Income Tax News
Presentation on new ITR
30 June 2007 at 02:02Useful power point presentation on New ITRClick below to downloadhttp://www.caclubindia.com/files_display.asp?files_id=776
Taxpayers have no confidence in MFs
26 June 2007 at 08:19Taxpayers have no confidence in MFsJune, 25th 2007The Indian mutual funds industry may have crossed the Rs 4-lakh-crore mark in assets under management, but still ranks at the bottomof the charts when it comes to gaining the confidence of tax payers.
Whats wrong with the new ITR??
25 June 2007 at 09:15Para 1 Infact it is tough time for few so called income tax practitionersbecause New ITRS requires the basic knowledge of the Act and accounts. Para 2 It's a myth and sheer ignorance (which again substantiate the para 1 above)&n
Tax circular on shares does not provide any objective guidelines
24 June 2007 at 08:07The Central Board of Direct Taxes (CBDT) recently released a circular containing a set of guiding principles to make a distinction between shares held as stock-in-trade and those held as investment. But the circular appears to fall short of its objec
Income tax search after death of taxpayer is it possible??
22 June 2007 at 00:44INCOME Tax search is a common and regular phenomenon. Every other dayit is reported by the media. It becomes more headline-grabbing duringthe last leg of the fiscal when certain targets are to be realised. Butcan it be conducted even after the death
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
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