Income Tax News
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
Capital gains tax on deals similar to Hutch
06 April 2007 at 05:07The I-T department, which believes that Hutch-Vodafone deal falls under the capital gains tax ambit in India, may scrutinise similar transactions.Transfer of beneficial interest of any asset in the country was liable to capital gains tax, a departmen
One-stop service centre for filing I-T returns
26 March 2007 at 01:47In a bid to reduce harassment of tax payers, the income-tax departmentis mulling setting up five centralised return processing centres indifferent parts of the country. Theconcept is to provide one-stop service to a tax payer at onecentralised place
I-T rates in direct tax code list
26 March 2007 at 01:45The government is planning to place the income-tax rates in the newdirect tax code schedule. The schedule is akin to an annexure to theAct. This will give the government flexibility to change them withoutdisturbing the whole Act."Weare looking at sub
Tax filing set to become Saral again
15 March 2007 at 22:23NEW DELHI: Here's some goods news for all you taxpayers. You won't miss Saral. The government has decided to dilute the complex Form 2F for filing income-tax returns, which the IT department had painstakingly prepared only to face universal criticism
E-filing of returns to become compulsory soon
15 March 2007 at 05:32Individual taxpayers, too, soon may have to file returns electronically.TheCentral Board of Direct taxes (CBDT) is considering a proposal to makeelectronic filing of income tax returns compulsory for certain class ofassesses. "We have taken the power
Government may levy income tax on dividends
13 March 2007 at 23:03Income from dividends, which is at present taxed in the hands of the companies, could soon be added to one's income and may have to shell out the applicable income tax.
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