Income Tax News

FM FINALIZES THE IT CODE

02 January 2008 at 14:55

FM FINALIZES THE IT CODEFinance Minister P Chidambaram today said, that the draft of the Income Tax code, which is expected to simplify and replace the present law, is ready and will be released along with a discussion paper. The release period has n

Posted in Income Tax | 10623 Views

Ammendment in 80C deduction

29 December 2007 at 00:32

Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or(ii) incurring expenditure on tuition fee and repayment

Posted in Income Tax | 3 comments | 29133 Views

Direct tax growth highest in Mumbai

21 December 2007 at 23:13

Direct tax collections continued to record a growth of over 40 percent for the period 1st April to 15th December 2007. According to provisional data, net tax collections stood at Rs.1,64,407 crore, up from Rs.1,15,377 crore during the same period las

Posted in Income Tax | 3465 Views

Professional tax ceiling may be raised

21 December 2007 at 23:05

Professionals, both salaried and self employed, as well as traders should be prepared to pay more tax. The Centre is considering amending the Constitution to raise the ceiling on professional tax from Rs 2,500 per annum at present to Rs 5,000.The tax

Posted in Income Tax | 1 comments | 11223 Views

Last date for filing return extended to feb 29

17 December 2007 at 17:03

The government is extending the due date of filing of income tax return to February 29, 2008. The centre on Friday informed the Supreme Court that the due date for of filing of income-tax return was being extended in view of the confusion regarding f

Posted in Income Tax | 5 comments | 18552 Views

Finance Ministry favours moderate income tax rates

07 December 2007 at 12:36

The Finance Ministry appears to be favorably inclined toward moderating income tax rates in view of the over 40 per cent growth in direct tax collections. "With improvement in voluntary tax compliance and tax administration, direct tax collections ar

Posted in Income Tax | 4 comments | 9930 Views

Professionals cannot claim Sec 32 tax benefit::SC

30 November 2007 at 17:05

NEW DELHI: The Supreme Court said on Tuesday professionals cannot claim depreciation under Section 32 of the Income Tax Act. The Section is applicable to an assessee carrying on business and not to a professional, the apex court said, dismissing an a

Posted in Income Tax | 10 comments | 17688 Views

150,000 salaried individual taxpayers will have to re-file their returns

17 November 2007 at 19:03

Nearly 150,000 salaried individual taxpayers will have to re-file their returns for the 2007-08 assessment year, as their returns went up in smoke during a recent fire in the income-tax office at Mayur Bhawan in Connaught Place. The October 6 inciden

Posted in Income Tax | 4 comments | 20967 Views

Online refunds to cover the whole country soon

16 November 2007 at 00:22

The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Ban

Posted in Income Tax | 1 comments | 5871 Views

Due date of Tax audit extended!!!

31 October 2007 at 19:21

No. 402/92/2006- MC (46 of 2007)Government of India/ Ministry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, the 31 st October 2007PRESS RELEASEThe Central Board of Direct taxes have extended the last date of filing of income

Posted in Income Tax | 3 comments | 21495 Views