Income Tax News
India Signs Double Taxation Avoidance Agreement with Luxembourg
03 June 2008 at 10:39Government of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Grand Duchy of Luxembourg for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on Income and on capital,
Income-tax officers are now demanding annexures with IT returns
28 May 2008 at 13:44The income-tax department in Mumbai appears to be reversing the finance ministry's efforts to simplify the filing of tax returns. Last year, in an effort to reduce the paperwork
Cess on income tax proposed to fund fuel subsidy
28 May 2008 at 13:33Finmin seeks formula for 'revenue-neutral' halving of subsidies, The petroleum ministry has proposed to impose a surcharge on direct taxes to offset the staggering losses oil companies
House rent receipts can save you tax
26 May 2008 at 12:57Under section 10 (13A) of the Income Tax Act, you can claim a deduction on the rent you pay, Aam aurat and aam aadmi just moved into the city of dreams.
SAVE TAX ON LOSS FROM SHARE
23 May 2008 at 11:23By reading the title of the post you will be thinking that there is no tax on long term capital gain on shares then what is the relation between tax saving and long term capital loss?But after reading the next few lines you will definitely understand
Post Budget notifications giving effect to prov of Finance Act 08
13 May 2008 at 11:17The Finance Bill, 2008 received the assent of the President of India on the 10th May, 2008 and consequently the Finance Act, 2008 is being published in the Gazette of India dated 10th May, 2008 as Act No.18 of 2008. Central Government has issued s
Expect lobbying for perpetual STPI to continue
03 May 2008 at 16:33Author : C Chitti Pantulu/DNA-Daily News & Analysis Brokerages and analysts are reworking their numbers to re-rate IT counters following the government's decision to extend the Software Technology Parks of India (STPI) scheme for one more year. Finan
CLARIFICATION ON TDS ON SERVICE TAX ON RENT U/S 194 -I
02 May 2008 at 14:35Clarification on deduction of tax at source (TDS) on service tax component on rental income under section 194-I of the Income-tax ActCIRCULAR NO. 4/2008, DATED 28-4-2008 Representations/letters have been received in the Board seeking clarificati
Ammendment - Sec 40(a) (ia)
01 May 2008 at 17:36Sec 40 (a) (ia) ammendment retrospectively to allow deduction of expenses in case TDS of Mar month not paid in time but paid before due date of return
Tax tribunal's ruling may open floodgates of claims : Sec 80(I)A
25 April 2008 at 10:10Tax tribunal's ruling may open floodgates of claims from contractors supplying to infrastructure projects Author : Renni Abraham/DNA-Daily News & AnalysisContent : In a precedent-setting ruling, the Income Tax Appellate Tribunal (ITAT) has allowed AB
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