Income Tax News

CBDT introduces New Series of Forms for filing of Income Tax Return for the Assessment Year 2007-08

10 May 2007 at 14:00

The Ministry of Finance notified the salient features of new Return Forms for the AY 2007-08, whereby firms were mandatorily made liable to tax audit under s.44AB of the Income Tax Act 1961. Corporate taxpayers had an option to either file their retu

Posted in Income Tax | 5817 Views

TDS likely to be restructured soon

24 April 2007 at 08:21

The system of tax deduction at source (TDS) could be expanded furtherto include more business under its domain. This means more types ofbusiness will have to deduct the tax, before making payments to parties.The revenue department is also considering

Posted in Income Tax | 4968 Views

More I-T scrutiny round the corner

24 April 2007 at 08:20

The trading community may soon come under greater income tax scrutiny.The finance ministry is likely to conduct income surveys based onaddresses picked up from trade directories. According to officialsources, the move would boost revenue collection a

Posted in Income Tax | 5052 Views

Tenant needs a TAN to live here

06 April 2007 at 05:10

LIKE residents, many non-resident Indians (NRIs) too have found the lure of investing in real estate irresistible. This has happened despite the fact that it is a herculean task for these NRIs to maintain their vacant apartments. Individuals who take

Posted in Income Tax | 5376 Views

HC sees red over 1-day I-T notice

06 April 2007 at 05:09

A division bench of the Bombay high court on Monday lashed out at the income tax department for having allegedly recovered TDS dues from an assessee within a day of serving a demand notice.The assessee's plea for two days to reply on the recovery pro

Posted in Income Tax | 5097 Views

Capital gains tax on deals similar to Hutch

06 April 2007 at 05:07

The I-T department, which believes that Hutch-Vodafone deal falls under the capital gains tax ambit in India, may scrutinise similar transactions.Transfer of beneficial interest of any asset in the country was liable to capital gains tax, a departmen

Posted in Income Tax | 6462 Views

One-stop service centre for filing I-T returns

26 March 2007 at 01:47

In a bid to reduce harassment of tax payers, the income-tax departmentis mulling setting up five centralised return processing centres indifferent parts of the country. Theconcept is to provide one-stop service to a tax payer at onecentralised place

Posted in Income Tax | 6207 Views

I-T rates in direct tax code list

26 March 2007 at 01:45

The government is planning to place the income-tax rates in the newdirect tax code schedule. The schedule is akin to an annexure to theAct. This will give the government flexibility to change them withoutdisturbing the whole Act."Weare looking at sub

Posted in Income Tax | 7293 Views

Tax filing set to become Saral again

15 March 2007 at 22:23

NEW DELHI: Here's some goods news for all you taxpayers. You won't miss Saral. The government has decided to dilute the complex Form 2F for filing income-tax returns, which the IT department had painstakingly prepared only to face universal criticism

Posted in Income Tax | 8520 Views

E-filing of returns to become compulsory soon

15 March 2007 at 05:32

Individual taxpayers, too, soon may have to file returns electronically.TheCentral Board of Direct taxes (CBDT) is considering a proposal to makeelectronic filing of income tax returns compulsory for certain class ofassesses. "We have taken the power

Posted in Income Tax | 8139 Views