UID for property/land is the new upcoming trend of 2011, where as UID for a person is the ongoing trend of '10

Trendy changes brought in for more friendliness to property owners.....

Till now the UID is only meant for an Individual Person. But now the government has a step forward. Its not just you, now your property too will get a unique identification number. All property owners of Bangalore will finally get their updated unique Property Identification (PID) numbers by January 2011.

The new PIDs will be a complete identity of your property - not just updating ward numbers. They will be 'geo-tagged' with the exact spacial dimensions of your property and have the latest photograph of your house. 

It can be after January, one can access details on the BBMP website about any property in the city using the PIDs.

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Functioning and Mechanism of SEZs(Special Economic Zone) in India

An Introduction to SEZs(SPECIAL ECONOMIC ZONES).....

India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set up in Kandla in 1965. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.

This policy intended to make SEZs an engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, both at the Centre and the State level, with the minimum possible regulations. SEZs in India functioned from 1.11.2000 to 09.02.2006 under the provisions of the Foreign Trade Policy and fiscal incentives were made effective through the provisions of relevant statutes.

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Brief note on how to file an Income Tax Return for your income

A brief note on 'How to File an Income Tax Return?'

Simply put, Income Tax refers to the direct tax paid on income, to the government, within a given financial year (April-March).

When the total income of a person from all sources of income exceeds the maximum amount permissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return. Section 139(1) of the Income Tax Act was amended a few years back with a view to bring a larger number of persons in the tax net. Now if any person satisfies any one of the following six conditions:

• owns a vehicle
• occupies a specified floor area of an immovable property
• incurs expenditure for himself or for any other person on foreign-travel
• subscribes to a telephone
• subscribes to a Credit Card
• is a Club member

then he/she is required to file an Income Tax Return.

The slabs to file Income Tax Returns vary, depending upon the total income earned during a year and the various exemptions for which the individual/entity is eligible for. In the case of an assessee earning income primarily from salary, the due date for filing the Income Tax Return is normally 30th June of the assessment year, unless extended by the Income Tax Department.

Individuals can file their Income Tax Returns by filling the requisite forms ITR 1, ITR 2, ITR 3 or ITR 4.

New Income Tax Return Form Saral II (114 KB)	For Individuals having Income from Salary/ Pension/ family pension & Interest
Income Tax Return Form 2(213 KB)	For Individuals and HUFs not having Income from Business or Profession
Income Tax Return Form 3(213 KB)	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
Income Tax Return Form 4(384 KB)	For individuals & HUFs having income from a proprietary business or profession
ITR Acknowledgment Form/Income Tax Return 5 (66 KB)	ITR Acknowledgement Form

The return form, along with copies of necessary supporting documents, has to be filed at the appropriate income tax office or special counters set up for this purpose, the details of which are available on the Income Tax Department website. It is also mandatory to quote the Permanent Account Number (PAN) while filing the return.

Under Electronic Furnising of Return of Income Scheme, 2004, eligible assessees can file their returns of income electronically through persons authorised to act as e-return intermediaries. The intermediaries digitises the data of such returns and transmit the same electronically to the e-filing server of the Income Tax Department under the digital signatures.

• Know more about the computation of Income for filing the return (External website that opens in a new window).
• Click here to download Income Tax Return forms. (External website that opens in a new window)
• Online Tax Calculator (External website that opens in a new window).
• E-Filing of Income Tax Returns (External website that opens in a new window).

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