Income Tax News

New e-filing call center will start working from 15th March 2012

15 March 2012 at 11:59

New e-filing call center will start working from 15th March 2012. For any query related to online filing of Income Tax Returns, please call 080-25186960 between 9am to 6 pm on all working days. Taxpayers are advised to make use of the above facili

Posted in Income Tax | 4785 Views

Income Tax (Appellate Tribunal) Amendment Rules, 2012

28 February 2012 at 16:33

NOTIFICATION NO. F. 71-AD(AT)/2012 DATED 7-2-2012 In exercise of the powers conferred by sub-section (5) of section 255 of the Income Tax Act, 1961, the Appellate Tribunal hereby makes the following rules further to amend the Income Tax (Appel

Posted in Income Tax | 1 comments | 11553 Views

India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD

25 February 2012 at 15:57

India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention India had signed the Multilateral Convention on Mutual

Posted in Income Tax | 4191 Views

Revised - New procedure for activation of TAN account

23 February 2012 at 15:33

Here is the procedure for registration of TAN online and activation of TAN account. Steps to Register TAN Register your TAN online at TIN website. For registration of TAN, Submit the application online. On successful registration of TAN, a 1

Posted in Income Tax | 1 comments | 18747 Views

Exemption to specified persons from requirement of furnishing a return of income u/s 139(1) for AY 2012-13

20 February 2012 at 10:54

NOTIFICATION NO 9/2012, Dated February 17, 2012 In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to th

Posted in Income Tax | 20769 Views

ICAI Requests Members to Share Hardship Being Faced with Regard to TDS Returns

20 February 2012 at 10:48

The Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee

Posted in Income Tax | 2 comments | 7860 Views

Income -Tax (Second Amendment) Rules, 2012 - Insertion of Rule 114DA and Form No.49C

18 February 2012 at 12:29

NOTIFICATION NO.5/2012[F.NO.142/25/2011-SO(TPL)] DATED 6-2-2012 S.O…………(E).- In exercise of the powers conferred by section 285 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Di

Posted in Income Tax | 14343 Views

Tax Collection During April-January of the Current Fiscal up by 14.57 Percent

08 February 2012 at 18:14

Gross direct tax collection during April-January of the current fiscal was up by 14.57 percent at Rs.4,25,274 crore as against Rs.3,71,188 crore in the same period last fiscal. While gross collection of corporate taxes was up 11.87 percent (Rs.2,8

Posted in Income Tax | 3558 Views

Dispute Resolution Panel (drp) - Reference to - Constitution of drp at specified places -Section 144c of the Income-Tax Act, 1961

04 February 2012 at 13:01

ORDER NO. 1/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I] DATED 31-1-2012 In exercise of powers conferred under section 144C of the Income-tax Act, 1961, and in supersession of earlier orders, the Board hereby constitutes the Dispute Resoluti

Posted in Income Tax | 6660 Views

Processing of Returns of Assessment Year 2011-12 - Steps to Clear Backlog - Section 143 of the Income Tax Act, 1961

04 February 2012 at 13:01

INSTRUCTION NO. 01/2012 [F.NO.225/34/2011-ITA.II] DATED 2-2-2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following deci

Posted in Income Tax | 8772 Views