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I.T. WEAVES WONDERS FOR I.T.!

E-processing of tax returns at CPC ushers faster refunds for tax payers & considerable saving in interest cost of IT Dept.                    Information Technology (IT) has indeed weaved wonders for Income Tax (IT)! Your columnist had an occasion to get a feel of this unique feat of the Centralized Processing Centre (CPC) of the IT Department, while participating at the interactions of the strategic All India...

LATE NIGHT INTERROGATION IS HUMAN RIGHT VIOLATION!

Patna High Court holds tax officials guilty for sleep deprivation of taxpayer during Income-tax search!                  One Rajendra Singh made a complaint before the Bihar State Human Rights Commission that during the Income-tax search and seizure operation, the raiding party committed various acts of omission and commission including violation of his human rights. He alleged that the officials of the Income Tax...

BANK ON TERM DEPOSITS FOR AVAILING TAX SAVING

Investing in the ‘Tax Saving Deposit Scheme’ can be a great choice for NRIs & HUFs who cannot invest in PPF!               The Finance Act, 2006 enlarged the scope of investments and allocations eligible for deduction under Section 80C of the Income-tax Act through the inclusion of ‘a term deposit for a period of 5 years or more in accordance with a scheme framed by the Central Government.’  Pursuant to this,...

TAX FREE MEDICAL PERKS

 Salaried employees enjoy special tax shelter for various reimbursements of medical expenditure for self & family!                     Section 17(2) of the Income-tax Act provides for taxability of perquisites in the hands of a salaried employee. In this context, a salaried employee must plan to take the benefit of a number of medical facilities provided by an employer to the employee, which are not treated as...

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