Income Tax News
Hassles in new forms
18 May 2007 at 00:00Hassle-free assessment may be difficult, as the new forms have a fairshare of ambiguities and inconsistencies.
I-T department probing tax evasion through duplicate PANs
17 May 2007 at 13:23The 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
Your income may rise, for tax purposes
16 May 2007 at 00:09Your 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
Half-baked Esops won't escape FBT
13 May 2007 at 00:53This 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
Govt to clear pending tax refunds
13 May 2007 at 00:46Long delays in income tax refunds have promptedthe Finance Minister P Chidambaram to intervene. The Finance Ministerhas told his taxmen to get cracking and speed up the refunds.Hewants the taxmen to monitor all refund cases every month starting fromJ
CBDT introduces New Series of Forms for filing of Income Tax Return for the Assessment Year 2007-08
10 May 2007 at 14:00The Ministry of Finance notified the salient features of new Return Forms for the AY 2007-08, whereby firms were mandatorily made liable to tax audit under s.44AB of the Income Tax Act 1961. Corporate taxpayers had an option to either file their retu
TDS likely to be restructured soon
24 April 2007 at 08:21The system of tax deduction at source (TDS) could be expanded furtherto include more business under its domain. This means more types ofbusiness will have to deduct the tax, before making payments to parties.The revenue department is also considering
More I-T scrutiny round the corner
24 April 2007 at 08:20The trading community may soon come under greater income tax scrutiny.The finance ministry is likely to conduct income surveys based onaddresses picked up from trade directories. According to officialsources, the move would boost revenue collection a
Tenant needs a TAN to live here
06 April 2007 at 05:10LIKE residents, many non-resident Indians (NRIs) too have found the lure of investing in real estate irresistible. This has happened despite the fact that it is a herculean task for these NRIs to maintain their vacant apartments. Individuals who take
HC sees red over 1-day I-T notice
06 April 2007 at 05:09A division bench of the Bombay high court on Monday lashed out at the income tax department for having allegedly recovered TDS dues from an assessee within a day of serving a demand notice.The assessee's plea for two days to reply on the recovery pro
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