Income Tax News

All India transfer and promotion orders of Income Tax Commissioners

31 August 2007 at 11:37

New Page 1 All India transfer and promotion orders of Income Tax Commissioners / Directors and Addl. Commissioners. 28 August 07 F.No. A-32011/4/2006-Ad.VI Government of India Ministry of Finance Department of Revenue

Posted in Income Tax | 24084 Views

Close look at Tax numbers

29 August 2007 at 20:43

August, 29th 2007The Union government's tax revenues have maintained decent growth in the last three years. That is the broad picture. A closer look reveals something more interesting. The sharpest rise has been seen in revenues from direct taxes and

Posted in Income Tax | 4353 Views

LAW FOR CREDIT CARD PAYMENTS :: FM..!

27 August 2007 at 09:32

The government is planning to bring a new law to regulate credit card payment. While replying to a question regarding credit card problems, Finance Minister P Chidambaram told the Lok Sabha that such a move is in the offing. In his question, CPI(M) M

Posted in Income Tax | 4482 Views

Income-tax Department seeks exemption from 'Right to information' Act ::

27 August 2007 at 09:26

The income-tax department has asked the department of personnel and training to amend the Right to Information (RTI) Act to shield itself from unsolicited queries on its investigations. The RTI Act has exempted the department of revenue intelligence,

Posted in Income Tax | 3618 Views

HC ON NEW IT RETURNS..!!

23 August 2007 at 16:57

HIGH COURT OF ALLAHABADOm Prakash Tewariv. Union of India Section 139 of the Income-tax Act, 1961, read with rule 12 of the Income-tax Rules, 1962 - Return of income - General - Assessment year 2007-08 - Petitioners, lawyers/advocates, challenged In

Posted in Income Tax | 4080 Views

NO PAN ! NO REFUND ON FD EARNINGS...!

23 August 2007 at 08:37

Come April 2008, fixed deposit holders will not be allowed to avail any credit against taxes paid on their interest earnings if banks do not quote their PAN numbers.Many fixed deposit holders could be left in lurch as income tax department has tighte

Posted in Income Tax | 2994 Views

Direct tax Growth figures are pleasant facts!!

22 August 2007 at 12:42

Improved tax administration and a robust economic growth have started showing results. Continuing with its buoyant growth, the Centre's net direct tax collections grew 44.39 per cent since the beginning of the current fiscal till August 15 to Rs 59,2

Posted in Income Tax | 2640 Views

FREQUENTLY ASKED QUESTIONS ON 'TAN'..!!

21 August 2007 at 05:47

What is TAN?Ans. TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in all TDS/TCS returns (i

Posted in Income Tax | 3099 Views

Confusion in AIR for taxpayers!!

21 August 2007 at 05:17

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assesse

Posted in Income Tax | 3528 Views

FBT cannot substitute liability of employees !

20 August 2007 at 23:27

A client pays his senior employees a quarterly bonus, a fixed sum, revised once a year. Since, this is given to all senior executives, this is taxed at 30 per cent plus SC plus cess in the hands of the employees. These employees request that the comp

Posted in Income Tax | 3258 Views