Income Tax News

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 | 5568 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 | 3084 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 | 6564 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 | 4401 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 | 3762 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 | 7140 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 | 4119 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 | 4425 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 | 5712 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 | 3660 Views