Income Tax News

Investment Upto Rs. 20000/- In Longterm Infrastructure Bonds Allowed As Deduction U/S 80ccf Of Income Tax Act 1961

03 August 2010 at 17:23

Investment Upto Rs. 20000/- In Longterm Infrastructure Bonds Allowed As Deduction U/S 80ccf Of Income Tax Act 1961 The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of

Posted in Income Tax | 5 comments | 20307 Views

Centralised Processing Centre (CPC) At Bangalore Performing Successfully - 26.99 Lakh Returns Processed And Over 3 Lakh Refunds Issued Till Date

03 August 2010 at 17:21

Centralised Processing Centre (CPC) At Bangalore Performing Successfully - 26.99 Lakh Returns Processed And Over 3 Lakh Refunds Issued Till Date Centralized Processing Centre (CPC) at Bangalore is performing successfully. Till date, 26.99 alkh re

Posted in Income Tax | 7230 Views

Procedure for application for Accounts Office Identification Number (AIN) for Government offices required to file Form 24G

03 August 2010 at 11:17

Procedure for application for Accounts Office Identification Number (AIN) for Government offices required to file Form 24G Introduction The Pay and Accou

Posted in Income Tax | 13221 Views

Tax SOPS for Industrial Parks

03 August 2010 at 11:04

Tax SOPS for Industrial Parks Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any undertaking which develops, develops and operates or maintains and operates an industr

Posted in Income Tax | 4674 Views

Due date for filing of income tax return extended till 04-Aug-2010

02 August 2010 at 10:17

Due date for filing of income tax return extended till 04-Aug-2010 The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which

Posted in Income Tax | 1 comments | 5496 Views

Processing Of PAN Card

30 July 2010 at 17:22

Processing Of PAN Card The service providers are required to issue Permanent Account Number Cards within 15 calendar days for fresh applicant and within 20 calendar days for reprint/ correction, excluding the time taken by the department and the a

Posted in Income Tax | 1 comments | 14955 Views

8 new overseas Income Tax (IT) Units in Indian Missions abroad to be set-up under the Double Taxation Avoidance Agreement

28 July 2010 at 10:35

8 new overseas Income Tax (IT) Units in Indian Missions abroad to be set-up under the Double Taxation Avoidance Agreement It is proposed to create 8 new overseas Income Tax (IT) Units in Indian Missions abroad to have effective exchange of informa

Posted in Income Tax | 3 comments | 4245 Views

FM Calls for Double Digit Contribution of Direct Taxes to GDP

26 July 2010 at 10:21

FM Calls for Double Digit Contribution of Direct Taxes to GDP Revised Citizens’ Charter Released I-T Department Celebrates 150 Years of Income Tax in India The Finance Minister Shri Pranab Mukherjee has asked the income tax department to mak

Posted in Income Tax | 4560 Views

IT department, biggest litigant in Govt: FM

26 July 2010 at 10:01

IT department, biggest litigant in Govt: FM Calling it the biggest litigant in the entire Government, Finance Minister Pranab Mukherjee on Saturday asked the Income Tax Department to reexamine the way it handles tax disputes. Speaking at the 150t

Posted in Income Tax | 3885 Views

Processing of returns of Assessment Year 2009-10 - Steps to clear backlog

22 July 2010 at 16:38

Processing of returns of Assessment Year 2009-10 - Steps to clear backlog Instruction No. 5/2010 [F.No.225/25/2010-ITA-II] Dated 21-7-2010 The issue of processing of returns for Asst. year 2009-10 and giving credit for TDS has been considere

Posted in Income Tax | 5544 Views