Income Tax News

Applicability of Form No.17

03 April 2009 at 11:20

After amending the rules relating to Tax Deduction at Source (TDS) and Tax Collected at Source (TCS), the Central Board of Direct Taxes (CBDT) has said that the new Form No.17 (the challan for payment of TDS and TCS) will be applicable only for

Posted in Income Tax | 15 comments | 58578 Views

Major changes in TDS Compliance

01 April 2009 at 13:12

CBDT has issued Notification No 31 dated March 25, 2009 bringing out several changes in TDS compliance. The notification amends various rules w.e.f 01-04-2009. TDS Payment TDS payment is now to be made electronically by all deduct

Posted in Income Tax | 10 comments | 54516 Views

Notification on TDS and TCS

01 April 2009 at 10:39

Notification on TDS and TCS The Board has amended the rules relating to Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) vide Notification No. S.O.858 (E) dated 25th Mar

Posted in Income Tax | 22632 Views

Major Changes in TDS and TCS Compliances

31 March 2009 at 15:18

NOTIFICATION NO 31/2009, Dated: March 25, 2009In 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 to amend the Income-ta

Posted in Income Tax | 4 comments | 25383 Views

Direct tax collection figures

09 March 2009 at 16:46

Net direct tax collections during first eleven months of the present fiscal (up to February 2009) stood at Rs.258,902 crore, up from Rs.232,676 crore, registering a growth of 11.27 percent. Growth in Corporate Taxes was 16.79 percent (Rs.162,617 cror

Posted in Income Tax | 10716 Views

Enlargement of scope of TRPs

19 February 2009 at 18:56

The Government of India have decided to enlarge the scope of the existing Tax Return Preparer (TRP) Scheme and authorize them to prepare and furnish returns of TaxDeducted at Source (TDS) and Service Tax, in addition to income-tax returns. To carry o

Posted in Income Tax | 9879 Views

Recognition to ICAI for Sec 35(1) (iii) of I.T. Act

30 January 2009 at 18:26

It is hereby notified for general information that the organization World Wide Fund for Nature - India, New Delhi, has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 196

Posted in Income Tax | 8 comments | 14880 Views

Income Tax department's website to get new address

03 January 2009 at 11:51

New Delhi, Jan 2: The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL.The new online facility will host of several user-friendly features.Th

Posted in Income Tax | 2 comments | 28395 Views

New definition of Charitable Purpose

24 December 2008 at 14:42

Definition of 'Charitable purpose' under section 2(15) of the Income-tax Act, 1961Section 2(15) of the Income Tax Act, 1961 ('Act') defines "charitable purpose" to include the following:-(i) Relief of the poor(ii) Education(iii) Medical relief, and(i

Posted in Income Tax | 1 comments | 24222 Views

CBDT substitutes rules 6DD vide seventh amendment

13 October 2008 at 12:07

Rule 6dd new notificationINCOME-TAX (SEVENTH AMENDMENT) RULES, 2008 - SUBSTITUTION OF RULE 6DD NOTIFICATION NO. 97/2008 [F.NO. 142/10/2008-TPL], DATED 10-10-2008 The CBDT has substituted Rule 6DD of the Income-tax Rules vide the Income-tax

Posted in Income Tax | 3 comments | 25374 Views