Income Tax News
Bull's eye-Mr. Finance Minister
21 June 2007 at 08:17The Centre's net direct tax collections up to June 18 this fiscal stood at Rs 37,444 crore, registering a 57.5 per cent increase over the collections recorded in the corresponding period in the previous year. The collection level so far includes adva
Tax revenues to cross $143 bn by 2010
18 June 2007 at 04:06India's revenues from corporate tax, income tax, custom and exciseduties, and service taxes will touch Rs.580,816 crore (Rs.5.80 trillionor $143 billion) by 2009-10, according to a study. Collectionsfrom corporate and service taxes as also income tax
Distinction between shares held as stock-in-trade and shares held as investment
16 June 2007 at 00:44CIRCULAR NO. 4/2007, DATED 15-6-2007The IncomeTax Act, 1961 makes a distinction between a capital asset and a tradingasset.2. Capitalasset is defined in Section 2(14) of the Act. Long-term capital assets andgains are dealt with under Section 2(29A) a
Tax exemption to charitable and religious entities modified
15 June 2007 at 01:38Sections 11 and 12 of the Income Tax Act, 1961 provide for exemption of income of charitable and religious entities. In order to avail of such exemption, the entity is required to make an application for registration under section 12A in form No. 10
MFs fear slowdown in growth due to PAN rule
14 June 2007 at 01:28In a bid to prevent a slowdown in investments in the mutual fund(MF) sector, the Association of Mutual Funds of India (Amfi) has mooteda proposal to market regulator Sebi that the July 2 deadline of makingPAN card compulsory be staggered or introduce
SC: Failure to file I-T returns not suppression of income
12 June 2007 at 02:42Omission or negligence on the part of an assessee to disclose properparticulars of his income-tax returns would not necessarily constitutea deliberate act of suppression to invite punitive action from taxofficials, the Supreme Court has ruled. Concea
Beta version of E-filing Software for new income tax returns released
10 June 2007 at 04:30Theprocess of electronically filing Income tax returns through theinternet is known as e-filing. It is mandatory for Companies and Firmsrequiring Section 44AB audit to submit the Income tax returnselectronically for AY 2007-08. Any Company and Firm r
Be courteous: FM tells Income Tax dept
09 June 2007 at 00:44The Income Tax department should be "friendly and courteous" towardsthe tax-payers while recovering levies, Union Finance Minister PChidambaram said on Friday. Inaugurating a Rs 38 croremulti-storeyed tower for the department
New ITR forms in excel format
06 June 2007 at 08:29Click on the link below to downloadhttp://www.caclubindia.com/files_display.asp?files_id=705
Settlement Commission Members Appointed
03 June 2007 at 00:44Settlement Commission four Members appointed30 May 07F.No. A.12026/1/2005-Ad.IGovernment of IndiaMinistry of FinanceDepartment of RevenueDated : May 30, 2007OFFICE ORDER NO 152/2007The President of India is pleased to appoint Shri Raj Kishore, Chief
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