Allincome tax payments are mandatorily to be made only electronicallyw.e.f.1.4.2008, for companies and others liable for tax audit undersection 44 AB. The relevant Notification is given below.NOTIFICATION NO 34/2008, Dated: March 13,2008 Inexercise
New Delhi, Mar 17 In this world nothing is certain but for death and taxes, it is said. But collecting a part of these taxes, estimated at close to Rs 1 lakh crore, is proving to be full of uncertainties for tax authorities. The revenue department ha
In view of the apprehension raised on the retrospective amendment to section 271 of the Income-tax Act, proposed in the Finance Bill, 2008, empowering the assessing officer to, inter-alia, levy penalty in case of concealment of income, the Ministry o
FINANCING THE FARM LOAN WAIVER PACKAGE 18:59 ISTFollowing is the text of the statement on Financing the Farm Loan Waiver Package made by Finance Minister Shri P. Chidambaram in Lok Sabha today.1. In my budget speech before the House, I had an
Security concerns and duplication of the PAN cards are reasonswhich have prompted the government to look at introducing biometric PANcards. The government is worried that terrorists can easily get a PANcard and open bank accounts or get a mobile conn
I-T to Become Expeditious After escorting in e-filing, the government is now set to revolutionize processing of returns. Jurisdiction-free processing of income-tax returns could be a reality soon, with the Finance Bill authorising the gove
Aam admi gives "Thumbs-up" to the Union BudgetThe 'aam admi' (common man) gave his thumbs-up to the Union Budget 2008-09, in which, apparently with an eye on elections, a large number of sops have been announced for the middle class and the far
BCTT Withdrawn The Banking Cash Transaction Tax, which provided for a 0.1% levy on certain cash withdrawals from banks has been withdrawn.In the budget proposals for the fiscal year 2008-09, he said that no BCTT would be charged in respect
Taxpayers may gain up to Rs 44,000 per year A great news for the salaried with the
Enlargement of the scope of eligible saving instruments under section 80C Section 80C of the Income-tax Act provides for a deduction of upto rupees one lakh to an individual or a Hindu undivided family (HUF) for,-(i) making investments in
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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