Income Tax News
Tax exemption to charitable and religious entities modified
15 June 2007 at 01:38Sections 11 and 12 of the Income Tax Act, 1961 provide for exemption of income of charitable and religious entities. In order to avail of such exemption, the entity is required to make an application for registration under section 12A in form No. 10
MFs fear slowdown in growth due to PAN rule
14 June 2007 at 01:28In a bid to prevent a slowdown in investments in the mutual fund(MF) sector, the Association of Mutual Funds of India (Amfi) has mooteda proposal to market regulator Sebi that the July 2 deadline of makingPAN card compulsory be staggered or introduce
SC: Failure to file I-T returns not suppression of income
12 June 2007 at 02:42Omission or negligence on the part of an assessee to disclose properparticulars of his income-tax returns would not necessarily constitutea deliberate act of suppression to invite punitive action from taxofficials, the Supreme Court has ruled. Concea
Beta version of E-filing Software for new income tax returns released
10 June 2007 at 04:30Theprocess of electronically filing Income tax returns through theinternet is known as e-filing. It is mandatory for Companies and Firmsrequiring Section 44AB audit to submit the Income tax returnselectronically for AY 2007-08. Any Company and Firm r
Be courteous: FM tells Income Tax dept
09 June 2007 at 00:44The Income Tax department should be "friendly and courteous" towardsthe tax-payers while recovering levies, Union Finance Minister PChidambaram said on Friday. Inaugurating a Rs 38 croremulti-storeyed tower for the department
New ITR forms in excel format
06 June 2007 at 08:29Click on the link below to downloadhttp://www.caclubindia.com/files_display.asp?files_id=705
Settlement Commission Members Appointed
03 June 2007 at 00:44Settlement Commission four Members appointed30 May 07F.No. A.12026/1/2005-Ad.IGovernment of IndiaMinistry of FinanceDepartment of RevenueDated : May 30, 2007OFFICE ORDER NO 152/2007The President of India is pleased to appoint Shri Raj Kishore, Chief
Acceptance of Return Form in Paper Form for Firms etc
02 June 2007 at 03:52Acceptance of returns of income/ fringe benefits in paper form for assessment year 2007-08 in case of firms liable to audit under section 44AB and companies - reg. May, 29th 2007 Circular No. 03 / 2007F.No. 153/75/2007-TPLGovernment of IndiaMinistry
8 per cent taxable bonds attract TDS from 1st June
01 June 2007 at 23:28MUMBAI: Eight per cent taxable bonds, floated by the Government in 2003, will attract tax deduction at source (TDS) from today on interest exceeding Rs 10,000 in a year. "Tax is required to be deducted at source on the interest exceeding Rs 10,000 pa
Taxhounds readying data bank to chase defaulters
01 June 2007 at 02:28PAY 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
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