Income Tax News

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 | 20766 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 | 17262 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 | 6528 Views

New ITR-5 and ITR-6 forms released

04 July 2012 at 17:43

NOTIFICATION NO.25/2012 [F.NO.142/31/2011 -TPL]/S.O. 1453(E) DATED 2-7-2012 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further t

Posted in Income Tax | 2 comments | 24450 Views

CBDT Issues Notification Making E-Filing of Income Tax Returns Mandatory

02 July 2012 at 14:42

Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for an individual or a Hindu undivided family, if hi

Posted in Income Tax | 5 comments | 29529 Views

CBDT Invites Comments/Suggestions on Draft GAAR Guidelines

29 June 2012 at 16:38

The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GA

Posted in Income Tax | 1 comments | 7785 Views

Clarification Regarding Draft GAAR Guidelines

29 June 2012 at 10:45

Background The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating th

Posted in Income Tax | 1 comments | 8916 Views

Details of Central Processing Centre (CPC)

26 June 2012 at 11:31

In FY2012, CPC processed 1.32 crores returns, a 47% increase over FY 2011. Rectification requests received by CPC has dropped from over 10% of returns filed in AY08-09, to 6.5% in AY 09-10, to 3.8% in AY 10-11 and further to just about 2.9% in AY

Posted in Income Tax | 6 comments | 23139 Views