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Income Tax News


Tax Concession on Education Loan

   28 March 2012 at 15:08

Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any fi

Posted in Income Tax  4 comments |   15093 Views


Prosecution for Concealing Income

   28 March 2012 at 15:08

Prosecution for Concealing Income Income Tax Department receives information from various sources including from foreign governments under the Double Taxation Avoidance Agreement (DTAA). Whenever such information is received, it i

Posted in Income Tax  1 comments |   6657 Views


Recruitment of Sports Persons to the posts of Tax Assistants, Notice Servers and Multi Tasking Staff

   24 March 2012 at 16:42

Recruitment of Sports Persons to the posts of Tax Assistants, Notice Servers & Multi Tasking Staff

Posted in Income Tax  2 comments |   7293 Views


New e-filing call center will start working from 15th March 2012

   15 March 2012 at 11:59

New e-filing call center will start working from 15th March 2012. For any query related to online filing of Income Tax Returns, please call 080-25186960 between 9am to 6 pm on all working days. Taxpayers are advised to make use of the above facili

Posted in Income Tax |   4755 Views


Income Tax (Appellate Tribunal) Amendment Rules, 2012

   28 February 2012 at 16:33

NOTIFICATION NO. F. 71-AD(AT)/2012 DATED 7-2-2012 In exercise of the powers conferred by sub-section (5) of section 255 of the Income Tax Act, 1961, the Appellate Tribunal hereby makes the following rules further to amend the Income Tax (Appel

Posted in Income Tax  1 comments |   11511 Views


India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD

   25 February 2012 at 15:57

India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention India had signed the Multilateral Convention on Mutual

Posted in Income Tax |   4170 Views


Revised - New procedure for activation of TAN account

   23 February 2012 at 15:33

Here is the procedure for registration of TAN online and activation of TAN account. Steps to Register TAN Register your TAN online at TIN website. For registration of TAN, Submit the application online. On successful registration of TAN, a 1

Posted in Income Tax  1 comments |   18702 Views


Exemption to specified persons from requirement of furnishing a return of income u/s 139(1) for AY 2012-13

   20 February 2012 at 10:54

NOTIFICATION NO 9/2012, Dated February 17, 2012 In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to th

Posted in Income Tax |   20739 Views


ICAI Requests Members to Share Hardship Being Faced with Regard to TDS Returns

   20 February 2012 at 10:48

The Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee

Posted in Income Tax  2 comments |   7842 Views


Income -Tax (Second Amendment) Rules, 2012 - Insertion of Rule 114DA and Form No.49C

   18 February 2012 at 12:29

NOTIFICATION NO.5/2012[F.NO.142/25/2011-SO(TPL)] DATED 6-2-2012 S.O…………(E).- In exercise of the powers conferred by section 285 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Di

Posted in Income Tax |   14319 Views