Income Tax News

Professional tax ceiling may be raised

21 December 2007 at 23:05

Professionals, both salaried and self employed, as well as traders should be prepared to pay more tax. The Centre is considering amending the Constitution to raise the ceiling on professional tax from Rs 2,500 per annum at present to Rs 5,000.The tax

Posted in Income Tax | 1 comments | 11220 Views

Last date for filing return extended to feb 29

17 December 2007 at 17:03

The government is extending the due date of filing of income tax return to February 29, 2008. The centre on Friday informed the Supreme Court that the due date for of filing of income-tax return was being extended in view of the confusion regarding f

Posted in Income Tax | 5 comments | 18549 Views

Finance Ministry favours moderate income tax rates

07 December 2007 at 12:36

The Finance Ministry appears to be favorably inclined toward moderating income tax rates in view of the over 40 per cent growth in direct tax collections. "With improvement in voluntary tax compliance and tax administration, direct tax collections ar

Posted in Income Tax | 4 comments | 9921 Views

Professionals cannot claim Sec 32 tax benefit::SC

30 November 2007 at 17:05

NEW DELHI: The Supreme Court said on Tuesday professionals cannot claim depreciation under Section 32 of the Income Tax Act. The Section is applicable to an assessee carrying on business and not to a professional, the apex court said, dismissing an a

Posted in Income Tax | 10 comments | 17685 Views

150,000 salaried individual taxpayers will have to re-file their returns

17 November 2007 at 19:03

Nearly 150,000 salaried individual taxpayers will have to re-file their returns for the 2007-08 assessment year, as their returns went up in smoke during a recent fire in the income-tax office at Mayur Bhawan in Connaught Place. The October 6 inciden

Posted in Income Tax | 4 comments | 20964 Views

Online refunds to cover the whole country soon

16 November 2007 at 00:22

The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Ban

Posted in Income Tax | 1 comments | 5868 Views

Due date of Tax audit extended!!!

31 October 2007 at 19:21

No. 402/92/2006- MC (46 of 2007)Government of India/ Ministry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, the 31 st October 2007PRESS RELEASEThe Central Board of Direct taxes have extended the last date of filing of income

Posted in Income Tax | 3 comments | 21492 Views

I-T Dept urges SC to revisit BPO tax ruling ::

28 October 2007 at 10:37

The outcome of the review plea will have a bearing on the more than 100 back offices of multinationalsSanjiv Shankaran Of foreign companies with India's income tax (I-T) department filing a review petition earlier in the week in the Supreme Court urg

Posted in Income Tax | 1 comments | 5925 Views

E-payment of taxes mandatory from January

25 October 2007 at 16:24

"E-payment of taxes mandatory from January" Chennai, (PTI): E-payment of taxes for corporates and tax-payers coming under the provision of Section 44AB would be mandatory from January 1 next, C R Ravichandran, Chief Commissioner of Income Tax said. S

Posted in Income Tax | 2 comments | 19863 Views

FinMin notifies guidelines for FBT on esops

23 October 2007 at 21:34

The Finance Ministry has notified the guidelines for FBT on ESOPs. For listed entities,the fair market value, or FMV will be determined on the date of vesting.FMV will be the average of opening and closing quotes of the scrip. For unlisted companies,

Posted in Income Tax | 6669 Views