Income Tax News

'Capital-gains' & 'Tax-hunters' !

13 August 2007 at 23:16

Owning land away from city limits may be a good idea to keep away from the madding crowd - but not so much from taxes. As the penchant for a house with that green patch grows even in smaller cities, the income-tax department is mulling over enhancing

Posted in Income Tax | 2886 Views

ITR 6 in excel format released by Income tax dept

12 August 2007 at 05:40

ITR 6 in excel format released by Income tax deptClick on the link below to download http://www.caclubindia.com/files_download.asp?files_id=916

Posted in Income Tax | 22590 Views

Myth or Reality-Low tax collection cost?

12 August 2007 at 02:37

The I-T department should work out the cost of collection after excluding the tax collected at pre-assessment stages. T. N. Pandey One of the achievements for which the Income-Tax (I-T) department takes considerable credit is the low cost of collecti

Posted in Income Tax | 4284 Views

COMPARATIVE SCRUTINY GUIDELINES

11 August 2007 at 01:23

To download the comparative scrutiny guidelines click on the link belowhttp://www.caclubindia.com/files_display.asp?files_id=898

Posted in Income Tax | 2 comments | 6855 Views

Tax should be paid on Gross or Net Income????

08 August 2007 at 05:57

Salaried people now pay income-tax on their gross income while businessmen, self-employed persons and others pay tax on their net income, even as the income-tax exemption limit is the same for everyone. This gross injustice needs to be removed. As pe

Posted in Income Tax | 3393 Views

Retailers Rosy days out-IT Dept

08 August 2007 at 05:48

The party for retailers taking space in malls may soon end with the tax sleuths on prowl to check evasion of tax deducted at source (TDS) by them. Income-tax department is laying special emphasis on tightening of TDS administration, as these payments

Posted in Income Tax | 2994 Views

80C benefit may be increased to 2 lac..

08 August 2007 at 05:31

Additional tax-saving avenues are on their way. A Securities & Exchange Board of India committee has proposed tax exemptions up to Rs2 lakh under Section 80 C of the Income Tax Act, as against the current limit of Rs1 lakh. The only caveat is that th

Posted in Income Tax | 4989 Views

New IT Code by December !

08 August 2007 at 05:15

New I-T code to be tabled before December!Finance Minister P Chidambaram has been working on drafting the code, which after being tabled in Parliament, will have to go through a process that will take quite some time before it is passed. The new inco

Posted in Income Tax | 2934 Views

Long term capital exemption may go ...

07 August 2007 at 23:19

The Central Board of Direct Taxes (CBDT) is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index. At present, the exemption under Section 10 (38) is allowed on transactions of sh

Posted in Income Tax | 2928 Views

Cost Inflation Index for Financial Year 2007-08

07 August 2007 at 04:59

The Cost Inflation Index for the Financial Year 2007-08 has been notified as 551 vide NOTIFICATION NO. 214/2007, DATED 3-8-2007.

Posted in Income Tax | 8145 Views