Income Tax News

Due date of Return filing extended to 31st August 2012

31 July 2012 at 15:45

F.No.225/163/2012/ITA.I1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 31st july 2012. Order under Section 119 of the Income Tax Act. 1961 On consideration of the reports of disturba

Posted in Income Tax | 15 comments | 32649 Views

Relaxation from compulsory e-filing of return of income for assessment year 2012-13

31 July 2012 at 15:08

Relaxation from compulsory e-filing of return of income for assessment year 2012-13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg Rule 12 of the Income-tax Rules, 1962 mandates that an indiv

Posted in Income Tax | 26694 Views

Taxation of Portfolio Investments referred to GAAR Committee

30 July 2012 at 16:07

The Prime Minister had constituted an Expert Committee on GAAR under the Chairmanship of Dr. Partho Shome to engage in a widespread consultation process and finalise the GAAR Guidelines. There is an additional issue relating to the taxation of p

Posted in Income Tax | 6261 Views

Income-tax ( 8th Amendment) Rules, 2012 - Substitution of Form ITR-7

28 July 2012 at 11:55

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 26th day of July, 2012 Income-tax S.O. 1705 (E).- In exercise of the powers conferred by section 295 of the Income-tax Ac

Posted in Income Tax | 19335 Views

Verification Certificate under provisions of Rules 114(4) of IT Rules, 1962 of PAN (Individual / HUF)

26 July 2012 at 11:03

A format has been prescribed for verification certificate under provisions of Rules 114(4) of IT Rules, 1962. An individual / HUF PAN Applicant who files certificate of MP / MLA / MC / Gazetted officer as proof of his / her identity or address is

Posted in Income Tax | 88203 Views

Income Tax Department Starts Two More Taxpayer Friendly Initiatives : 'Register for Home Visit' and 'Online Tax Help'

24 July 2012 at 17:09

In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these fac

Posted in Income Tax | 5 comments | 13557 Views

Setting Up of Tax Kiosks, Mumbai

23 July 2012 at 11:47

The Income Tax Department, Mumbai is setting-up ‘Tax Kiosks’, manned by Tax Return Preparers, at various locations in Mumbai to assist the Individual & HUF taxpayers in preparation and filing of their Returns of Income. Prescrib

Posted in Income Tax | 1 comments | 6723 Views

Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13

20 July 2012 at 15:54

Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the f

Posted in Income Tax | 4 comments | 20760 Views

Correct TDS credit resposibility is of the deductor

10 July 2012 at 15:57

Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2

Posted in Income Tax | 7 comments | 17253 Views

Net Direct Tax Collections During April-June 2012 up by 47.16%

10 July 2012 at 11:07

Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase

Posted in Income Tax | 1 comments | 6516 Views