Monday, July 25, 2011

Efiling Of income Tax Return

Efiling Of income Tax Return
The Income tax India 2011 situation has displayed an interesting stat: despite a slowing economy in the country, tax collection has gone up. The news arrives upon the year-long celebration of "150 years of taxation" by the I-T department of India.

While income tax e-filing has become one of the necessary evils that many Americans dread each year. It seems the same way in other countries, including India, where about 10 percent of the population meets the minimum threshold for taxation. This has the I-T department of the country happy over how much taxes are being collected.

A recent event at Law Bhawan, Sector 37 of Chandigarh addressed the latest taxation news, with current and retired members of Income Tax Department, Advocates' Bar Association and Employee Provident Fund Association in attendance.

The Chief Commissioner of the North West Region of I-T, Jaspal Singh, noted that "thirty percent of the collected taxes are devolved back to the states." Singh didn't elaborated on the other 70 percent, but noted that tax collection has gone up to its highest growth percentage in all of India. The bad news is that the first quarter of tax collections saw a decline in tax refunds being given out. Still, this news has I-T happy to the point they will even be giving out "tax lessons " to school children. It's better to get started early, right?

It seems no matter which area of the world you live in, two things are inescapable: death and taxes. However, with many people struggling to find a job these days, those that are making a taxable income are probably thankful that they have an income.

No comments:

Post a Comment