Income Tax News

Submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012

30 March 2012 at 10:17

The due date for submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012 or 120 days from the date of upload whichever is later (with no further extension likely).

Posted in Income Tax | 7329 Views

Tax Concession on Education Loan

28 March 2012 at 15:08

Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any fi

Posted in Income Tax | 4 comments | 15123 Views

Prosecution for Concealing Income

28 March 2012 at 15:08

Prosecution for Concealing Income Income Tax Department receives information from various sources including from foreign governments under the Double Taxation Avoidance Agreement (DTAA). Whenever such information is received, it i

Posted in Income Tax | 1 comments | 6699 Views

Recruitment of Sports Persons to the posts of Tax Assistants, Notice Servers and Multi Tasking Staff

24 March 2012 at 16:42

Recruitment of Sports Persons to the posts of Tax Assistants, Notice Servers & Multi Tasking Staff

Posted in Income Tax | 2 comments | 7305 Views

New e-filing call center will start working from 15th March 2012

15 March 2012 at 11:59

New e-filing call center will start working from 15th March 2012. For any query related to online filing of Income Tax Returns, please call 080-25186960 between 9am to 6 pm on all working days. Taxpayers are advised to make use of the above facili

Posted in Income Tax | 4788 Views

Income Tax (Appellate Tribunal) Amendment Rules, 2012

28 February 2012 at 16:33

NOTIFICATION NO. F. 71-AD(AT)/2012 DATED 7-2-2012 In exercise of the powers conferred by sub-section (5) of section 255 of the Income Tax Act, 1961, the Appellate Tribunal hereby makes the following rules further to amend the Income Tax (Appel

Posted in Income Tax | 1 comments | 11553 Views

India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD

25 February 2012 at 15:57

India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention India had signed the Multilateral Convention on Mutual

Posted in Income Tax | 4191 Views

Revised - New procedure for activation of TAN account

23 February 2012 at 15:33

Here is the procedure for registration of TAN online and activation of TAN account. Steps to Register TAN Register your TAN online at TIN website. For registration of TAN, Submit the application online. On successful registration of TAN, a 1

Posted in Income Tax | 1 comments | 18750 Views

Exemption to specified persons from requirement of furnishing a return of income u/s 139(1) for AY 2012-13

20 February 2012 at 10:54

NOTIFICATION NO 9/2012, Dated February 17, 2012 In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to th

Posted in Income Tax | 20769 Views

ICAI Requests Members to Share Hardship Being Faced with Regard to TDS Returns

20 February 2012 at 10:48

The Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee

Posted in Income Tax | 2 comments | 7863 Views