Income Tax News

Correct TDS credit resposibility is of the deductor

10 July 2012 at 15:57

Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2

Posted in Income Tax | 7 comments | 17253 Views

Net Direct Tax Collections During April-June 2012 up by 47.16%

10 July 2012 at 11:07

Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase

Posted in Income Tax | 1 comments | 6516 Views

New ITR-5 and ITR-6 forms released

04 July 2012 at 17:43

NOTIFICATION NO.25/2012 [F.NO.142/31/2011 -TPL]/S.O. 1453(E) DATED 2-7-2012 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further t

Posted in Income Tax | 2 comments | 24444 Views

CBDT Issues Notification Making E-Filing of Income Tax Returns Mandatory

02 July 2012 at 14:42

Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for an individual or a Hindu undivided family, if hi

Posted in Income Tax | 5 comments | 29517 Views

CBDT Invites Comments/Suggestions on Draft GAAR Guidelines

29 June 2012 at 16:38

The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GA

Posted in Income Tax | 1 comments | 7776 Views

Clarification Regarding Draft GAAR Guidelines

29 June 2012 at 10:45

Background The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating th

Posted in Income Tax | 1 comments | 8898 Views

Details of Central Processing Centre (CPC)

26 June 2012 at 11:31

In FY2012, CPC processed 1.32 crores returns, a 47% increase over FY 2011. Rectification requests received by CPC has dropped from over 10% of returns filed in AY08-09, to 6.5% in AY 09-10, to 3.8% in AY 10-11 and further to just about 2.9% in AY

Posted in Income Tax | 6 comments | 23127 Views

Filling of online application form for ITO / ITI DE 2012

26 June 2012 at 11:23

Filling of online application form for ITO / ITI DE 2012

Posted in Income Tax | 1 comments | 25338 Views

Clarification regarding exemption from DE for ITIs

26 June 2012 at 11:22

Clarification regarding exemption from DE for ITIs

Posted in Income Tax | 5715 Views

ICAI requests CBDT to review the ITR forms vis-a-vis Revised Schedule VI

25 June 2012 at 11:32

The Ministry of Corporate Affairs (MCA) has notified the Schedule VI (Revised) which is applicable in respect of Balance Sheet and Profit and Loss Account prepared for the financial year commencing on or after 1.4.2011. The Revised Schedule VI had

Posted in Income Tax | 10893 Views