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Income Tax News

Taxhounds readying data bank to chase defaulters

   01 June 2007 at 02:28

  PAY your taxes honestly and in time. The income-tax department is now going whole hog after recovery of tax arrears.     Asa part of this exercise, the Central Board of Direct Taxes is creatinga data bank of those asse

Posted in Income Tax |   3663 Views

Filing Form 16 not required for refund

   01 June 2007 at 02:23

The Income Tax Department has said there was no need for appending 'Form16' - the statement of tax deducted at source - with the returns on income toavail of tax refunds. "Ataxpayer is not required to file any document relating to computation of in

Posted in Income Tax |   5037 Views

New Tax Laws to get rid of CAs

   30 May 2007 at 06:52

How long have you been struggling to make sense of the Income Tax Act to tackle important issues in your life like the tax implications for funding higher education of your children or planning for retirement?Sure enough, only a tax professional woul

Posted in Income Tax |   5481 Views

Direct collection rises 128% in April

   29 May 2007 at 05:25

Direct tax collection in April 2007 has shot up by over 128%, mainlydue to faster clearing of refunds by the income tax department during2006-07. Direct tax collection in April 2007 stood at Rs 5,441 crore,compared with Rs 2,381 crore in the correspo

Posted in Income Tax |   2976 Views

Submit Form 16 for refunds: I-T Dept

   27 May 2007 at 08:05

Press Trust of IndiaSunday, May 27, 2007 (New Delhi):Individual assessees have to submit Form 16 - a certificate of tax deducted at source - along with income tax returns to avail of timely payment of refunds, I-T Department officials say.However, if

Posted in Income Tax  1 comments |   6504 Views

Income-tax return preparers..here they come

   25 May 2007 at 02:46

The Finance Minister, Mr P. Chidambaram, has advised the first batchof income-tax return preparers to stay up-to-date with tax laws andperiodically go in for refresher courses to be in tune with changes intax laws.

Posted in Income Tax |   4341 Views

TDS collections to be transparent

   23 May 2007 at 00:57

Income Tax (IT) department is all set to make collections through Tax Deductionat Source (TDS) more transparent. After making it mandatory for government andcorporate organisations to file TDS returns online, the department has nowdecided to extend s

Posted in Income Tax |   3678 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 |   4371 Views