CAclubindia News
Rules for new IT forms
20 May 2007 at 01:19INCOME-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
Taxmen to scrutinise more cases of returns
18 May 2007 at 00:19The 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
Trusts have to apply for income tax exemption by May 31
18 May 2007 at 00:08A 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
Hassles in new forms
18 May 2007 at 00:00Hassle-free assessment may be difficult, as the new forms have a fairshare of ambiguities and inconsistencies.
I-T department probing tax evasion through duplicate PANs
17 May 2007 at 13:23The 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
Your income may rise, for tax purposes
16 May 2007 at 00:09Your 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
Auditors with only ICAI certificate to scan books of listed firms
13 May 2007 at 01:22Following the request of the Securities and Exchange Board of India (Sebi), the Institute of Chartered Accountants of India (ICAI) has decided that the audit of listed companies and public sector undertakings will be conducted only by auditors holdin
CAs can accept more tax audit assignments
13 May 2007 at 01:14The Central Council of the Institute of Chartered Accountants ofIndia (ICAI) has increased the ceiling on the number of tax auditassignments that a chartered accountant can accept in a financial yeareither as partner or proprietor. "The ceiling on ta
Half-baked Esops won't escape FBT
13 May 2007 at 00:53This 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
Govt to clear pending tax refunds
13 May 2007 at 00:46Long 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
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