earned on bank deposits, then ITR-1 is the form you should fill up. If you are a salaried individual and have made some money selling shares, or if you own a house, then ITR-2 is the form to be filled up.
Even if you are filling up ITR-1, this is a helpful guide. The main portion of ITR-2 has two pages, which are reprinted below. Other than these, there are four pages occupied by 15 schedules, most of which have been reprinted on the sides. The user has to first fill up the schedules and then get around to filling up the two main pages.
General information
Name and address are the first entries you should fill up.
Then come to filling up the permanent account number, popularly known as PAN. If you want to file a tax return, you must necessarily have a PAN. You cannot file a return otherwise.
To know the designation of your assessing officer, pull out a copy of your last year’s return. If you are filing a return for the first time, find out about it when you go to the income tax office.
To know the section under which returns are being filed, look at instruction number 9 in the list of instructions. For individuals filing returns before the due date, the right section is 11.
Indians living outside the country need to specify whether the returns are being filed by a representative assessee. Salaried Indian nationals can ignore this entry.
For better understanding we are taking example of one Mr. Ramesh Sharma.
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Tags: Assessment, helpful guide, how to file Itr, income tax office, Income Tax Return, indian income tax, itr 2, medical reimbursement, MICR, PAN, salary, salary income, transport allowance, travel allowance