Income Tax News

HC sees red over 1-day I-T notice

06 April 2007 at 05:09

A division bench of the Bombay high court on Monday lashed out at the income tax department for having allegedly recovered TDS dues from an assessee within a day of serving a demand notice.The assessee's plea for two days to reply on the recovery pro

Posted in Income Tax | 5118 Views

Capital gains tax on deals similar to Hutch

06 April 2007 at 05:07

The I-T department, which believes that Hutch-Vodafone deal falls under the capital gains tax ambit in India, may scrutinise similar transactions.Transfer of beneficial interest of any asset in the country was liable to capital gains tax, a departmen

Posted in Income Tax | 6471 Views

One-stop service centre for filing I-T returns

26 March 2007 at 01:47

In a bid to reduce harassment of tax payers, the income-tax departmentis mulling setting up five centralised return processing centres indifferent parts of the country. Theconcept is to provide one-stop service to a tax payer at onecentralised place

Posted in Income Tax | 6225 Views

I-T rates in direct tax code list

26 March 2007 at 01:45

The government is planning to place the income-tax rates in the newdirect tax code schedule. The schedule is akin to an annexure to theAct. This will give the government flexibility to change them withoutdisturbing the whole Act."Weare looking at sub

Posted in Income Tax | 7317 Views

Tax filing set to become Saral again

15 March 2007 at 22:23

NEW DELHI: Here's some goods news for all you taxpayers. You won't miss Saral. The government has decided to dilute the complex Form 2F for filing income-tax returns, which the IT department had painstakingly prepared only to face universal criticism

Posted in Income Tax | 8541 Views

E-filing of returns to become compulsory soon

15 March 2007 at 05:32

Individual taxpayers, too, soon may have to file returns electronically.TheCentral Board of Direct taxes (CBDT) is considering a proposal to makeelectronic filing of income tax returns compulsory for certain class ofassesses. "We have taken the power

Posted in Income Tax | 8184 Views

Government may levy income tax on dividends

13 March 2007 at 23:03

Income from dividends, which is at present taxed in the hands of the companies, could soon be added to one's income and may have to shell out the applicable income tax.

Posted in Income Tax | 7248 Views