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Due Date Extended to 31 August 2012 to File Your IT Returns

By HIOC Team

People who are not able to file their income tax returns today, can get relaxed now. The last date to file income tax returns is extended. The Central Board of Direct Taxes, under section 119 of the Income Tax Act, 1961, has extended the due date for filing income tax returns for the assessment... »

Only 2.77% of Indians Pay Income Tax

By HIOC Team

01 Sep 11: According to the Ministry of Finance, of the total Indian population of 1.21 billion, only 2.77 percent or 3,35,79,831 (33.57 million) people have paid the personal tax, as on March 2011. But it is seen that the direct tax collection rose from Rs. 378,063 crore in 2009-10 to Rs. 446,070 crore... »

Online Filing of IT Returns in India has Jumped to 80 Percent

By HIOC Team

21 Jun 2011: For the year 2010-11, online filing of income tax returns in India, reached 91.57 lakh, with a growth rate of 80%. It is further expected to reach 7.5 crores in five years. According to SNK Etax Solutions Ltd, the number of tax filed in the fiscal year 2010-11 were 4.4 crore,... »

Individuals Earning below Rs.5 Lakhs Exempted from Filing Tax Returns

By HIOC Team

The Union budget for the year 2011-2012, had announced that the individuals having income less than Rs.5 lakh need not file the tax returns. According to the official information the Form 16 issued by the employer to the employee is considered as Income Tax Returns. In the cases where the individuals with the said... »

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