Income Tax News

TDS on arrears of salary paid to govt employees

01 October 2008 at 12:54

Clarification regarding tax deduction at source on arrears of salary paid to government servants on account of implementation of the recommendations of Sixth Central Pay Commission The Implementation Cell of the Department of Expenditure,

Posted in Income Tax | 19233 Views

Extension of due date of filing income tax returns for Sikkim

01 October 2008 at 02:06

The Central Board of Direct Taxes have extended the last date of filing of income tax returns, due by 31st July 2008, to 31st October 2008 in the state of Sikkim in view of the delay in issuing of Instruction No.8/2008 in respect of filing of income-

Posted in Income Tax | 5448 Views

EXTENSION OF DATE OF FILING IT RETURNS IN ORRISA

30 September 2008 at 09:52

EXTENSION OF DATE OF FILING IT RETURNS AND OBTAINING TAX AUDIT REPORT IN THE STATE OF ORISSAPRESS RELEASE NO. 402/92/2006-MC (45 OF 2008), DATED 29-9-2008 The Central Board of Direct Taxes have extended the last date of filing of income tax returns

Posted in Income Tax | 7323 Views

Interest Rates for Tax Overpayments and Underpayments

26 September 2008 at 13:01

The IRS has announced the interest rates for tax overpayments and underpayments for the calendar quarter beginning October 1, 2008.For non-corporate taxpayers, the rate for both underpayments and overpayments will be 6%. For corporations, the overpa

Posted in Income Tax | 2 comments | 11556 Views

TAX DEPT MUST ACCEPT COS' AUDITED ACCOUNTS: SC

25 September 2008 at 18:02

The Supreme Court has said the Income-Tax Department has to accept the authenticity of the accounts maintained in accordance with the provisions of the Companies Act and certified by the auditors. The assessing officer cannot go beyond the

Posted in Income Tax | 5 comments | 13986 Views

Health cover a tax-saver, too

23 September 2008 at 16:19

Lest you forget, deduction possible under Sec 80D has gone up from this fiscal, When the finance ministry released a list of items that make it mandatory for the owner to file income-tax returns

Posted in Income Tax | 5055 Views

Last date of filing of income-tax returns extended in Bihar

20 September 2008 at 14:43

The Central Board of Direct Taxes (CBDT) has extended the last date of filing of income-tax returns and obtaining of tax audit report, due by September 30, 2008, to November 30 in Bihar in view of the disruptions caused by floods in that State.

Posted in Income Tax | 10599 Views

New Services Notified for tds u/s 194J specially in sports area

26 August 2008 at 12:34

After taking Clue from the success of IPL(Indian Premier league) and money involved in it ,as you have heard at the time of IPL is running that department is exploring the way how to collect or tax the event or under which provision they can be calle

Posted in Income Tax | 18228 Views

Procedure for filing TDS returns with insufficient deductee PAN

13 August 2008 at 13:05

Procedure for filing TDS returns with insufficient deductee PAN As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS statements with a threshold limit of Permanent Account Number (PAN)

Posted in Income Tax | 4 comments | 11199 Views

12.49 lakh e-returns of income filed

02 August 2008 at 03:15

The facility of filing income-tax returns electronically (e-returns) has received overwhelming response from the taxpayers. As on 31st July 2008, 12.49 lakh e-returns were filed compared to 1.46 lakh e-returns filed up to the same date last year, an

Posted in Income Tax | 1 comments | 6414 Views