Income Tax News

CAs can audit, Sales Tax lawyers can't: HC

10 April 2008 at 14:05

Mumbai, April 7: In a decision that will affect the lawyers specialising in Sales Tax laws as well as former Sales Tax officers' who work as sales tax practitioners, Bombay High Court has held that only Chartered Accountants (CAs) can audit and certi

Posted in Income Tax | 2994 Views

HOW TO PAY ONLINE INCOME TAX

01 April 2008 at 20:38

As you may know that income tax payment online would be mandatory from 1/04/08(PRESS RELEASE HAS BEEN ISSUED BY CBDT READ THIS). As per press release and rule amended there after the following person are required to deposite Income tax online1.All

Posted in Income Tax | 2 comments | 26802 Views

Direct tax collections top Rs 3 lakh cr

01 April 2008 at 16:24

For the first time, the Centre's net direct tax collections have crossed the Rs 3-lakh crore mark.To grasp the significance of this milestone, one needs to go back only 15 years or so. In 1990-91, the Centre's net direct tax collections were about Rs

Posted in Income Tax | 3156 Views

Only 2 private firms in top ten advance tax payer list

31 March 2008 at 11:39

Private sector presence in the top ten advance taxpayers’ league has dwindled, going by the latest data compiled for 2007-08 by the revenue department. ICICI Bank, which had a presence in the top ten league up to December 15

Posted in Income Tax | 5835 Views

New ITR for 2008-09

31 March 2008 at 09:50

Find the latest ITRs in the share files section.To download the same click on the link belowNEW ITRs 2008-09

Posted in Income Tax | 4 comments | 11067 Views

I-T offices to stay open this weekend

31 March 2008 at 09:44

Responding to the appeal made by the All India Federation of Tax Practitioners (AIFTP), eastern zone, Mr T.K. Chatterjee, Chief Commissioner of Income-Tax, Kolkata, on Thursday issued orders that income tax offices throughout the State should remain

Posted in Income Tax | 3465 Views

ITAT makes trusts' registration with I-T Dept easier

23 March 2008 at 15:18

New Delhi (PTI): Making it easier for trusts to register themselves with the Income Tax Department, the tax tribunal has ruled that registration process would be deemed to be complete if the application is not rejected by the concerned official withi

Posted in Income Tax | 3144 Views

Giving is joyful, receiving taxing

23 March 2008 at 15:18

Gift is “something given voluntarily without payment in return, as to show favour towards someone”. The practice of giving and receiving gifts possibly started with Adam and Eve. Gifts are usually given out of natural love and affection,

Posted in Income Tax | 6042 Views

E-payment mandatory from 01.04.08

19 March 2008 at 19:12

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

Posted in Income Tax | 3 comments | 6831 Views

Tax targets go up only to face low collection level

19 March 2008 at 14:56

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

Posted in Income Tax | 2700 Views