Income Tax News

GUIDANCE NOTE ON TAX AUDIT U/S 44AB

13 October 2007 at 23:01

For the kind attention of members Guidance Note on Tax Audit Under Section 44AB of the Income-tax Act, 1961Changes approved subsequent to the publication of the Supplementary Guidance Note.For further details on the guidance note click on the followi

Posted in Income Tax | 20844 Views

TAX-FREE INVESTMENT LIMIT MAY BE HIKED

12 October 2007 at 22:03

Individual tax payers may be in for some cheer. The tax-free investment limit for individuals may soon be hiked from the present Rs 1 lakh to Rs 1.5 lakh. The proposal that the government is deliberating has a condition though: the additional Rs 50,0

Posted in Income Tax | 9042 Views

IT dept.-Single window facility for large tax payers

10 October 2007 at 23:45

After the success of large tax payer unit (LTU) at Bangalore, the Income Tax Department is keen on setting up the facility in Mumbai, which accounted for 40 per cent of the total direct tax collections. "IT Department, Mumbai region, will be organisi

Posted in Income Tax | 2619 Views

Advance tax by IT firms increase by 110% ::

10 October 2007 at 17:20

IT companies may be struggling to cope with a rising rupee, but their tax payments are on an upswing. The total advance tax collection from IT companies in September grew by 110% to Rs 507 crore from Rs 242 crore in September, 2006. September 15 was

Posted in Income Tax | 2532 Views

Extension of due date of filing returns in Bihar!!

08 October 2007 at 16:57

Considering the disruption caused by floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under Section 119 of the Income Tax Act, 1961, hereby extends the due date for filing of returns required to be furn

Posted in Income Tax | 3153 Views

Will increased Tax revenue bring smile on taxmen's face!!

05 October 2007 at 11:22

TAXMEN DEMAND BETTER DEAL AS COLLECTIONS TOUCH NEW HEIGHTSIncome tax officers are awaiting the day when Finance Minister P Chidambaram approves a proposal to earmark 1 per cent of annual direct tax collections for meeting the annual expenditure of th

Posted in Income Tax | 2835 Views

Revision facilities of MEF-2007-08

04 October 2007 at 19:55

Facilities for revision of MEF 2007-08 as detailed below will be available upto 15th October 2007 on MEF website http://www.meficai. org/mefcorrectio n0708.htm Correction of data filled in the MEF Change in the status in which application was filed (

Posted in Income Tax | 2817 Views

Baksheesh, Saab!! no whispering now, its official!!

04 October 2007 at 19:55

HC: Baksheesh is official spend Shibu Thomas | TNN Mumbai: "Saab, baksheesh.'' The Persian word for tip used by everyone from the MTNL linesman to the postman at Diwali has now been accorded legal sanctity. In an important judgment that will doubtles

Posted in Income Tax | 1 comments | 5004 Views

CAAT - Going to use by IT Department

03 October 2007 at 20:39

The Income Tax department will soon introduce a new accounting tool that will be used against business houses suspected of concealing huge income by fudging their accounts and making fake entries to concoct balance-sheets. To be called Computer Assi

Posted in Income Tax | 3459 Views

MAN RECEIVES INCOME TAX REFUND AFTER 11 YEARS

01 October 2007 at 16:46

Eleven years after he began his fight for an income tax refund, a man has finally managed to receive his due from the authorities coupled with accrued interests following delay in payment. Prakash Aswani, who took voluntary retirement from United In

Posted in Income Tax | 5130 Views