CIT (TDS) Address

Friends,

                 It is for information of all that w.e.f 01-04-2010 one have to mention CIT (TDS) address on Form 16 and Form 16A, Now it is common question to find out the address of CIT (TDS), Commissioner of Income Tax address for your area. Some of the  CIT(TDS) address are given below for requirement ias to fill in Form 16 and 16A r:-

    * CIT(TDS) Address for Ambala
    * CIT(TDS) Address for Kurukshetra
    * CIT(TDS) Address for Karnal
    * CIT(TDS) Address for Jind
    * CIT(TDS) Address for Sonipat
    * CIT(TDS) Address for Panipat
    * CIT(TDS) Address for Rohtak
    * CIT(TDS) Address for Faridabad
    * CIT(TDS) Address for Gurgaon
    * CIT(TDS) Address for Mahendergarh
    * CIT(TDS) Address for Bhiwani
    * CIT(TDS) Address for Hissar
    * CIT(TDS) Address for Sirsa
    * CIT(TDS) Address for Rewari
    * CIT(TDS) Address for Kaithal
    * CIT(TDS) Address for Yamuna Nagar
    * CIT(TDS) Address for Panchkula
    * CIT(TDS) Address for Fatehbad
    * CIT(TDS) Address for Jhajjar


Solution of all above question is one.  It means CIT Address for all Haryana is one which is given as under:-

Address of CIT(TDS) for Haryana


Commission of Income Tax (TDS)
Central Revenue Building
Sector 17C, Chandigarh -166017

New Income Tax Slab Rate for Individuals, Females and Sr. Citizens

Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on Monday.

The current income tax exemption limit is Rs 1.5 lakh (Rs 150,000) for men, Rs 1.8 lakh (Rs 180,000) for women and Rs 2.25 lakh (Rs 225,000) for senior citizens.

Surcharge and Education Cess—

Levy of surcharge has been withdrawn for personal income tax payers . Earlier surcharge was levied at 10% having total income exceeding Rs. 10,00,000/- on such cases.

“Education Cess on Income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent and one per cent respectively of income-tax.

Income tax slab tables for your quick reference

India Income tax slabs 2009-2010 for Men

Income tax slab (in Rs.)               Tax
0 to 1,60,000                             No tax
1,60,001 to 3,00,000                  10%
3,00,001 to 5,00,000                  20%
Above 5,00,000                          30%

India Income tax slabs 2009-2010 for women

Income tax slab(in Rs.)               Tax
0 to 1,90,000                         No tax
1,90,001 to 3,00,000              10%
3,00,001 to 5,00,000              20%
Above 5,00,000                      30%

India Income tax slabs 2009-2010 for Senior citizen
 

Income tax slab(in Rs.)            Tax
0 to 2,40,000                       No tax
2,40,001 to 3,00,000            10%
3,00,001 to 5,00,000            20%
Above 5,00,000                    30%

The rates for persons not resident in India, including companies other than domestic companies,are the same. Basically, for corporate there are no tax rate changes and hence is at statuesque.

Cost Inflation Index (CII)

What is Cost Inflation Index (CII)?

It is a measure of inflation that finds application in tax law, when computing long-term capital gains on sale of assets. Section 48 of the Income-Tax Act defines the index as what is notified by the Central Government every year, having regard to 75 per cent of average rise in the consumer price index (CPI) for urban non-manual employees for the immediately preceding previous year.

How does CII help in capital gains computation? Capital gain, as you know, arises when the net sale consideration of a capital asset is more than the cost. Since “cost of acquisition” is historical, the concept of indexed cost allows the taxpayer to factor in the impact of inflation on cost. Consequently, a lower amount of capital gains gets to be taxed than if historical cost had been considered in the computations.

Formula for computing indexed cost is (Index for the year of sale/ Index in the year of acquisition) x cost.

For example, if a property purchased in 1991-92 for Rs 20 lakh were to be sold  in A.Y. 2009 -10 for Rs 80 lakh, indexed cost = (582/199) x 20 = Rs 58.49 lakh. And the long-term capital gains would be Rs 21.51, that is Rs 80 lakh minus Rs 58.49 lakh.

Cost Inflation Index:- Cost inflation index (CII)as notified by Central Government is as under:

Financial Year     (CII)     Financial Year     (CII)

           

1981-82             100         1996-1997       305

1982-83             109         1997-1998       331

1983-84             116         1998-1999       351

1984-85             125         1999-2000       389

1985-86             133         2000-2001       406

1986-87             140         2001-2002       426

1987-88             150         2002-2003       447

1988-89             161        2003-2004       463

1989-90             172        2004-2005       480

1990-91             182        2005-2006       497

1991-92             199        2006-2007       519

1992-93             223        2007-2008       551

1993-94             244        2008-2009       582

1994-95             259       2009-2010       632

1995-96             281       2010-2011       711

Extension in date for Filing of Income Tax Return

Friends,

Here is a good news for those who can't file their Income Tax return by 31.07.2010. The Central Board of Direct Taxes has decided to extend the due date  of filing of Income Tax returns from 31st July 2010 to 4th August 2010. All paper returns or e-returns filed on or before 4th August, 2010 would be considered as filed within the due

Here is press Released by CBDT :-

The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July 2010. All paper returns or e-returns filed on or before 4th August 2010 will be considered as filed within the due date.
The decision was taken in view of some technical snags in the e-filing computer system, and inclement weather at various locations, due to which taxpayers have reported difficulties in filing or uploading income tax returns.

So go and file your Income Tax Return by 04.08.2010 if you have not done so.