Income Tax News

Advance tax by IT firms increase by 110% ::

10 October 2007 at 17:20

IT companies may be struggling to cope with a rising rupee, but their tax payments are on an upswing. The total advance tax collection from IT companies in September grew by 110% to Rs 507 crore from Rs 242 crore in September, 2006. September 15 was

Posted in Income Tax | 2502 Views

Extension of due date of filing returns in Bihar!!

08 October 2007 at 16:57

Considering the disruption caused by floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under Section 119 of the Income Tax Act, 1961, hereby extends the due date for filing of returns required to be furn

Posted in Income Tax | 3129 Views

Will increased Tax revenue bring smile on taxmen's face!!

05 October 2007 at 11:22

TAXMEN DEMAND BETTER DEAL AS COLLECTIONS TOUCH NEW HEIGHTSIncome tax officers are awaiting the day when Finance Minister P Chidambaram approves a proposal to earmark 1 per cent of annual direct tax collections for meeting the annual expenditure of th

Posted in Income Tax | 2787 Views

Revision facilities of MEF-2007-08

04 October 2007 at 19:55

Facilities for revision of MEF 2007-08 as detailed below will be available upto 15th October 2007 on MEF website http://www.meficai. org/mefcorrectio n0708.htm Correction of data filled in the MEF Change in the status in which application was filed (

Posted in Income Tax | 2784 Views

Baksheesh, Saab!! no whispering now, its official!!

04 October 2007 at 19:55

HC: Baksheesh is official spend Shibu Thomas | TNN Mumbai: "Saab, baksheesh.'' The Persian word for tip used by everyone from the MTNL linesman to the postman at Diwali has now been accorded legal sanctity. In an important judgment that will doubtles

Posted in Income Tax | 1 comments | 4962 Views

CAAT - Going to use by IT Department

03 October 2007 at 20:39

The Income Tax department will soon introduce a new accounting tool that will be used against business houses suspected of concealing huge income by fudging their accounts and making fake entries to concoct balance-sheets. To be called Computer Assi

Posted in Income Tax | 3417 Views

MAN RECEIVES INCOME TAX REFUND AFTER 11 YEARS

01 October 2007 at 16:46

Eleven years after he began his fight for an income tax refund, a man has finally managed to receive his due from the authorities coupled with accrued interests following delay in payment. Prakash Aswani, who took voluntary retirement from United In

Posted in Income Tax | 5085 Views

Paper Documents back as I-T refunds not e-asy

28 September 2007 at 16:47

NEW DELHI: Switching back to paper may help corporate tax payers who had e-filed returns and are still awaiting tax refunds. With Rs 14,000 crore worth of refunds stuck due to non-processing of e-returns, the income-tax department plans to ask them t

Posted in Income Tax | 3540 Views

FBT on Stock Options To Hit MNC Expats!!

27 September 2007 at 20:19

The fringe benefit tax (FBT) on employee stock option plans (Esop) could hit expatriate employees of multinational companies as credit cannot be claimed against it under double taxation avoidance agreements (DTAA). Thus, expat employees of multinatio

Posted in Income Tax | 3216 Views

Judicial proceedings beyond purview of RTI

26 September 2007 at 21:02

In a landmark decision, the Central Information Commission (CIC) has ruled that judicial proceedings of all courts and tribunals are beyond the purview of the Right to Information Act."...a judicial authority must function with total independence and

Posted in Income Tax | 2604 Views