Income Tax News

Tax Dept to use identity-search software to prevent evasion

05 February 2008 at 20:16

Tax Dept to use identity-search software to prevent evasionThe Income Tax Department is gearing up to use identity-search technology to manage the swelling data base of taxpayers, a move that will make tax evasion difficult and bring to book habitual

Posted in Income Tax | 3540 Views

Due dates of filing IT returns may be preponed...

05 February 2008 at 19:53

Both salaried individuals and companies i.e direct tax payers may require to file income tax returns two months in advance says the finance minister. The modification may bring the due date from 31st July to May 31st."For salaried and other individua

Posted in Income Tax | 2 comments | 8022 Views

TAX BREAKS MAY BE GRANTED TO GREEN BUILDERS: UPCOMING BUDGET

05 February 2008 at 15:58

"GOOD NEWS FOR THE GREEN BUILDERS" Tax breaks may be granted to Real estate developers constructing energy-efficient (green) buildings in the coming Budget. If the buildings meet the "green" standard, a part of the builders' c

Posted in Income Tax | 3006 Views

Extension of Time for Filing of TDS/TCS Returns

05 February 2008 at 13:03

CBDT has extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 to 29th February 2008No.402/92/2006-MC (07 of 2008)Government of India / Mi

Posted in Income Tax | 1 comments | 5376 Views

Tax payment facility liberalized in calcutta

04 February 2008 at 16:28

TAX PAYMENT FACILITY LIBERALIZED IN CALCUTTA A large taxpayer unit would be initiated in Calcutta. As according to Chidambaram, company such as MRF used to pay its various taxes at around 100 places and jurisdictions across the country,which is a hin

Posted in Income Tax | 2640 Views

FM soughts suggestions for Budget

02 February 2008 at 09:54

CONSULTATIVE COMMITTEE OF FINANCE MINISTRY MEETSFM SOUGHT SUGGESTIONS FOR THE BUDGET FROM THE MEMBERS16:16 ISTThis year's first Meeting of the Parliamentary Consultative Committee attached to Finance Ministry was held here today under the Chairmanshi

Posted in Income Tax | 4920 Views

Mandatory e-payment of taxes effective 01.04.2008

24 January 2008 at 10:14

No.402/92/2006- MC (05 of 2008)Government of India / Ministry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi dated the 23rd January 2008PRESS RELEASEThe optional scheme of electronic payment of taxes for income-tax payers was i

Posted in Income Tax | 2 comments | 12291 Views

Direct Tax Kitty Swelling

19 January 2008 at 10:23

DIRECT TAX COLELCTIONS UP BY 40% TILL 15TH JANUARY 15:19 IST Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Net tax collections stood at Rs.2,17,149 crore, up from Rs.

Posted in Income Tax | 5013 Views

IT department to be more friendly to bulk taxpayers:FM

17 January 2008 at 12:54

IT DEPT. TO BE MORE FRIENDLY TO BULK TAXPAYERS : FM CHIDAMBARAM COMMENDS FOR PERFORMANCE 17:50 IST The Union Finance Minister, Shri P. Chidambaram complimented the Chief Commissioners of Income Tax for the remarkable performance of the department, pa

Posted in Income Tax | 4449 Views

New tax code to tighten grip on individuals

17 January 2008 at 11:29

Individuals will have to start reporting their income from all sources in due course, including tax-free income. Thegovernment is vetting a proposal to shift from an exemption to adeduction-based regime for reporting income, a government officialsaid

Posted in Income Tax | 1 comments | 8718 Views