Income Tax News

CBDT Circular No5/2007 on matters connected to New Return Forms

28 July 2007 at 02:34

New Return Forms for Assessment Year 2007-08 matters connected thereto reg.CIRCULAR NO. 5 / 2007, DATED 26-7-2007The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for ass

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Writ Petition against ITRs!!!

27 July 2007 at 00:02

A writ petition has been filed today in the Lucknow Bench of Allahabad High Court, challenging the notification amending the Income Tax Act for providing of the new format of the Income Tax Returns. After considering the matter, the Income

Posted in Income Tax | 3609 Views

Credit card, share details requisite on new ITR form

26 July 2007 at 06:44

As the last date for filing income tax returns approaches near, therush to fill new ITR forms is building up. And so is the confusionamong tax payers who do not find the new tax form an easy deal.Last year, when the Income Tax department introduced t

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IT Offices to remain open on 28 & 29 July 2007 for accepting return

25 July 2007 at 12:14

F.No.220/3/2007- ITA-IIGovernment of IndiaMinistryof FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, the 24thJuly, 2007. Order under Section 119 (1) of the Income Tax Act, 1961. Thedue date for filing of return of income withi

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FM on tax compliance !

24 July 2007 at 22:38

The Finance Minister, Mr. P. Chidambaram, said that tax rates have been moderate in the country and that more people are complying with taxation laws."I take legitimate pride in being part of the team that moderated taxes since 1991. More people are

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Burden on burden - new tax return forms

23 July 2007 at 09:04

A.P. TAX BAR ASSOCIATION - HIGHLY CRITICAL OF NEW INCOME TAX RETURN FORMS.Several years back the Income Tax Return forms were bulky and required the services of An expert for filling it. But with the onset of liberalisation the I.T.Return forms got

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Did not spare Patent n Trademark Applications for E-filing!!

23 July 2007 at 03:18

The government has launched a facility for e-filing of patent and trademark applications to expedite the process of securing exclusive rights over a product or trading symbol."With the launch of e-filing facilities, applicants can file their patent a

Posted in Income Tax | 2445 Views

Closing price on vesting day may fix FBT on Esops

20 July 2007 at 03:44

The finance ministry may settle for the closing price of shares of alisted company on the stock market on the day the scrips are vestedwith employees to decide valuations for the fringe-benefit tax (FBT).The ministry will soon issue guidelines on how

Posted in Income Tax | 2529 Views

I-T Dept gearing up to check tax evasion

19 July 2007 at 07:51

The Income Tax Department is gearing up to prepare a 360-degree taxprofiling of individual tax payers in the country to keep a tab on taxevasion and money laundering. "FinanceMinister has given a go-ahead for integrated 360-degree mapping ofindividua

Posted in Income Tax | 3090 Views

No extension of IT return date

19 July 2007 at 07:48

Finance Minister P Chidamabram on Tuesday ruled out extending the datefor submitting income tax returns and asked tax payers to file theirreturns by July 31. "No chance. I suggest you file (I-T returns) today. Don't waituntil the last day. Please fil

Posted in Income Tax | 3786 Views