By virtue of the provision of clause (d) of sub-section (1)section 115 WB, introduced by Finance Act, 2007, an employer isliable to pay Fringe Benefit Tax on any consideration for employmentprovided by way of any specified security or sweat equity sh
Perhaps the most favoured savings instrument of Indian investors is the 8% RBI Savings Bond. Safe to the hilt, it has retained its popularity in spite of the sharp appreciation in interest rates in recent times. So far, the interest on the bonds, tho
The government is considering an overhaul of the Indian Trusts Act, 1882, which would allow more flexibility to trusts in their investment decisions. The move is aimed at making the pre-independence law more contemporary. At present, registered trust
Apropos of 'Got PAN? You may shell out more for LPG' (ET, Sept 7), it's preposterous and a harebrained idea. It shows that our politicians lack common sense. Many people have obtained PAN out of compulsion to comply with certain mandatory requirement
The government on Friday said the new simplified Income Tax Act is likely to come into force on April 1, 2008, replacing the existing Income Tax Act 1961, reports Economic Times. A report to simplify and rationalise the law relating to income tax, pr
A New quarterly return has been started by the Income Tax Dept FOR:PERSON LIABLE TO FILE THIS RETURN--All Accounts Officers (AOs) in Government Department(s)(STATE/CENTER GOVT )--Who process the bills prepared by Drawing and Disbursement Officers (DD
NO INDIVIDUAL RETURN FILED ONLINENot even a single individual return has been filed online, accordingto Income Tax (I-T) department. There is separate assessing officerin the department to look after the individual returns that havebeen filed online.
RBI has liberalised the remittance scheme recently permitting resident Indian individuals to make investments up to $100,000 per financial year outside India for any permitted capital and current account transactions. This provides an opportunity for
NEW DELHI: The Income Tax Department has sought a ruling from the Supreme Court on a High Court decision that dividend income was non-taxable if it came from an entity from a country that has a double taxation avoidance agreement (DTAA) with India.Th
Income-tax (Ninth Amendment) Rules, 2007NOTIFICATION No. 238/2007, dated 30-8-2007 In exercise of the powers conferred by section 295 read with sub-section (3) of section 200 and proviso to sub-section (3) of section 206C of the Income-tax Act, 1961
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