Income Tax News

New simplified Income tax

06 September 2007 at 19:01

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

Posted in Income Tax | 6771 Views

New Return for all Accounts Officers in Govt Dept.

06 September 2007 at 15:13

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

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NO INDIVIDUAL RETURN FILED ONLINE

06 September 2007 at 11:52

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.

Posted in Income Tax | 3447 Views

Investing overseas? Examine your tax obligations ::

06 September 2007 at 10:51

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

Posted in Income Tax | 2535 Views

IT Dep. moves SC on taxing dividend income from DTAA Nations ::

03 September 2007 at 18:33

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

Posted in Income Tax | 2910 Views

Scope of e-TDS expanded

31 August 2007 at 15:52

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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BCTT helps Income Tax make dent into cash transaction

31 August 2007 at 11:45

ONE of the fall-outs of the rapid-paced globalisation phenomenon is the steady integration of the Indian financial markets. But it has so far not made a serious dent into the tendency to generateblack money. Let's recall the last week seizure of Rs 4

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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 | 24093 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 | 4362 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 | 4491 Views