Any Reform/Revision shall be for a 5 year period without changes. Then, reform the Rules/procedures by making them simpler point-wise. If any loopholes, dont bother, they can be postponed for the next 5-year period, serves purpose. Bcoz, let excess money be accumulated first and then tax SHALL BE THE MOTTO FOR A WELFARE STATE.
I want to know the defination of "Savings Bank Interest" - Govt. Circular exempted the persons not to file I.T. Returns for the A.Y : 2011-12, whose income from salary is less than 5 Lakh and few conditions also to be fulfilled, out of these conditions 1) Savings Bank Interest income upto Rs. 10000/-. My question is Savings Bank Interest means - All interest earned from Bank, Post Office savings account only ? (excluding Term deposits, M I S Interst, R.D Interest, Interest on Tiny deposits, Interest on Fixed Deposit etc.) OR Savings Bank Interest means - Bank & Post Office Interest including F.D Interest, Term Deposit interest, R.D interest etc.) ?
Question No. 2. Agricultural Income : If any salaried person earned income from Agricultural Land Rs. 12500/- and his salary below 5 lakh, then he is liable to file I.T. Return for the A.Y : 2011-12 ?
I want to know the defination of "Savings Bank Interest" - Govt. Circular exempted the persons not to file I.T. Returns for the A.Y : 2011-12, whose income from salary is less than 5 Lakh and few conditions also to be fulfilled, out of these conditions 1) Savings Bank Interest income upto Rs. 10000/-. My question is Savings Bank Interest means - All interest earned from Bank, Post Office savings account only ? (excluding Term deposits, M I S Interst, R.D Interest, Interest on Tiny deposits, Interest on Fixed Deposit etc.) OR Savings Bank Interest means - Bank & Post Office Interest including F.D Interest, Term Deposit interest, R.D interest etc.) ?
Question No. 2. Agricultural Income : If any salaried person earned income from Agricultural Land Rs. 12500/- and his salary below 5 lakh, then he is liable to file I.T. Return for the A.Y : 2011-12 ?
