Income Tax News

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 | 3729 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 | 7119 Views

Taxmen to scrutinise more cases of returns

18 May 2007 at 00:19

The income tax department is planning to intensify scrutiny procedures and take up more cases of scrutiny of returns.A finance ministry official told FE, "We are trying to simplifyassessment methods. But at the same time, we plan to give more e

Posted in Income Tax | 4104 Views

Trusts have to apply for income tax exemption by May 31

18 May 2007 at 00:08

A charitable or religious trust or institution,which wants to be condoned for delay in earlier years in registrationunder the Income Tax Act for exemption, can file its application by May31. Registration under Section 12 A of the Act is a pre-conditi

Posted in Income Tax | 4404 Views

Hassles in new forms

18 May 2007 at 00:00

Hassle-free assessment may be difficult, as the new forms have a fairshare of ambiguities and inconsistencies.

Posted in Income Tax | 5688 Views

I-T department probing tax evasion through duplicate PANs

17 May 2007 at 13:23

The income tax department is probing tax evasion cases done through duplicate permanent account numbers (PANs), including over 100 cases detected by the Delhi Police. The sources said the I-T department has obtained information from Delhi Police auth

Posted in Income Tax | 3627 Views

Your income may rise, for tax purposes

16 May 2007 at 00:09

Your income, at least for taxation purposes, is likely to rise in the eyes of the government. The finance ministry is planning to bring in a few more income streams, including earnings currently exempt from tax under double taxation avoidance agreeme

Posted in Income Tax | 4272 Views

Half-baked Esops won't escape FBT

13 May 2007 at 00:53

This could come as adampener to all those companies that rushed their employee stock option plan(Esop) offers before March 31 to avoid fringe benefit tax (FBT). The financeministry has clarified that FBT will apply on all Esop offers where the physic

Posted in Income Tax | 3879 Views

Govt to clear pending tax refunds

13 May 2007 at 00:46

Long delays in income tax refunds have promptedthe Finance Minister P Chidambaram to intervene. The Finance Ministerhas told his taxmen to get cracking and speed up the refunds.Hewants the taxmen to monitor all refund cases every month starting fromJ

Posted in Income Tax | 4212 Views

CBDT introduces New Series of Forms for filing of Income Tax Return for the Assessment Year 2007-08

10 May 2007 at 14:00

The Ministry of Finance notified the salient features of new Return Forms for the AY 2007-08, whereby firms were mandatorily made liable to tax audit under s.44AB of the Income Tax Act 1961. Corporate taxpayers had an option to either file their retu

Posted in Income Tax | 5835 Views