Income Tax News

Clarification of amendment in Penalty for concealment provisions

16 March 2008 at 23:14

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

Posted in Income Tax | 4488 Views

Financing of LOAN WAIVER

16 March 2008 at 11:11

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

Posted in Income Tax | 3786 Views

The Next-may be Biometric PAN cards

14 March 2008 at 11:46

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

Posted in Income Tax | 2 comments | 5856 Views

I-T to Become Expeditious

08 March 2008 at 17:24

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

Posted in Income Tax | 5118 Views

Aam admi gives "Thumbs-up" to the Union Budget

01 March 2008 at 17:01

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

Posted in Income Tax | 2913 Views

BCTT Withdrawn

29 February 2008 at 22:14

BCTT Withdrawn The Banking Cash Transaction Tax, which provided for a 0.1% levy on certain cash withdrawals from banks has been withdrawn.In the budget proposals for the fiscal year 2008-09, he said that no BCTT would be charged in respect

Posted in Income Tax | 1 comments | 11673 Views

Taxpayers may gain up to Rs 44,000 per year

29 February 2008 at 22:14

Taxpayers may gain up to Rs 44,000 per year A great news for the salaried with the

Posted in Income Tax | 5136 Views

Section 80C scope expanded

29 February 2008 at 22:09

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

Posted in Income Tax | 1 comments | 12018 Views

Now file returns on 30th September

29 February 2008 at 22:09

Advancement of due date from 31st October to 30th September in respect of certain categories of assessees.Section 139 provides for filing of return of income by certain categories of assessees. Due dates, for filing such return of income in respect o

Posted in Income Tax | 9093 Views

Now pay for health insurance of your parents and claim rebate

29 February 2008 at 22:09

Additional deduction for health insurance premium paid for parentsSection 80D of the Income-tax Act provides for a deduction of up to fifteen thousand rupees to an assessee, being an individual or a Hindu undivided family. The deduction is allowed fo

Posted in Income Tax | 5034 Views