Income Tax News

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 | 2949 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 | 5037 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 | 3282 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 | 5145 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 | 5706 Views

E-filing Website will not work on August 15

14 August 2007 at 03:25

The INCOMETAX E-FILING website will be unavailable between 5pm on 14th August till 11 pm on 15th August on account of site upgradation work.

Posted in Income Tax | 2736 Views

'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 | 2889 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 | 22596 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 | 4287 Views