Income Tax News

ITR is turning out to be .. irksome tax return

13 July 2007 at 07:00

Most of us have less than three weeks left to file our tax returnand as all of us know only too well, this has to be done using the newIncome Tax Return (ITR) forms that have replaced Saral - forms that arelengthy, intimidating and full of jargon. In

Posted in Income Tax | 3738 Views

HC makes 'leave encashment' less taxing !

12 July 2007 at 23:15

NEW DELHI: Companies providing for leave encashment payments in their books can now claim tax deduction even if the actual cash payouts have not taken place. Providing for leave encashments is mandatory under ICAI accounting norms for companies. Howe

Posted in Income Tax | 3693 Views

No more filing of income-tax returns at post offices !

10 July 2007 at 06:46

The income tax department is planning to withdraw a facility introduced last year for filing tax returns at around 2,000 post offices, owing to incomplete and inaccurate returns. Nearly 350,000 returns were filed through post offices last year. "Man

Posted in Income Tax | 3195 Views

INCOME-TAX RETURN FORM GETS SIMPLER !

07 July 2007 at 23:35

I-T return form gets simpler: There is some relief for income tax payers. While filing returns this year, they will not require to attach loads of documents related to investment details. The Income-Tax department has finally come clear on the issue.

Posted in Income Tax | 4428 Views

Three-month-old Orissa baby becomes youngest tax payer

07 July 2007 at 02:37

Three-month-old Orissa baby becomes youngest tax payerBy Sarada LahangirRourkela (Orissa), July 4: A three-month-old Orissa baby has become the\nyoungest individual to get a tax account number, after a trust signed a pact\u003cbr\>\nwith

Posted in Income Tax | 9378 Views

What to do, if you have recd IT notice

04 July 2007 at 23:51

A tax enquiry notice can be unnerving for most due to ignorance of laws and understanding the correct way to respond to such notices. Stories of experiences with the taxman also play their own role with people always asking "Why did I get a notice?

Posted in Income Tax | 6567 Views

When can you make cash expenditure exceeding 20000: NEW RULES

04 July 2007 at 22:52

NOTIFICATION NO208/2007, Dated: June 27, 2007In exercise of the powers conferred by Section 295 read with proviso to sub-section (3) of Section 40A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following

Posted in Income Tax | 6531 Views

TDS on bond interest

03 July 2007 at 02:03

The decision to deduct tax at source from the financial year 2007-08 in respect of the Government of India Savings Bonds if interest during a year exceeds Rs 10,000 is a big blow to many retired persons who have invested substantially in these bonds.

Posted in Income Tax | 3597 Views

Tele-conference with CBDT officials!

02 July 2007 at 07:21

Important Announcement Tele-conference on "E-filing of Income-tax return forms" to be held LIVE on 11 July, 2007 from 2.00pm to 4.30 pm in the Indira Gandhi National Open University (IGNOU) Dear Members, The Fiscal Laws Committee has decided to est

Posted in Income Tax | 3324 Views

Pvt schools, hospitals to be in service tax net

02 July 2007 at 03:39

Pvt schools, hospitals to be in service tax netJune, 28th 2007Will have to pay 12% tax besides 3% education cess. Service tax of 12 per cent (plus the education cess of 3 per cent) will soon be levied on fees charged by schools, doctors and hospitals

Posted in Income Tax | 3579 Views