Income Tax News

Fee is income rules Tribunal

17 September 2007 at 13:15

HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci

Posted in Income Tax | 2844 Views

DTAA between INDIA and MEXICO !

16 September 2007 at 09:28

With India and Mexico signing the double taxation avoidance agreement on Monday, companies using Mexico to route investments into India will have to be ready for a differently structured tax regime. The DTAA has provided for a limitation of benefits

Posted in Income Tax | 20514 Views

Due date of advance FBT extended

15 September 2007 at 12:59

By virtue of the provision of clause (d) of sub-section (1)section 115 WB, introduced by Finance Act, 2007, an employer isliable to pay Fringe Benefit Tax on any consideration for employmentprovided by way of any specified security or sweat equity sh

Posted in Income Tax | 4620 Views

For the first time, TDS on RBI bonds !!

13 September 2007 at 16:14

Perhaps the most favoured savings instrument of Indian investors is the 8% RBI Savings Bond. Safe to the hilt, it has retained its popularity in spite of the sharp appreciation in interest rates in recent times. So far, the interest on the bonds, tho

Posted in Income Tax | 5004 Views

Govt considering overhaul of the Indian Trusts Act, 1882

12 September 2007 at 14:10

The government is considering an overhaul of the Indian Trusts Act, 1882, which would allow more flexibility to trusts in their investment decisions. The move is aimed at making the pre-independence law more contemporary. At present, registered trust

Posted in Income Tax | 2742 Views

It's PANraj, now

11 September 2007 at 12:36

Apropos of 'Got PAN? You may shell out more for LPG' (ET, Sept 7), it's preposterous and a harebrained idea. It shows that our politicians lack common sense. Many people have obtained PAN out of compulsion to comply with certain mandatory requirement

Posted in Income Tax | 4872 Views

New simplified Income tax

06 September 2007 at 19:01

The government on Friday said the new simplified Income Tax Act is likely to come into force on April 1, 2008, replacing the existing Income Tax Act 1961, reports Economic Times. A report to simplify and rationalise the law relating to income tax, pr

Posted in Income Tax | 6750 Views

New Return for all Accounts Officers in Govt Dept.

06 September 2007 at 15:13

A New quarterly return has been started by the Income Tax Dept FOR:PERSON LIABLE TO FILE THIS RETURN--All Accounts Officers (AOs) in Government Department(s)(STATE/CENTER GOVT )--Who process the bills prepared by Drawing and Disbursement Officers (DD

Posted in Income Tax | 3558 Views

NO INDIVIDUAL RETURN FILED ONLINE

06 September 2007 at 11:52

NO INDIVIDUAL RETURN FILED ONLINENot even a single individual return has been filed online, accordingto Income Tax (I-T) department. There is separate assessing officerin the department to look after the individual returns that havebeen filed online.

Posted in Income Tax | 3402 Views

Investing overseas? Examine your tax obligations ::

06 September 2007 at 10:51

RBI has liberalised the remittance scheme recently permitting resident Indian individuals to make investments up to $100,000 per financial year outside India for any permitted capital and current account transactions. This provides an opportunity for

Posted in Income Tax | 2466 Views