Proposed rates of tax 2011

A-46, CHAPTER - XVI, RATES OF INCOME TAX
16.1 Tax rates are determined by the size of the tax base; if the tax base is higher, the tax rates can be lower. For the purposes of this Discussion Paper, the tax rates provided are such rates which are expected to yield the existing level of revenues with the revised comprehensive tax base proposed in this Code.
16.2 The rates of taxes are provided in the First Schedule to provide stability to the income tax regime.
16.3 The new tax rate for individual taxpayers can be substantially liberalised to levels (click on tables) below:

In the case of every individual, other than women and senior citizens
In the case of woman below the age of sixty-five years at any time during the financial year
In the case of senior citizensDirect Taxes code
Discussion Paper

Income Tax Refunds

I hope all of you are aware that with immediate effect, you can trace the status of your (PERSONAL only , NOT for Corporate) Income Tax Refund(s) due, by visiting the following site http://www.tin-nsdl.com
Click on the last heading to the right column where it says: Status of Tax Refunds New. It will take you to the next page.
https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
Just type in your PAN and the Assessment year that you are interested in. It is supposed to show you how much and when the amount was credited to your Bank.

PT Gangadharan
Brig (Retd)

Blog Team thanks Brig PT Gangadharan for the useful information. Tax Information Network (TIN), a repository of nationwide Tax related information, has been established by National Securities Depository Limited on behalf of Income Tax Department of India (ITD). TIN is an initiative by ITD for the modernisation of the current system for collection, processing, monitoring and accounting of direct taxes using information technology.