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(READ FULL STORY ON BUDGET 2011-12) Print your Salary Statement HERE
(MAJOR HIGHLIGHTS OF UNION BUDGET 2011-12) For Slab rates F/Y 2011-12 Click Here
(MAJOR HIGHLIGHTS OF UNION BUDGET 2011-12) For Slab rates F/Y 2011-12 Click Here
The Union Budget 2011-12 has laid a special emphasis on reducing the compliance burden of small tax payers by introducing simplified return form called ‘Sugam’. The Finance Minister Shri Pranab Mukherjee while presenting the Budget said that the small tax payers who fall within the scope of presumptive taxation can utilize the new simplified form Sugam.
To fast track the disposal of cases related to taxes by the settlement commission three more Benches of the Commission are being set up.
The Minister said that steps are being initiated to reduce litigation and focus attention on high revenue cases. He said that instructions have been issued raising limit of tax effects below which, tax disputes will not be pursued by Government in higher Courts of Appeal.
The three pilot projects of Aaykar Seva Kendras (ASKs) under CBDT have come of age. CBDT will commission eight more such centres this year. In 2011-12, another fifty ASKs will be set up across the country," Mukherjee said in his Budget speech.
Currently, these pilot projects are at Pune, Cochin and Chandigarh.
Besides, the Centralised Processing Centre (CPC) at Bengaluru has increased its daily processing capacity from 20,000 to 1.5 lakh returns in 2010-11.
"Two more CPCs will become operational in Manesar and Pune by May, 2011 and a fourth CPC will come up in Kolkata in 2011-12," he added.
He added CBDT will provide a separate web-based facility to enable a direct, stand-alone interface for taxpayers with the I-T Department, so that they can report and track the resolution of their refunds and credit for prepaid taxes.
Mukherjee also proposed to launch a new scheme with an outlay of Rs 300 crore to provide assistance to states to modernise their stamp and registration administration and roll out e-stamping in all the districts in the next three years.
"With the development of the economy, the need to review the provisions of the Indian Stamp Act, 1899 has been felt over the years. I propose to introduce a Bill shortly to amend the Indian Stamp Act," he added.
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To fast track the disposal of cases related to taxes by the settlement commission three more Benches of the Commission are being set up.
The Minister said that steps are being initiated to reduce litigation and focus attention on high revenue cases. He said that instructions have been issued raising limit of tax effects below which, tax disputes will not be pursued by Government in higher Courts of Appeal.
The three pilot projects of Aaykar Seva Kendras (ASKs) under CBDT have come of age. CBDT will commission eight more such centres this year. In 2011-12, another fifty ASKs will be set up across the country," Mukherjee said in his Budget speech.
Currently, these pilot projects are at Pune, Cochin and Chandigarh.
Besides, the Centralised Processing Centre (CPC) at Bengaluru has increased its daily processing capacity from 20,000 to 1.5 lakh returns in 2010-11.
"Two more CPCs will become operational in Manesar and Pune by May, 2011 and a fourth CPC will come up in Kolkata in 2011-12," he added.
He added CBDT will provide a separate web-based facility to enable a direct, stand-alone interface for taxpayers with the I-T Department, so that they can report and track the resolution of their refunds and credit for prepaid taxes.
Mukherjee also proposed to launch a new scheme with an outlay of Rs 300 crore to provide assistance to states to modernise their stamp and registration administration and roll out e-stamping in all the districts in the next three years.
"With the development of the economy, the need to review the provisions of the Indian Stamp Act, 1899 has been felt over the years. I propose to introduce a Bill shortly to amend the Indian Stamp Act," he added.
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