Category: Income Tax

Income Tax Refund Status 2010 If you are trying to get income tax refund and you want to check the income tax refund status 2010 then you can simply log on to www.incometaxindia.gov.in . This is the most trusted site for getting income tax refund status 2010.… Read more

Income Tax Refund Procedure If you are trying to get income tax refund then you must know about income tax refund procedure and that refund banker scheme started on 24 Jan 2007.  This system of refund is functional for non-corporate tax payers now.… Read more

Section 80DD of Income tax act What is Section 80DD? Section 80DD comes in the law of India Income Tax Deductions. This is a deduction in respect of medical and other maintenance available to an individual who:  Incurs any form of medical treatment, training or rehabilitation expenditure of a disabled dependant; or Deposits any amount in schemes framed under Life Insurance Corporation or Unit Trust of India for the maintenance of a disabled dependant.… Read more

Income Tax for Pensioners on Pension Amount  What is Pension? Pension is described in Section 60 and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features, firstly, pension is a compensation for the past service, secondly, it owes its relationship to a past employer-employee relationship or master servant relationship.… Read more

Income Tax on Retrenchment Compensation Amount What is Retrenchment? There are times when an organization or a company is forced to close down its operations due to various reasons such as – Lack of sufficient funds to continue the operation in its existing shape and form, Death of the proprietor, inability to survive in the competitive environment, Bad Management, Major failure of products, Professional Incompatibility between the founding members of the Organization, Major changes in market trends making a company obsolete, Inability to pay its major debtors and many more such reasons.… Read more