Income Tax News

Government discussing suggestions of stakeholders to modify Direct Tax Code: FM

05 November 2009 at 14:09

Government discussing suggestions of stakeholders to modify Direct Tax Code: FM AREAS OF CONCERN IDENTIFIED FINANCE MINISTER ADDRESSES PARLIAMENTARY CONSULTATIVE COMMITTEE OF FINANCE MINISTRYGovernment would make all efforts to meet the aspiration

Posted in Income Tax | 2 comments | 5064 Views

Income Tax Department issues notice to Vodafone

31 October 2009 at 10:39

Income Tax Department issues notice to VodafoneThe Income Tax department has issued a detailed notice today (comprising 531 pages along with annexure running into 1901 pages) under section 201(1) and 201(1A) of the IT Act 1961 to Vodafone Internation

Posted in Income Tax | 2 comments | 20553 Views

Taxpayers can now view details of paid refund in their Annual Tax Statement

29 October 2009 at 11:52

Taxpayers can now view details of paid refund in their Annual Tax Statement (Form 26AS)Taxpayers who have registered to view Form 26AS online can view details of paid refund in their Form 26AS from F.Y. 2009-10 (A.Y. 2010-11) onwards. Refunds receive

Posted in Income Tax | 4 comments | 18141 Views

Taxes Code to be implemented from fiscal 2011-12

24 October 2009 at 12:00

The government plans to implement the Direct Taxes Code (DTC) from 2011-12 after addressing all concerns relating to controversial proposals like taxation of retirement benefits, weeding out incentives for housing sector and changes in the Minimum Al

Posted in Income Tax | 4 comments | 13650 Views

Critical areas on DTC for detailed examination identified

10 October 2009 at 10:36

Critical areas on DTC for detailed examination identified: FMFinance Minister has announced that the Government has identified seven critical areas on the Direct Taxes Code for further detailed examination. At an interactive session with representati

Posted in Income Tax | 3 comments | 16800 Views

Taxpayers cautioned not to respond to bogus mails

07 October 2009 at 11:04

No mails for refunds issued from income tax departmentInformation has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. The e-mail is sent

Posted in Income Tax | 2 comments | 8397 Views

Direct tax collections increase 3.69 % in first half of fisc

06 October 2009 at 17:58

Direct tax collections increase 3.69 % in first half of fiscalNet direct tax collections during first six months of the present fiscal (up to September 2009) stood at Rs.1,52,625 crore, up from Rs.1,47,197 crore in the same period last fiscal, regist

Posted in Income Tax | 1902 Views

HIGHLIGHTS OF e- FILING SEASON AY 09-10 ( up to 30/09/2009)

03 October 2009 at 11:10

HIGHLIGHTS OF e- FILING SEASON AY 09-10 ( up to 30/09/2009) (1) COMPARATIVE PROGRESS OF e-FILING OF RETURNS Form Type RETURNS RECD.

Posted in Income Tax | 8 comments | 17472 Views

Request to consider extension of due date of filing return

30 September 2009 at 16:46

Request to consider extension of due date of filing return i.e. September 30, 2009 on account of closure of banks on September 30, 2009 and consequent difficulty in remitting taxesThe ICAI has submitted a representation on September 30, 2009 to the C

Posted in Income Tax | 1 comments | 10509 Views

Gift in Kind above value of 50000 to become taxable from 1st Oct

30 September 2009 at 16:38

GIFTS OF PROPERTY (GIFTS-IN-KIND) ABOVE VALUE OF RS. 50,000 TO BECOME TAXABLE FROM 1ST OCTOBER 2009 The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or

Posted in Income Tax | 9 comments | 19038 Views