Income Tax News

Adjustment of Advance FBT with Advance Tax for AY 2010-11

29 January 2010 at 14:36

Adjustment of Advance FBT with Advance Tax for AY 2010-11The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid

Posted in Income Tax | 1 comments | 15285 Views

CBDT to cross-verify all high value refunds this fiscal

28 January 2010 at 11:35

CBDT to cross-verify all high value refunds this fiscal BANK ACCOUNTS, BENEFICIARIES AND SOME SCAMSTERS INVOLVED IN IT REFUND FRAUD IN MUMBAI IDENTIFIEDThe Central Board of Direct Taxes (CBDT) has stated that an officer in the Income Tax department,

Posted in Income Tax | 7041 Views

Date for filing ITR-V form extended

28 January 2010 at 11:24

Date for filing ITR-V form extendedCentral Board of Direct Taxes has decided to extend the time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature) on or after 1st April 2009, up to 31st March 2

Posted in Income Tax | 5 comments | 12600 Views

TDS at a higher rate on all transactions not having PAN -PROVISION TO COME INTO EFFECT FROM 1ST APRIL 2010

21 January 2010 at 12:41

TDS at a higher rate on all transactions not having PAN PROVISION TO COME INTO EFFECT FROM 1ST APRIL 2010A new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010. T

Posted in Income Tax | 3 comments | 14478 Views

TDS from salaries during financial year 2009-10

16 January 2010 at 11:49

INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2009-2010 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. CIRCULAR NO.1/2010 Income tax F.No.275/192/2009IT(B)] NEW DELHI, dated the 11th January,

Posted in Income Tax | 7 comments | 31362 Views

Government signs revised DTAA with Finland

15 January 2010 at 16:46

Government signs revised DTAA with FinlandA revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by Sh. S.S.N.Moorthy, Chairma

Posted in Income Tax | 5910 Views

FM asks I T Department to Achieve Revised Tax Target

09 January 2010 at 12:40

FM asks I T Department to Achieve Revised Tax Target 7.75% GROWTH RATE THIS FISCAL ACHIEVABLEFinance Minister, Shri Pranab Mukherjee has directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs.4 lakh cror

Posted in Income Tax | 6516 Views

Over 8 per cent growth in direct tax collections during April-December

05 January 2010 at 18:07

Over 8 per cent growth in direct tax collections during April-DecemberNet direct tax collections during first three quarters of the present fiscal (up to December 2009) stood at Rs.2,50,232 crore, up from Rs.2,30,598 crore in the same period last fis

Posted in Income Tax | 3087 Views

New rules for valuation of perquisites

19 December 2009 at 17:21

Top of FormINCOME-TAX (THIRTEENTH AMENDMENT) RULES, 2009 - SUBSTITUTION OF RULE 3 AND INSERTION OF RULE 40F Notification No. 94/2009/ F.No.142/25/2009-S O (TPL)Dated 18-12-2009 In exercise of the powers conferred by section 295 read with sub-section

Posted in Income Tax | 14 comments | 53658 Views

Direct taxes code to provide environment conducive for foreign investment

16 December 2009 at 17:47

Direct taxes code to provide environment conducive for foreign investments: FM FINANCE MINISTER ADDRESSES PARLIAMENTARY CONSULTATIVE COMMITTEE OF FINANCE MINISTRYThe government will take inputs from various stake holders before giving final shape to

Posted in Income Tax | 4998 Views