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Service Tax Notifications --New

   20 May 2007 at 01:23

Notification No. 17/2007-Service Tax, Dated 12-5-2007 Notification No. 18/2007-Service Tax, Dated 12-5-2007 Notification No. 19/2007-Service Tax, Dated 12-5-2007 Notification No. 20/2007-Service Tax, Dated 12-5-2007 - (Service Tax (Third Amendment

Posted in Service Tax |   7689 Views

Rules for new IT forms

   20 May 2007 at 01:19

INCOME-TAX (FOURTH AMENDMENT) RULES, 2007NOTIFICATION NO.169/2007, DATED 14-5-2007 In exercise of the powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Board of Direct Taxe

Posted in Income Tax |   7086 Views

Taxmen to scrutinise more cases of returns

   18 May 2007 at 00:19

 The income tax department is planning to intensify scrutiny procedures and take up more cases of scrutiny of returns.A finance ministry official told FE, "We are trying to simplifyassessment methods. But at the same time, we plan to give more e

Posted in Income Tax |   4080 Views

Trusts have to apply for income tax exemption by May 31

   18 May 2007 at 00:08

A charitable or religious trust or institution,which wants to be condoned for delay in earlier years in registrationunder the Income Tax Act for exemption, can file its application by May31. Registration under Section 12 A of the Act is a pre-conditi

Posted in Income Tax |   4365 Views

Hassles in new forms

   18 May 2007 at 00:00

Hassle-free assessment may be difficult, as the new forms have a fairshare of ambiguities and inconsistencies.

Posted in Income Tax |   5673 Views

I-T department probing tax evasion through duplicate PANs

   17 May 2007 at 13:23

The income tax department is probing tax evasion cases done through duplicate permanent account numbers (PANs), including over 100 cases detected by the Delhi Police. The sources said the I-T department has obtained information from Delhi Police auth

Posted in Income Tax |   3594 Views

Your income may rise, for tax purposes

   16 May 2007 at 00:09

Your income, at least for taxation purposes, is likely to rise in the eyes of the government. The finance ministry is planning to bring in a few more income streams, including earnings currently exempt from tax under double taxation avoidance agreeme

Posted in Income Tax |   4224 Views

Auditors with only ICAI certificate to scan books of listed firms

   13 May 2007 at 01:22

Following the request of the Securities and Exchange Board of India (Sebi), the Institute of Chartered Accountants of India (ICAI) has decided that the audit of listed companies and public sector undertakings will be conducted only by auditors holdin

Posted in Audit |   7482 Views

CAs can accept more tax audit assignments

   13 May 2007 at 01:14

The Central Council of the Institute of Chartered Accountants ofIndia (ICAI) has increased the ceiling on the number of tax auditassignments that a chartered accountant can accept in a financial yeareither as partner or proprietor. "The ceiling on ta

Posted in Audit |   8163 Views

Half-baked Esops won't escape FBT

   13 May 2007 at 00:53

This could come as adampener to all those companies that rushed their employee stock option plan(Esop) offers before March 31 to avoid fringe benefit tax (FBT). The financeministry has clarified that FBT will apply on all Esop offers where the physic

Posted in Income Tax |   3849 Views