No income-tax returns is required for salaried persons whose annual taxable income including salary and interest is up to Rs 5 lakh

By:Madhulika Vats
Source:www.Goindocal.com

New Delhi, Jun 8: According to new policy of Indian tax department "No income-tax returns is required for salaried persons whose annual taxable income including salary and interest is up to Rs 5 lakh. We would shortly notify this," a Central Board of Direct Taxes official declared.

In India, as many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards.

However,  this would not cover income from other sources like house property, capital gains and gains from profession and business.

The scheme would be applicable from assessment year 2011-12 onwards. This means that the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in 2011-12 (assessment year).

Under the scheme, those salaried persons who want to claim  tax  refund, would have to file income tax return.

As per the Memorandum to the Finance Bill 2011, the government will be issuing a notification exempting ''classes of persons'' from the requirement of furnishing income tax returns.

Under the scheme, the salaried person wants exemption from filing IT return, has to disclose about the incomes like dividend and interest to his employer for tax deduction.

In the scenario, the Form 16 issued to salaried employees will be treated as Income Tax Return. At present, it is obligatory for all salaried persons to file income tax return under the Income Tax Act, 1961.

The idea behind the move is that in cases where there are no other sources of income, filing of a return is a duplication of existing information.

http://goindocal.com/business-»-personal-finance-no-tax-return-for-salary-and-interest-upto-5-lakhgo-1106.htm

India is listed on “wall of Shame” by IATA due to high tax

BY:Vikash Kumar Singh:
Source:WWW.Goindocal.com

New Delhi.June,8:India is now stationed on the faring list ‘Wall of Shame’ by the International Air Transport Association(IATA) for surging rate of service tax on air tickets when aviation sector is growing at a higher pace, with the world airlines’ body warns India not to kill the “goose that lays golden eggs”.

Addressing the aviation supported global trade stimulated economies and restored government budgets, Giovanni Bisignani Director General and CEO of IATA said “don’t kill the goose that lays golden eggs... Tax the bankers who created the mess. Their billions of dollars in bonuses should help clean it up.”

IATA, during its 67th annual general meeting listed the European Union parliament and the governments of the Germany, UK and Austria, on the Wall for imposing high taxes on air travel.

Asking the German, Austrian UK, and Indian governments to “stop compromising economic growth with aviation taxes,” he said these governments “need a textbook on aviation’s role as an economic catalyst.

The first chapter is entitled ‘Basta (enough) to More Taxation’.”

“Taxing aviation does not pay. The Dutch government repealed a USD 412 million departure tax because it cost the Dutch economy USD 1.6 billion. Similarly, the Irish Government is planning to cancel its USD 165 million Travel Tax because it has cost the economy USD 494 million and 3,000 jobs,” Bisignani said. Charging European Union Parliament with “ignoring international law”and deciding to impose carbon emission trading scheme to charge airlines, the IATA chief said “also on the Wall is the hit parade of government tax bandits.”

While the UK has forced “the highest aviation tax in the world” of USD 4.5 billion, Germany imposed a USD 1.3 billion departure tax followed by Austria’s USD 119 million tax and “India for the USD 450 million impact on aviation of its Service Tax in complete contravention of ICAO rules,” Bisignani said.

Contacct No of BPSC Patna Officials

If you need to get update on BPSC results contact below

I am giving the details including the Name and Designation Office Numbers

Shri R. J. M. Pillai, Hon’ble Chairman 2217525

Smt. Lakshmi Devi, Hon’ble Member 2505322

Dr. (Prof.) Om Prakash Roy, Hon’ble Member 2205326

Shri Sachchida Nand Sinha, Hon’ble Member 2504699

Shri Syed Imtiaz Uddin, Hon’ble Member 2505030

Shri Sharad Chandra Jha, Secretary 2505186, 2505368, 2504584 (Fax)

Shri Rameshwar Bhagat, Under Secretary 2505365

Shri Kumar Uday Shankar Sinha, O.S.D. 2215073

Or write them email: bpscpat-bih@nic.in


http://www.bpsc.bih.nic.in/contact.htm

JPSC syllabus of LSW Paper I

PAPER I

Labor legislation and Labour Administration

1. Theory of labor legislation-Types of labor legislation.

2. History of labor in India

3. Act’s associated with the labor affairs
a. Factory act ,1948
b. Minimum wages act,1948
c. Payment of wages act,1936
d. Equal remuneration act,1976
e. Workman Compensation act,1923
f. Maternity Benefit Scheme,1961
g. ESI act,1948
h. PF Gratuity act,1972
i. Child labor prohibition act,1986
j. Bidi Cigar worker ,act,1966
k. Jharkhand shop and establishment,act,1953
l. International Labor Organization, and their effect on Indian legislation
m. Labor administration in Jharkhand.

Punjab School Education Board (PSEB to Release the Class 12 result

Punjab School Education Board (PSEB) poised to release the results of more than 4000000 students those appeared this year in class 12th examinations today. Although there has been no official communication or update on the PSEB official website. PSEB vice-chairman Dr. Suresh Kumar Tandon earlier assured that the bar code technology is going to used by the PSEB  to prepare the results this year to bring the timely results, unlike the previous years, to students of their performance.

Some changes have been incorporated this year to avoid the glitch  encountered in merit list in previous  year as a Delhi-based agency has prepared the result after which PSEB review committee has thoroughly reviewed the results. 

These results can be available  on the official website of PSEB on http://www.pseb.ac.in, and on several other results portals available on the web. To get the get the results on mobile via SMS, one have to type PSEB12(space)ROLL NUMBER and send to 56263.

Dr. Suresh Kumar Tandon also confirmed  that the class 10th results of PSEB would be released after the 8 days of declaration of class 12th results, however the use of bar code technology in preparation of class 10th results which is already out.