Income Tax News

FBT cannot substitute liability of employees !

20 August 2007 at 23:27

A client pays his senior employees a quarterly bonus, a fixed sum, revised once a year. Since, this is given to all senior executives, this is taxed at 30 per cent plus SC plus cess in the hands of the employees. These employees request that the comp

Posted in Income Tax | 3237 Views

LOSS ABROAD CAN BE SET OFF FROM TAXABLE INCOME IN INDIA ..!

20 August 2007 at 23:05

A large number of Indian companies have set up offices outside India. The profits or losses of such offices are liable to be taxed in the foreign country. But how such profits or losses should be treated in India is a vexed question. A recent judgmen

Posted in Income Tax | 3012 Views

Scrutiny Norms..a study..!

20 August 2007 at 00:49

Computing the income chargeable to tax as per the provisions of the Income-Tax Act, 1961 is the first step in tax compliance. The natural sequence thereafter would be filing the return of income and awaiting approval of the tax authorities in respect

Posted in Income Tax | 1 comments | 13863 Views

I-T dept moves SC against ruling on taxing foreign firms !

18 August 2007 at 23:53

The Income Tax Department has moved the Supreme Court against the ruling by a quasi-judicial body which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside the

Posted in Income Tax | 2391 Views

Massive increase in efiling

16 August 2007 at 08:09

E-filing of income tax returns is likely toincrease sharply to 3 million in the current financial year (2007-08),up from around 322,000 in 2006-07. Non-corporate assessees, whose accounts are auditedunder Section 44AB of the Income Tax Act, are

Posted in Income Tax | 3777 Views

Tougher penalties for serious tax offences proposed !

16 August 2007 at 07:48

Not paying your taxes in time could soon result in heftier fines and longer prison sentences if proposals being considered by the income-tax department are any indication. According to sources, as part of its proposed restructuring of penalties for t

Posted in Income Tax | 2946 Views

TRPs IN TROUBLE !

15 August 2007 at 06:28

The Tax Return Preparer (TRP) scheme of the Income Tax department is facing an uncertain future, or so it appears. A cross section of TRPs accept that the scheme has not generated much income. No wonder many are contemplating to quit. The pilot schem

Posted in Income Tax | 2 comments | 5025 Views

'TDS' on Director's 'LOANS'...!

14 August 2007 at 23:25

The Supreme Court has ruled that the companies have statutory obligation to deduct tax at sources (TDS) on interest payments for the loans taken in the name of its directors. The revenue department is empowered to impose interest on such a company fo

Posted in Income Tax | 3252 Views

ITR 8 in excel format released by Income tax dept

14 August 2007 at 06:21

<body><p>To download the same click on the link below<br><br>http://www.caclubindia.com/files_download.asp?files_id=930</p></body>

Posted in Income Tax | 5127 Views

What are the books of accounts?

14 August 2007 at 03:32

What are books of account? In a recent case, the Madras High Court concluded that P&L account and balance-sheet are not books of account as contemplated under the I-T Act. T. C. A. Ramanujam Computation of business income under the income-tax law has

Posted in Income Tax | 5703 Views