Income Tax News

Acceptance of Return Form in Paper Form for Firms etc

02 June 2007 at 03:52

Acceptance of returns of income/ fringe benefits in paper form for assessment year 2007-08 in case of firms liable to audit under section 44AB and companies - reg. May, 29th 2007 Circular No. 03 / 2007F.No. 153/75/2007-TPLGovernment of IndiaMinistry

Posted in Income Tax | 4797 Views

8 per cent taxable bonds attract TDS from 1st June

01 June 2007 at 23:28

MUMBAI: Eight per cent taxable bonds, floated by the Government in 2003, will attract tax deduction at source (TDS) from today on interest exceeding Rs 10,000 in a year. "Tax is required to be deducted at source on the interest exceeding Rs 10,000 pa

Posted in Income Tax | 4065 Views

Taxhounds readying data bank to chase defaulters

01 June 2007 at 02:28

PAY your taxes honestly and in time. The income-tax department is now going whole hog after recovery of tax arrears. Asa part of this exercise, the Central Board of Direct Taxes is creatinga data bank of those asse

Posted in Income Tax | 3675 Views

Filing Form 16 not required for refund

01 June 2007 at 02:23

The Income Tax Department has said there was no need for appending 'Form16' - the statement of tax deducted at source - with the returns on income toavail of tax refunds. "Ataxpayer is not required to file any document relating to computation of in

Posted in Income Tax | 5070 Views

New Tax Laws to get rid of CAs

30 May 2007 at 06:52

How long have you been struggling to make sense of the Income Tax Act to tackle important issues in your life like the tax implications for funding higher education of your children or planning for retirement?Sure enough, only a tax professional woul

Posted in Income Tax | 5529 Views

Direct collection rises 128% in April

29 May 2007 at 05:25

Direct tax collection in April 2007 has shot up by over 128%, mainlydue to faster clearing of refunds by the income tax department during2006-07. Direct tax collection in April 2007 stood at Rs 5,441 crore,compared with Rs 2,381 crore in the correspo

Posted in Income Tax | 3033 Views

Submit Form 16 for refunds: I-T Dept

27 May 2007 at 08:05

Press Trust of IndiaSunday, May 27, 2007 (New Delhi):Individual assessees have to submit Form 16 - a certificate of tax deducted at source - along with income tax returns to avail of timely payment of refunds, I-T Department officials say.However, if

Posted in Income Tax | 1 comments | 6531 Views

Income-tax return preparers..here they come

25 May 2007 at 02:46

The Finance Minister, Mr P. Chidambaram, has advised the first batchof income-tax return preparers to stay up-to-date with tax laws andperiodically go in for refresher courses to be in tune with changes intax laws.

Posted in Income Tax | 4377 Views

TDS collections to be transparent

23 May 2007 at 00:57

Income Tax (IT) department is all set to make collections through Tax Deductionat Source (TDS) more transparent. After making it mandatory for government andcorporate organisations to file TDS returns online, the department has nowdecided to extend s

Posted in Income Tax | 3720 Views

Rules for new IT forms

20 May 2007 at 01:19

INCOME-TAX (FOURTH AMENDMENT) RULES, 2007NOTIFICATION NO.169/2007, DATED 14-5-2007 In exercise of the powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Board of Direct Taxe

Posted in Income Tax | 7116 Views