Income Tax News

Tds efforts finally pays off

22 September 2007 at 12:37

Tax deducted at source (TDS) accounts for as much as 50 per cent direct tax collections in this fiscal so far. This figure was 28 per cent and 35 per cent in 2006-07 and 2005-06, respectively. The main reason for this increase is the widening of t

Posted in Income Tax | 2895 Views

Vodafone drags I-T to court over tax claim!!!

21 September 2007 at 15:27

Vodafone Essar has filed a writ petition in the Bombay High Court challenging the right of the tax authorities to levy a capital gains tax on it.The writ is aimed at preventing the income-tax department from taking further action. The I-T department

Posted in Income Tax | 3162 Views

NEW DIRECT TAX CODE WILL BE IMPLEMENTED SOON : SHOME

19 September 2007 at 13:11

The Union Finance Ministry in consultation with tax experts is drafting a new Direct Tax Code which was likely to be ready by October, advisor to the Finance Ministry Parthasarathi Shome said today.The main objective of drafting the new code was to m

Posted in Income Tax | 2793 Views

I-T REFUNDS TO GO ONLINE FROM DECEMBER

19 September 2007 at 13:06

Come December, and all the nagging income tax refund worries will be over. The I-T department would be crediting the refunds directly to tax payers' SBI accounts. "Tax payers need not come to Aikar Bhawan to persue their refunds. It will be electroni

Posted in Income Tax | 3108 Views

New hubs to bolster tax kitty

18 September 2007 at 00:23

The Central Board of Direct Taxes (CBDT) has discovered new hubs to bolster the tax kitty at this time at the grassroots. The CBDT has spotted Panchayats in states such as Gujarat, Maharashtra, Karnataka and Madhya Pradesh as the potential tax p

Posted in Income Tax | 2919 Views

Fee is income rules Tribunal

17 September 2007 at 13:15

HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci

Posted in Income Tax | 2886 Views

DTAA between INDIA and MEXICO !

16 September 2007 at 09:28

With India and Mexico signing the double taxation avoidance agreement on Monday, companies using Mexico to route investments into India will have to be ready for a differently structured tax regime. The DTAA has provided for a limitation of benefits

Posted in Income Tax | 20613 Views

Due date of advance FBT extended

15 September 2007 at 12:59

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

Posted in Income Tax | 4638 Views

For the first time, TDS on RBI bonds !!

13 September 2007 at 16:14

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

Posted in Income Tax | 5040 Views

Govt considering overhaul of the Indian Trusts Act, 1882

12 September 2007 at 14:10

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

Posted in Income Tax | 2772 Views